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CEC Plc cut ties with CEC Africa

Copperbelt Energy Corporation (CEC) Plc has mooted plans to delink its pan-African power assets developer CEC Africa from the CEC group. Julia Chaila, company secretary said the decision yet to get approval from shareholders is expected to improve CEC Plc financial performance. CEC Africa is currently reeling from operation challenges …

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Zambian project achieves one-million lost-time injury free work hours

Mining and exploration company Group R Mining & Exploration Zambia achieved one-million work hours without a lost-time injury (LTI) at its Synclinorium shaft expansion projectfor its owner, Zambian-registered copper miner Mopani Copper Mines. Group R is the operating partner of Mauritius-based private capital and corporate advisory company Africa One Holdings …

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Alecto falls behind on Zambia gold project as it moves to complete financing plan

Alecto Minerals on Thursday said it was now targeting the commissioning of its Matala gold project, in Zambia, in 2017 as it was awaiting the completion of the last leg of the financing plan for the project. To complete the financing, the company needed to reach an agreement with local …

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Copper prices to hit ‘rock bottom’ in next two years- Zijin Mining

Global copper markets will be oversupplied for at least two years, executives at some of the world’s major producers of the metal and traders said recently, casting doubt on the chances of a prolonged rally in prices. That tempered assessment of the market at an industry conference in Shanghai came …

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Zambia Consolidated Copper Mines -ZCCM-IH sues First Quantum Mining – FQM claiming $1.4billion on fraud allegations.

ZCCM Investments Holdings, the state-controlled Zambian company that holds minority stakes in most of the country’s copper mines, plans to claim as much $1.4 billion from First Quantum Minerals Ltd. after accusing the Vancouver-based company of fraud. The Canadian company’s stock fell. The claim includes $228 million in interest on …

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Consider establishing mineral stabilisation fund, State urged

Goverment should consider establishing a mineral stabilisation fund to cushion the negative impact of falling copper prices on the international market, Economics Association of Zambia (EAZ) says. The price of copper, which is the mainstay of Zambia’s foreign exchange earnings, has been declining from the highs of about US$8,000 per …

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Burey expands DRC holdings

ASX-listed Burey Gold is acquiring a 60% interest in five exploitation permits, covering 1 456 km2 of highly prospective ground in the Haut Uele province, in north-east Democratic Republic of Congo (DRC). Through an agreement with a Dubai-based private company Medidoc FZE, the company would obtain the Tendao project, which …

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Consider investing in hydro power

Western Power Company Limited has called on pension funds and other local firms to consider coming on board in the establishment of the 45 megawatts hydro power station to be developed by the company in Sioma. Company director Sipho Phiri said the US$200 million project to be established on Ngonye …

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First Quantum keen to grow local businesses

First Quantum Minerals (FQM) has spent over US$7 billion on local procurement and provided opportunities for growth of Zambian businesses. “Kansanshi Mining Plc spent US$7.8 billion on procurement within Zambia from 2010 to 2015, which translates into 88 percent of the company’s total operational expenditure,” Trident Foundation manager Garth Lappeman …

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KCM plans to lay off more miners-MUZ

Konkola Copper Mines (KCM) is planning to shed off more workers despite having laid off hundreds last year, the Mine Union of Zambia (MUZ) has revealed. But Mines Minister Christopher Yaluma has said Government would not allow KCM or any other mining company to lay off workers without giving proper …

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