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Mining

The Elsewedy Electric Company of Egypt local unit has disclosed that it intends to invest about $500 million and will set up its own mining company in Zambia. However, the planned investments are currently at concept stage.

Speaking in an exclusive interview with the Zambian Business Times – ZBT Elsewedy Electric country Manager Mohamad Hassan said the investment budget is not yet out or finalized but is projected to be about US$500 million in total investments.

El Sewedy Electric country Manager disclosed that the mineral to be mined is Copper which will be locally fabricated to produce copper rods used in making transformers, wires, and also start to make sheets for automotive batteries etc.

When asked by ZBT where the El Sewedy Copper Mine would be located and if the company has acquired a mining licence, the Country Manager said the place where the mine is to be set has not yet been finalized as they are still in talks with other stakeholders.

Hassan said for the mining development and eventual mining operations, the company is projecting to employ over ten thousand (10,000) Zambian employees. He stated that the company currently has many projects in Zambia which include a transformer unit established in 2009 co-owned by el Sewedy and ZESCO with about 120 permanent employees.

El Sewedy Electric country Manager said the motive behind the investment is to foster development as the company is a chain as it is specialises in Wire & cable, electrical products, smart infrastructure and infrastructure development.

He said from the same mining which where the main shareholder will be government, the company intends to create a Fabrication factory which will be making rods for cables, sheets, wires, wire copper core for transformers etc.

He said once the new projects are actualized, they will mainly benefit local Zambian people as most of the 10,000 people to be employed will be Zambians. The Country Manager said the projects are likely to commence this year but could however not disclose the actual month when further queried by ZBT.

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The Elsewedy Electric Company of Egypt local

Lifestyle

Minister of Justice Mulambo Haimbe has confirmed that the new dawn government has made progress concerning the amendment of the Public Order Act (POA) and on about five out of the six key recommendations made by the European Union Election Observation Mission (EU-EOM).

However, when asked to confirm if the enactment of political party’s bill is also under way, the Justice minister said “it is not amongst those we are aware of as being on the cards”. Haimbe added that it will be looked into but it is not amongst the current pieces of legislation being addressed.

Speaking in an interview with the Zambian Business Times – ZBT, Haimbe said the ammendment process which is under the Ministry of Home Affairs is currently going through a consensus driven process to take the next ideals from all stakeholders on the forms and content.

The 2021 European Union Election Observation Mission offered 22 recommendations for future electoral reforms based on observations, analysis and extensive discussion with a range of stakeholders and further highlighted six priority recommendations to help make the Zambia electoral process be in line with best international democratic principles.

The six recommendations that were made were (i) repealing of the Public Order Act in order to ensure law adherence to regional and international standards for freedom of assembly, movement and expression, (ii) Revision of candidacy requirements to enhance the right and the opportunity to stand by ensuring registration fees do not deter participation and are refundable, and removing educational requirements for the right to stand and (iii) to consider enacting a law on political parties stipulating registration requirements and guaranteeing internal party democracy, inclusivity, transparency and accountability, with adequate institutional oversight.

Other recommendations were (iv) removing from the law undue campaign privileges for the [incumbent] President and Vice-President to ensure equal campaign conditions for all candidates, enact a law on campaign finance including reporting requirements for political parties, candidates, and traditional and social media. (v) Income and expenditure reports have to be audited by a competent, independent body with investigative, sanctioning, and enforcement powers, (vi) Formalize cooperation between the ECZ, civil society and main social media platforms to develop an efficient mechanism ensuring transparency of online campaigning, including its financing and countering hate speech and disinformation.

The Minister further told ZBT that the approach of formalizing cooperation between the ECZ and other social media platforms is not just for the Ministry of Justice alone. He said there is a policy position that is being prepared from cabinet and government will be implementing the said policy position.

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Minister of Justice Mulambo Haimbe has confirmed

Lifestyle

Patriotic Front (PF) Acting President Given Lubinda says government should question what Minister of Technology and Science Felix Mutati knows about the FTJ University project, as he was a minster in the PF government when the project was approved. Mutati has been implicated in the FTJ University project saga involving US$33 million.

Mutati has since come out to deny and provided evidence that he was not finance minister at the time but his statement has not clarified if he had not backed or overseen the payment approval as the payments were made few weeks from the time he was demoted.

When contacted by the Zambian Business Times-ZBT, Mutati said he could not comment on the matter at that particular time as he was in the middle of a meeting but efforts to speak to the minister again proved futile by press time.

Mutati said “Why don’t we have that conversation a little later, remember I said I am chairing a meeting just now”.

During a Press Briefing on Thursday, monitored by the ZBT, Lubinda stated that the contract commenced during the time when Felix Mutati was Minister of Finance in the PF government therefore the minister should be able to explain what transpired because the Ministry of Finance is responsible for disbursement of funds.

Lubinda said the then Minister of Finance Mutati, should go to cabinet and explain what transpired but he is behaving as though he doesn’t have the information on his fingertips.

“The minister of finance who was there at the time when this contract was being entered into is fortunately part of the current cabinet, Felix Mutati was Minister of Finance in 2016, he was Minister of Finance in 2018, he stopped being Minister of Finance in 2018 when he was moved to Ministry of Works and Supply”, he said.

 

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Patriotic Front (PF) Acting President Given Lubinda

Agribusiness

The Grain Traders Association of Zambia-GTAZ says the maize floor price for the 2021/2022 crop-marketing season will be lower than the price for the 2020/2021 crop-marketing season.

Speaking in an interview with the Zambian Business Times-ZBT, Association Spokesperson Yotam Mkandawire explained that last year’s maize buying price was not genuine as it was induced politically therefore the expectation is that this year’s price will be market reflective.

“It was politically motivated because the president increased the price of maize, it was not the price that the market was expecting, it was an induced price, it was pronounced for the sake of elections and votes”, he said.

Mkandawire however noted that the price of the new crop will not stay low for long and will start going up because of the shortages in the region adding that there is a high demand for maize in the neighbouring countries.

“Beginning of the season, the price will be low but it will start going up eventually. Right now because of the moisture content, the price of maize is low because when people are buying they are factoring in the water in the maize and because of that water; you cannot give a very good price. As time progresses, around June-July prices will go up because the moisture content would have reached the desired level”, he said.

He also mentioned that the price of maize would be determined by factors such as the cost of production, cost of inputs , cost of labour and the cost of fuel adding that the cost of fuel is currently high therefore transporting a tonne of maize now will cost more than last year’s cost to transport the same quantity.

Mkandawire stressed that despite the reduction of maize production this year, maize prices would not be affected by this factor due to the substantial quantity of maize reserves that the country has.

Agriculture Minister Reuben Mtolo has disclosed that the country has recorded a decrease in maize production from last year’s 3.6 million metric tonnes to 2.7 million metric tonnes, which represents a 25.24% decline.

The minister said the reduction in maize production is due to the reduction in the area planted and the reduction in yields per hectare from 2.14 metric tons last season to 1.8 metric tons in the 2021/2022 farming season.

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The Grain Traders Association of Zambia-GTAZ says

Companies

The Road Transport and Safety Agency- RATSA and Bus operators have resolved to maintain the bus fares for local routes, inter- mine and peri-urban due to the negligible average  price reduction on diesel which most buses use.

The two key stakeholders have however agreed to reduce bus fares for all  inter-city routes  by K10.00 with effect from 12th May,2022, following  a slight drop in fuel pump announced by the Energy Regulation Board- ERB.

In an exclusive interview with the Zambian business times- ZBT, the Bus and Taxi Association of Zambia spokesperson Amis Daudi said that most of these buses used on the road are diesel propelled and the reduction in the price of diesel is under K1 (58 Ngwee to be specific) per liter thus the amount of money reduced in the cost of running a single bus is seen.

And in a statement made available to the Zambian Business Times – ZBT, the RTSA head for public relations, Fredrick Mubanga said that ERB reduced fuel pump prices by K2.35 for petrol and K0.58 for diesel with effect from 1 may, 2022 and that on 2nd may, 2022 RTSA held a consultative meeting with Bus and Taxi Owners Association of Zambia – BTOAZ, Commuter Rights Association of Zambia – CRAZ and Zambia Consumer Association- ZCA.

He has further stated that the meeting resolved to continue monitoring the factors affecting bus fare variations using the developed bus fare model which take into account the inflation rate, the cost of fuel and other operating costs.

Mubanga said that RTSA commits itself to fully manage the stakeholder engagement process in bus fare adjustment to protect the interest of the public while safeguarding the operations of the passenger.

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The Road Transport and Safety Agency- RATSA

Mining

First Quantum Minerals – FQM’s is set to massively boost its financial performance after a confirmation that it would be opening a nickel mine at Kalumbila,  with the company the expecting to generate revenues of about $800million per annum after a reported total initial investment of only $350 million.

FQM in a statement made available to the Zambian Business Times – ZBT, has confirmed that the mine would be opened in the next twelve months after the confirmation of an additional investment of $100 million to the $250 ‘enterprise nickel mine’ to bring the total to about $350 million.

The company stated that the mine is expected to have an annual production of 30,000 ton per annum. With the current Nickel spot prices of about $28,000 per ton, the annual revenues to be generated are expected to be about $810 million per annum, from a total reported investment of only $350 million

About 700 permanent jobs will be created once the mine is operational. The company did not however confirm its total invested amounts as analysts have stated that an annual return of $800m per annum from an investment of $100m plus the reported $250 million looks too lucrative to be true.

The opening of FQM’s Kalumbila based Nickel mine will make Zambia, Africa’s largest nickel producer. The country already had Munali Nickel mine at Mazabuka but the mine is yet to hit peak production levels.

The Zambia Revenue Authority (ZRA) is yet to share any expectations of the tax benefits they anticipate to extract as sceptics fear that the country may fail to leverage full benefits due to the global miners’ reputation of extracting massive concessions.

 

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First Quantum Minerals - FQM’s is set

Companies

Unknown people broke into Kenmark Broadcasting Network (KBN) TV station in Northmead area and walked away with all live transmission equipment.

KBN Station Manager Petty Chanda said the team received a report from the security guard who was securing the premises that burglars had broken into the offices around 03:00 hrs on 11 May 2022 adding that the criminals had access to the premises using the next door neighbour.

Chanda said the criminals walked away with electronic gadgets such as cameras and laptops among others and cut the fiber cable that sends signal to Top Star hence the station is off air on the public signal distributor.

In an interview with the Zambian Business Times-ZBT, Chanda said the criminals might know the station premises too well as the act was well organized.

She mentioned that the incident is in no way related to the news that circulated on social media some time back that the station was owing some workers at that particular time as they have all been paid now.

Police are actively investigating the matter and the night guard is being held to help the Police with investigations.

And Media Owner Association of Zambia (MOAZ) has called on the police to quicken its investigation on the theft of all studio equipment and associated broadcasting equipment belonging to KBN Television station.

Association President Evans Banda has condemned the act saying justice must be delivered.

In a statement made available to ZBT, Banda said the theft of studio transmission equipment which was airing programmes at the time of the theft is unprecedented and a strange act.

The association has since demanded for quick action by the police in order to bring the culprits to book.

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Unknown people broke into Kenmark Broadcasting Network

Mining

Zambia is set to emerge as Africa’s largest nickel producer following First Quantum Minerals (FQM)’s pledge to invest US$100 million in the Enterprise Nickel project.

The existing Nickel mine – Munali Nickel has a total annual production capacity of about 4,000 tonnes (over 300 tonnes per month) and this will add to the 30,000 tonnes that FQMs Kalumbila Nickel mine is expected to produce.

First Quantum Minerals has disclosed that the new Enterprise Nickel project will be operational within 12 months.

According to a statement from FQM, made available to the Zambian Business Times-ZBT, once operational,the mine will employ approximately 700 full time staff.

The new Enterprise Nickel mine located approximately 14 kilometres from FQM sentinel mine in Kalumbila, has been given the go ahead, following FQM’s pledge to invest a final US$100 million in the project.

Once operational,the enterprise will be on the top ten 10 global nickel mine producing 30, 000 tons of nickel in concentrate annually, which will make Zambia Africa’s pre-eminent nickel producer.

“Enterprise high grade nickel sulphide deposits provide precisely the type of nickel that is required to manufacture batteries for electric vehicles-EVs thus positioning Zambia as a producer of strategic metals”, the company said.

The company noted that copper and nickel, are vital to the production of the new technologies and the green energy revolution.

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Zambia is set to emerge as Africa’s

Companies

The Copperbelt Forestry Company (CFC) says it expects a revenue boost this year due to ZESCO’s interest in procuring poles locally.

In March this year, the power utility company ZESCO, shortlisted 10 foreign companies from South Africa and Zimbabwe to supply 9 and 12 metre wooden poles to the company on the pretext that no Zambian company is capable of supplying the poles. CFC confirmed to the ZBT that it had the capacity to supply ZESCO with the required poles.

Company Managing Director James Mulenga said the company is expecting a full deal and if given the deal, CFC will be complementing each other with Zambia Forestry and Forest Industries Corporation (ZAFFICO) in supplying the poles to ZESCO.

Speaking in an interview with the Zambian Business Times-ZBT, Mulenga said ZAFFICO is cutting 40,000 poles and CFC is cutting about 30, 000 poles therefore the two companies should be able to supply the poles to ZESCO.

Mulenga said he is hopeful that the deal will be given to both companies adding that ZAFFICO has already started supplying the poles to ZESCO as it has dry poles.

“The projections for the year 2022 look positive with the interest from ZESCO wanting to buy electric poles locally. We hope that part is going to boost our sales for this year if ZESCO comes on board. The hope is that by 3rd quarter, the demand for the poles will come into strum”, he said.

He noted that the company faced numerous challenges with financing during the Covid-19 pandemic and was not fortunate that enough to access any of the stimulus packages from government noting that the company is just recovering.

 

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The Copperbelt Forestry Company (CFC) says it

Markets

The Association of Microfinance Institutions in Zambia (AMIZ) says the interest rates on borrowing are likely to go down due to factors such as low inflation and a stable exchange rate.

Association Executive Director Webby Mate said factors such as low inflation and a stable exchange rate as well as a strong currency have an impact on the movement of interest rates

Speaking in an interview with the Zambian Business Times-ZBT, Mate commended government’s efforts towards lowering the inflation rate and stabilizing the kwacha adding that government is on the right path.

“I know what they are doing will have an impact on the cost of money ultimately so they are on the right trajectory but they should continue so that things can get better for small business people. Inflation is going down, the exchange rate is stabilizing and also the kwacha is strengthening, those are key indicators that should be able to impact on the movement of the interest rates”, he said.

Mate mentioned that interest rates are quite high but government has made pronouncements that it would like the cost of money to small businesses to come down therefore the association is looking forward to seeing government taking more steps to actualise such plans.

He noted that stabilizing the economy is important because when the economy is stable, the exchange rate will not be changing anyhow which helps one to plan adding that a stable economy also means the rate at which prices of goods change becomes stable.

Mate mentioned that the Ministry of Finance should focus on putting in place strategies that would stabilize the economy and make it more conducive for the growth of businesses, which would help interest rates be more affordable.

 

 

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The Association of Microfinance Institutions in Zambia