Zambian Mining News The Premium Source of Information on The Zambian Mining Industry
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 …
Read More »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 …
Read More »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 …
Read More »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 …
Read More »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 …
Read More »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 …
Read More »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 …
Read More »Power outages force closure of Chambishi Copper smelters
Chambishi Copper Smelter has shut down its Anode and Reduction furnaces due to electricity shortages. In an interview after mines minister Christopher Yaluma toured the plant, CCS deputy manager in charge of Safety Health and Environment Robinson Mubita said the power the processing plant was receiving was not sufficient and …
Read More »FQM commits $50 million for Chingola-Solwezi road repairs
First Quantum Minerals has committed US$50 million next year for longer-term repairs on the Chingola-Solwezi road as part of the public-private partnership. In a statement, FQM head of government affairs John Gladston said the mine is spending US$2 million on stabilising the 180 kilometre road before the onset of the …
Read More »The time to invest is now
Will Zambia be ready when the copper price recovers? Being unprepared for the coming upswing in metal prices is the number one risk facing global mining – and copper mining in particular, says Ernst & Young in its annual risk report, Business risks facing mining and metals: 2015-2016. That’s according to …
Read More »