News

KANSANSHI Mining Plc will spend US$4.7 million to upgrade a 50.4-kilometre road in Solwezi, which will be used to transport silica for the mine’s copper sulphide plant. Recently, the company commissioned a new smelter to process 1.2 million tonnes of sulphide copper concentrates per annum at Kansanshi and Sentinel mines. …

The Civil Society for Poverty Reduction (CSPR) says economic diversification is a must for the country because depending entirely on the mining sector is not sustainable. According to CSPR vice-board chairperson, Partner Siabutuba, it is not enough for the Government to continually say that the economy would be diversified when …

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 …

Tanzania will pay 6 billion shillings ($2.71 million) to bail out the Tanzania-Zambia Railway Authority (TAZARA), a railway firm that connects Africa’s two biggest copper producers to Tanzania’s Indian Ocean port, a company spokesman said. The loss-making railway line is a key route for copper exports through the Tanzanian port …

Zambia’s president has said he will not allow Glencore’s Mopani unit to lay off workers as the mining and trading company deepens cuts in copper output to support flagging prices. “I am here because of the problems in the mines. I am going to meet Mopani management from here. I …

The Bank of Zambia raised its benchmark lending rate by a record 3 percentage points to rein in inflation after the currency of Africa’s second-biggest copper producer lost almost half its value this year. The central bank increased the policy rate to 15.5 percent from 12.5 percent, Governor Denny Kalyalya …

Terex Trucks, which was fully acquired by Volvo Construction Equipment, Sweden in June 2014, has appointed Babcock International as the official distributor of its rigid and articulated haulers in southern Africa, effective as of 1st October 2015.  In addition to supplying new machines, Babcock will also provide parts and other …

Zambia and Zimbabwe drew more water than they should have from the Kariba dam to generate electricity, draining the reservoir to 29% of its capacity in September, compared with 70% capacity last year, an engineering body said on Thursday.The Zambezi River Authority (ZRA) ordered utilities in the two countries to cut …

Zambia’s central bank will not compromise economic growth as it tries to address inflationary pressures arising from this year’s sharp depreciation of the kwacha, governor Denny Kalyalya said on Friday.Kalyalya told Reuters the bank would strike a balance between rising inflation and relatively weak economic growth before making decisions on interest …

KAGEM Mining Limited says the company is now profitable after paying dividends to its shareholders for a third successive year, the latest being US$14 million in 2015. Kagem chief executive officer Ian Harebottle stated the dividends paid demonstrated what could be done when national resources and world-class private sector expertise …