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Mining is not a short-term venture – ZCM

Zambia Chamber of Mines president Nathan Chishimba says the mining industry has no major concerns going into next month’s elections because there is an understanding among all political parties that mining is not a short-term venture. There have been concerns by some political and economic commentators that after the elections, …

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Zambia cuts trade deficit by 92% as Copper exports swell

Zambia cut its trade deficit by 92%, a move that is expected to shore up the country’s economic outlook of sustained. The copper rich country recorded a trade deficit in May 2016 valued at K 65.2 Million, representing a 91.5 percent drop in the trade deficit from K765.3 Million recorded …

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BMR secures letter of intent for offtake from Kabwe project

Aim-listed BMR said it had been approached for an offtake agreement for agricultural-grade zinc sulphate heptahydrate (ZSH) and lead sponge from its Kabwe project, in Zambia. The mineral processing group secured Zambia Environmental Management Agency approval for the environmental- and social-impact assessment for its tailings retreatment process and the construction …

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Contract mining offers edge in depressed market

There is a direct correlation between the market size of contract mining and the commodities cycle/prices and investment patterns in capital projects Historically, mining was a highly protected industry and had a low propensity for outsourcing, but more operations are being outsourced across Africa, says global consultant and adviser Deloitte. …

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Gemfields successfully auctions Zambian-mined rough emerald

AIM-listed Gemfields has successfully auctioned its lower quality rough emerald extracted by its 75%-owned Kagem mine in Zambia for US$14.3 million. Of the 3.67 million carats offered for sale, 2.78 million carats, or 76%, were sold at the auction, which took place in Jaipur, India, between 17 and 20 May. …

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Anglo diamond, copper, coal, manganese alloy, niobium outputs fall

Diversified mining company Anglo American has produced less diamond, copper, coal, manganese alloy and niobium in the three months to March 31. Diamond production fell by 10%, copper production by 19%, export thermal coal by 13%, export metallurgical coal by 9%, Eskom coal by 8% and niobium by 13%. Refined …

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Dangote Group struggles with ‘extremely tight’ forex situation

Dangote Group, Nigeria’s largest company, is struggling with a constricted supply of foreign-exchange in the West African country and is relying on its international cement operations and export-credit agencies to get around the shortage. “The forex situation is extremely tight in Nigeria,” group executive director Devakumar Edwin said on Wednesday. …

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Copper loses its shine, for now

Plunging copper prices have pushed the copper industry into a quandary, with global demand deteriorating to an even worse extent than many people realise, Bernstein senior research analyst Paul Gait told delegates at the 2016 Investing in African Mining Indaba this week. Gait noted, however, that copper was fundamentally scarce …

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Risk management critical in cyclical sectors

By Boniface Mwila As the commodity price slump drags on, Zambia shares the inevitable pain with the world’s other resource-dependent economies – and is especially hard hit by its ‘mono-commodity’ status as a nation so dependent on copper. The low copper price – which is leading to the closure of …

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Copper, Glencore send Zambian kwacha into freefall

Zambia’s kwacha went into freefall on Monday, hit by a worsening outlook for key export copper as the metal’s price hit a one-month low, amid fears that mining giant Glencore might further rein in its extensive operations in the country. The currency fell more than 17%, its biggest one-day fall …

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