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Mining

Zambia’s second largest gold mine, Mwinilunga’s Kasenseli gold mine whose operations were halted following the change of government after the 2021 general elections, is scheduled to reopen before end of June 2024, according to the Ministry of Mines and Minerals development.

This follows Chief Government Spokesperson Cornelius Mweetwa remarks that during the cabinet meeting, President Hakainde Hichilema directed that Kasenseli gold mine be operational.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, Mines and Minerals Development Permanent Secretary, Dr. Hapenga Kabeta said the Zambia gold Company which is under the ZCCM IH has been directed to rectify everything before end of June 2024.

“I can not give you the dates for the actuall commencement of operations but there are certain conditions that need to be met. Over the period that it has been closed there are certain things that were supposed to be addressed in the form of remediations that were advised to Zambia gold Company by the mine safety department.”

“So that remediation according to the program, the Ministry has directed that by end of June, we need to have the mine opened so whatever they want to do between now and then, we want the process to be complete by that period.”

“That is the directive that it has to be done and that is the position that we have as the Ministry and it is our desire, but may be Zamgold Company may have a different perspective looking at the steps that need to be put into consideration before the commencement of operation.”

Asked if all issues that led to the closure of the mine have been addressed before the commencement of operations, Kabeta said,

“Because the consent I think if you recall that it was on 1st May, 2024. when the President received the consent and he was commending the Chiefs so with that correction of the consent from the Chiefs, the Company has been putting in place various things.”

He noted that the mines safety department in 2021 established that they were some things that were not done properly and those are the things that Zambia gold Company is going to rectify before they resume operations.

Kasenseli Gold Mine operations were suspended following a ministerial directive by the Minister of Mines Paul Kabuswe. Kabuswe when suspending operations at Zambia’s second largest gold mine (second to FQM’s Kansanshi Mine) sighted concerns relating to mining license conditions as well as safety regulations among other concerns.

The Zambia Gold Company, a subsidiary of ZCCM IH started its official gold mining operations at Kasenseli in June 2020,was opened with great anticipation and hope for the Zambian economy as the huge gold reserves held were believed to be large enough for the set up of a huge gold reserve that could provide a viable alternative to holding of US dollar reserves.

However, the delay in reopening the gold for almost 3 years has been depriving the country of the opportunity to aggressively build up its gold reserves and the Bank of Zambia was left to rely on gold supplies from the privately held Kansanshi Copper and gold Mine.

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Zambia’s second largest gold mine, Mwinilunga’s Kasenseli

Lifestyle

Bus and Taxi Association of Zambia has called for the expansion of the operation areas for Buses in Lusaka adding that the number of buses has increased while the operating area remains the same.

Speaking in an exclusive interview with Zambian Business Times -ZBT- Peter Phiri the Deputy National Secretary General for the Bus and Tax Association of Zambia said this is the case that has been there for a long period of time but no change has been seen, the association is limited on what they can do to solve the problem.

“Zambia has gone through a number of changes but no improvement of Lima Tower, the associations have been pushing for the local government to come on board and all they are saying is that they are working on the matter, but the association has seen no change.” Said Phiri.

“On our end, it causes labor because the motion of the general public is that our drivers are of the bad behavior of parking busses on the freedom way and dropping people on the way, these are the results of Lima tower becoming too small to accommodate all the busses, adding to that these complaints have called for more meetings

Phiri said as for the association it’s a subtraction because the drives begin to park controversial while it’s not there fault

Phiri urged the government to look into the issue stations more especially Lima Tower which he claims it has a lot of issues.

“The issues of Lima Tower started as far as MMD and now we are in UPND and we are still talking of the same issue, the government clears land directed to the local stations, even if there is limited land but that’s why we call on the council and something can be done.” Said Phiri.

Phiri said, “We had a meeting with RTSA, The Council, the Zambia Police and the Association talking about the same problem of no space but now it takes an hour to enter into town and as a result they drop people on the road.”

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Bus and Taxi Association of Zambia has

Mining

The Zambian copper mining industry experienced a surge in production, with output increasing by approximately 15% in the first quarter of 2024.

A comprehensive report on copper production reveals that 165,984 metric tons of copper were produced during this period, marking a rise from the 144,452 metric tons generated in the first quarter of 2023.

According to a consolidated copper production report obtained by the Zambian Business Times (ZBT), Q1 copper production was up by 21,531 metric tons in 2024, reaching 165,984 from 144,452 metric tons produced in the first quarter of 2023.

The Ministry of Mines has attributed this increase to the production growth from existing companies, as Mopani and Kansanshi have not yet begun serious production.

According to a consolidated copper production report obtained by the Zambian Business Times –ZBT, Q1 copper was up by 21,531 metric tons in 2024 up to 165, 984 from 144, 452 metric tons produced in the 1st Quarter of 2023.

However, annual Copper production is however projected to drop if no alternative measures are put in place to mitigate the impact of load shedding.

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The Zambian copper mining industry experienced a

Agribusiness

The Poultry Association of Zambia has charged that load shedding is having a huge negative impact on the poultry industry in terms of production and business operations.

Speaking in an exclusive interview with the Zambian Business Times -ZBT on the impact load shedding has had on the poultry industry, Association Executive Manager Dominic Chanda warned that some players in the industry especially small scale farmers are scaling down on production or completely shutting down their businesses due to the high cost of doing business.

Chanda emphasized on the importance of electricity on production and business operations adding that electricity is like blood to the human body.

He added that some small-scale farmers using electricity for incubation and lighting purposes will have to discontinue the aforementioned services due to the high cost of alternative sources of energy.

He further reiterated that the cost of production amid loadshedding will go up at all levels in the poultry supply chain.

“Electricity is like blood to the human being so any disruption in the supply intends to have a negative effect in that some will have to scale down production because they cannot have power for a quiet number of hours. For others definitely, it’s the issue of shutting down completely. For those that are using power for example, small-scale farmers that are using power for incubation purposes the impact is that they cannot continue with their incubation services if they can’t find any alternative sources of energy,” he said.

“For those that are producing chickens definitely, power is used for two purposes which are heating and lighting. Lighting can be supplemented for example with natural light during the day time and at night most farmers tend to implement what is known as the sleeping procedure for chickens. But for heating itself, the only thing that farmers can do is resort to the use of alternative sources of which is either charcoal, the briquettes or the coal but these are very expensive sources of energy and because they are very expensive definitely the cost of production tends to go high depending on which level in the supply chain.”

“You can be the hatchery, the processor, feed miller, farmer, you can be any amongst the supply chain, and electricity tends to have an effect on your planning and also on your supply because there are some of the ventures that might not be able to take up your products because they have no capacity to keep especially if we look at the consumer perspective,” said Chanda.

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The Poultry Association of Zambia has charged

Lifestyle

The National Arts Council (NAC) has called on artists to be proactive in managing their finances and invest in wealth management initiatives. Speaking exclusively to the Zambian Business Times, the National Arts Director Maanka Chipindi highlighted the short-lived nature of an artist’s career and the importance of proper investments.

Chipindi noted that artists often make significant amounts of money in a short period but struggle to sustain their financial stability after their careers come to an end. He urged artists to avoid future financial hardship and adopt wealth management initiatives to secure their financial future.

“The career of an artist is very short. You will find out that in five years, they are gone. So as National Arts Council, we want to encourage artists to go into wealth management by managing the money they make by investing it so they don’t come back to ask for money,” Chipindi said.

FNB and NAC are currently running an arts competition, which is part of the partnership to promote financial literacy among artists. The competition aims to encourage artists to learn about financial management and invest in their future.

“We are hoping that banks will help us to help our artists to do the right thing,” Chipindi added.

Chipindi said it is essential for artists to take charge of their finances and invest in their future to avoid financial struggles after their careers come to an end.

He said the NAC’s partnership with FNB is an excellent initiative that will help artists manage their finances and secure their financial future.

“A few days ago, we launched a partnership with FNB where we are running an arts competition and part of that partnership is around helping artists to manage the money that they make because they make a lot of money but in a short time they are gone.”

“And we are assured that the Bank will help us to help our artists to do the right thing,” said Chipindi.

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The National Arts Council (NAC) has called

Companies

In an effort to ensure the continued safety and efficiency of air travel, Zambia Airports Corporation Limited (ZACL) has announced that Mfuwe International Airport (MIA) will soon undergo a period of rehabilitation, commencing on 13th June 2024, causing a temporal closure of the facility.

During the rehabilitation period, which is expected to last for 90 days, all domestic air traffic will be diverted to Chipata Airport.

According to a statement issued by ZACL Board Chairperson – Zevyanji Sinkala and availed to the Zambian Business Times – ZBT, rehabilitation is essential to maintain and enhance the airport’s infrastructure, ensuring it meets the highest standards of operational excellence.

“Mfuwe International Airport infrastructure has recorded marked deterioration, especially the Runway, Taxiway, and Apron Pavements which are critical to aircraft operations. This has necessitated the rehabilitation works which will encompass essential maintenance and upgrades aimed at enhancing the airport’s facilities and overall operational capacity. The scope of work will comprise the rehabilitation of the Runway, Taxiway, and Apron Pavements, the upgrade of the Airfield Ground Lighting (AGL) System to replace the current one which is obsolete, and the re-construction of the Inner Perimeter Fence, and Extension of the Terminal Building.”

Sinkala said the aforementioned works have also been necessitated to comply with the Zambia Civil Aviation Requirements (ZCARs) as espoused by the Zambia Civil Aviation Authority (ZCAA).

“The Government of the Republic of Zambia through the Ministry of Transport and Logistics has aided in the provision of funds to rehabilitate critical airport facilities that will enhance the safety and security profile of Mfuwe International Airport.”

Chipata Airport is currently undergoing rehabilitation to meet the acceptable levels of safety and security needed for aircraft operations. This temporary relocation has been necessitated by the desire to minimise the impact of the disruption to passenger travel schedules that will be occasioned by the temporary closure of Mfuwe International Airport.

He said the decision to temporarily close Mfuwe International Airport has been made with the utmost consideration for the safety and comfort of all passengers and stakeholders. “In this vein, be rest assured that all stakeholders will be engaged to fully understand and appreciate this undertaking which is aimed at improving the safety and security profile of the airport, and its marketability.”

“Zambia Airports Corporation Limited remains committed to providing safe, efficient, and reliable airport and air navigation services, and we sincerely apologize for the inconvenience this undertaking will cause. We look forward to welcoming our valued customers, passengers, airlines and Tenants back to an improved and upgraded Mfuwe International Airport upon the completion of the rehabilitation works.” He remarked.

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In an effort to ensure the continued

Agribusiness

The veterinary Association of Zambia (VAZ) has revealed the Country is targeting to increase cattle production by about 2.7 million by 2026.

Speaking in an exclusive interview with the Zambian Business Times -ZBT, VAZ president Dr Malcolm Chiyoba said that from the last census that was carried out, the Country’s cattle population is currently sitting at around 4.8 about 5 million herds of cattle.

Chiyoba also revealed that of the current 4.8 million herds of cattle, The Ministry of Fisheries and Livestock working together with the Veterinary Association of Zambia intends to increase the cattle population to about 6.5 million by 2026.

Chiyoba affirmed that “by 2026 we should get to that figure,”

Asked whether the Association has also set targets for other livestock Chiyoba like Goats, Sheep and Pigs, Chiyoba confirmed that no targets have been set so far for the aforementioned livestock.

“From the last census that was done, we are sitting around 4.8 million herds of cattle and the target of the 6.5 million is in the next two years (2026). By 2026 we should get to that figure.For sheep, goat targets, those targets have not been set and I should also clarify that the target was announced by the Ministry of Fisheries and Livestock and as you know we work closely with that Ministry to help them deliver their functions and us also working closely with the Ministry, we are running with the same. So for sheep, goats , we haven’t set a target,” he said.

“You know when you do these things you focus on one and then you go and look at other aspects of livestock. So that definitely also should be in the loop, so when you have a moment you could and call the Ministry of Fisheries and Livestock for clarification on that,” said Chiyoba.

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The veterinary Association of Zambia (VAZ) has

Companies

The Zambian Institute of Chartered Accountants (ZICA) has called for increased transparency and accountability in the management of the Constituency Development Fund (CDF) following recent allegations of misuse of public funds

This is following revelations of alleged abuse of CDF funds at the Kalabo District Council, which has triggered an internal audit of all constituencies.

ZICA President Yande S Mwenye has since commended the Minister of Finance, Dr. Situmbeko Musokotwane MP, for taking a keen interest in addressing the issue and emphasized the need for qualified accountants and auditors regulated by ZICA to be employed to ensure adherence to ethical standards.

Mwenya noted that the CDF allocation was increased in the national budget from K1.6million to K28.3million 2021 and currently to K30.6million, this requires accountability and transparency of the disbursements to ensure confidence in the Zambian people, as these funds are intended for the betterment and to provision of positive impact to local communities across the country.

“We reiterate the need for prudent use of these funds in all constituencies as said before. We need to see more transparency and accountability in the application, approval and disbursement process of the CDF as this is of utmost importance! However, this can only be achieved if qualified accountants and auditors regulated by ZICA are employed. This will ensure adherence to our ethical standards and of course employment for the Zambian accountant.”

ZICA has also expressed concerns about the placement of qualified accountants in non-strategic roles within local authorities, hindering their ability to provide effective oversight of resources.

The institute urged the Local Government Commission to address this issue urgently, emphasizing that the recruitment of registered accountants in local authorities would lead to significant improvements in financial management and oversight.

“The recruitment of registered accountants by local authorities will lead to significant improvements in financial management and oversight. Recruitment of non-registered accountants contributes to the mismanagement and potential abuse of public funds, undermining the integrity of local authorities. As ZICA, we wish to re-emphasize the need for custodians of CDF funds to be trained so that they are able to execute their duties in line with the CDF guidelines. We are ready to help build capacity by providing targeted trainings in financial management to all local governance structures (Ward Development Committees) in all the constituencies.”

Furthermore, ZICA has highlighted the importance of training custodians of CDF funds to ensure compliance with CDF guidelines and offered to provide targeted financial management training to all local governance structures. The institute stressed the need for increased implementation of internal controls at all levels to ensure accountability and transparency in the use of allocated resources by the government.

ZICA also expressed readiness to receive reports from the Controller of Internal Audit once the audits of all constituencies are concluded and emphasized the provisions of the Accountants Act No. 13 of 2008, section 18 (1), which outlines the requirements for practicing as a chartered accountant in Zambia.

The institute’s strong stance on the need for improved accountability and transparency in the management of the CDF underscores the importance of ethical financial practices in driving positive impact and development within local communities across the country.

“We are ready to help build capacity by providing targeted trainings in financial management to all local governance structures (Ward Development Committees) in all the constituencies. Increased implementation of internal controls at all levels is of utmost importance to ensure accountability and transparency of the use of all allocated resources by Government. We look forward to receiving the reports from the Controller of Internal Audit once the audits of all the constituencies are concluded.”

“The Institute wishes to state that in accordance with the Accountants Act No. 13 of 2008, section 18 (1) A person shall not, unless the person is registered as a Chartered Accountant under this Act (a) practice as, be employed as, offer services as, or hold out to be, a chartered Accountant.” She added.

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The Zambian Institute of Chartered Accountants (ZICA)

Companies

Airtel Africa plc has announced its financial results for the year ended 31 March 2024, showcasing a resilient performance amid a volatile macroeconomic environment.

The company reported a 9 % increase in its total customer base, reaching 152.7 million, with a significant growth of 17.8% in data customers to 64.4 million and a 20.8% increase in data usage per customer and another increase in mobile money subscribers. Africa’s leading telecom company has also reiterated its Continued commitment to network investment to support an enhanced customer experience and drive increased coverage.

“Mobile money subscriber growth of 20.7% reflects our continued investment into distribution to drive increased financial inclusion across our markets. Transaction value increased by 38.2% in constant currency with an annual transaction value of over $112bn in reported currency. The Increase in transactions across the ecosystem reflects the enhanced range of offerings and increased customer adoption, supporting constant currency ARPU growth of 8.6%.”

The company’s revenue in constant currency grew by 20.9%, driven by robust growth in mobile services and mobile money revenue. Despite currency headwinds, Airtel Africa maintained a resilient EBITDA margin of 48.8%, with EBITDA increasing by 21.3% in constant currency.

The company’s CEO, Olusegun Ogunsanya, attributed the success to the consistent deployment of the ‘Win with’ strategy, which has reduced the impact of currency headwinds and increased revenue growth. Furthermore, the company’s rigorous approach to de-risking its balance sheet and capital allocation priorities has reduced the risks that the currency devaluation has had on the business.

The CEO expressed his gratitude to the customers, partners, governments, and employees for their support and contribution to the business adding that the purpose of transforming lives across Africa will continue to be the company’s highest priority.

“This strong revenue performance is a reflection not only of the opportunity that is inherent across our markets but also the resilience of our affordable offerings despite the inflationary pressure many of our customers have experienced.”

He said “Facilitating this growth has been, and will remain, fundamental to our performance. The investment in our distribution to catalyze growth, and the technology required to support this growth has been key. Furthermore, our rigorous approach to de-risking our balance sheet and our capital allocation priorities has materially reduced the risks that the currency devaluation has had on our business. Key initiatives include the reduction of US dollar debt across the business and the accumulation of cash at the HoldCo level to fully cover the outstanding debt due. We will continue to focus on reducing our exposure to currency volatility. At the beginning of March, we launched our first buyback program reflecting the strength of our financial position.”

“The growth opportunity that exists across our markets remains compelling, and we are well positioned to deliver against this opportunity. We will continue to focus on margin improvement from the recent level as we progress through the year.”

However, the company reported a loss after tax of $89 million, primarily impacted by foreign exchange headwinds, resulting in a $549m exceptional loss net of tax following the Nigerian naira devaluation in June 2023 and Q4’24, and the Malawian kwacha devaluation in November 2023. Airtel Africa’s capital allocation strategy included a share buyback program of up to $100 million and a recommended final dividend of 3.57 cents per share. “Capex was broadly flat at $737m and was below our guidance largely due to a deferral in data center investments. In addition, we invested $152m in license renewal and spectrum acquisitions, including $127m for the Nigerian 3G license renewal.”

In addition to its financial performance, Airtel Africa highlighted its sustainability strategy, including a $57 million partnership with UNICEF and the ConnectRwanda 2.0 initiative in collaboration with the Government of Rwanda. These initiatives aim to provide educational resources and affordable smartphones to bridge the digital divide, reflecting the company’s commitment to sustainable growth and social impact.

“I want to say a particular thank-you to our customers, partners, governments and regulators for their support and our employees for their unrelenting contribution to the business. Our purpose of transforming lives across Africa will continue to be our highest priority.” He remarked.

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Airtel Africa plc has announced its financial

Companies

The Zambia Airports Corporation Limited (ZACL) has disclosed that Zambia’s aviation industry performance has seen an impressive start in 2024 with a significant increase in both international and domestic passenger traffic leading to a recovery of 119% to pre COVID-19 in the first quarter of the year.

According to ZACL Communications and Brand Manager Mweembe Sikaulu, said the overall trend in passenger numbers is promising and optimistic adding that demand for air travel to key business and tourist destinations from Lusaka remains upbeat.

“In the quarter under review, Zambia Airports Corporation Limited (ZACL) served 482,400 general passengers, this represents an increase of 20% when compared to the 403,478 passengers recorded in Q1 of 2023 and a recovery to pre COVID-19 levels of 119% when compared to the 404,581 passengers recorded in 2019.”

The highest recovery rate was at Kenneth Kaunda International Airport (KKIA) at 133% recovery and the least was at Harry Mwaanga Nkumbula International Airport (HMNIA) at 71% recovery.

International passengers recovered by 116% with KKIA recording the highest recovery of 133%. HMNIA which mainly serves the tourism industry continued with a slow pace to recovery at only 55%, an increase of 8 percentage points when compared to the same period in 2023.

The notable increase in international passenger numbers was attributed to various events with many taking place in March 2024. Some of the events include the hosting of the Extraordinary Summit of the Organ Troika, Plus SADC Troika which was preceded by the Extraordinary Meeting of the Ministerial Committee of the Organ (MCO) & the meeting of the Senior Officials of the MCO as well as the Extraordinary

Meeting of Interstate Defence and Security Sub Committee (ISDSC).

Domestic passengers recovered by 133% with all airports surpassing pre COVID-19 passenger levels. Simon Mwansa Kapwepwe International Airport (SMKIA) recorded the highest recovery of 156% as the Lusaka-Ndola route was the busiest in the period

under review. The positive domestic performance continues to be driven by the competitive pricing being offered by domestic airlines for flights to and from Lusaka.

Furthermore, it is predicted that domestic performance will continue on an upward trajectory as a result of the opening of the Lusaka – Kasama route that commenced in March 2024. The continued hosting of various meetings in Livingstone by Professional Bodies has also continued to be a significant contributor to domestic passenger

performance.

“3,987 tonnes of cargo and mail passed through ZACL airports in Quarter 1 of 2024, representing a negative growth of 8% when compared to 2023 when 4,205 tonnes were recorded. The rate of recovery to 2019 levels when 5,101 tonnes were recorded was at 78%.

Looking ahead, trade and tourism will remain key drivers of growth, fuelled by the hosting of diverse events like meetings, incentives, conferences, and exhibitions.”

“Additionally, the introduction of flights to Kasama will further boost domestic travel.As Zambia Airports Corporation Limited, we will continue to collaborate with key industry stakeholders to enhance Zambia’s appeal as an affordable and attractive

destination. Our focus remains on ensuring seamless air travel experiences, which will

in turn attract more business tourism, including meetings and conferences.” she added.

“The primary concern that the industry continues to grapple with is the significant increase in fuel prices globally. This has the potential to affect the entire industry negatively, as it has a direct impact on airline operating costs which translates into higher ticket prices.”

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The Zambia Airports Corporation Limited (ZACL) has