Distorted Information_Kansanshi Royalty Vs FQM Group Results
CEC 2022 Annual Report
CEC 2023 Annual Report
Successful Listing Of Zambia’s First Green Bond On The LuSE
3th January 2024, Lusaka – We are pleased to announce the successful listing of Zambia’s debut Green Bond on the Lusaka Securities Exchange (LuSE).
This milestone, which has been achieved through CEC’s subsidiary, CEC Renewables Ltd, will play a crucial role in driving renewable energy development in the country.
The listing ceremony was held on 12 January 2024 at the Intercontinental Hotel in Lusaka with the Minister of Finance and National Planning, Dr. Situmbeko Musokotwane as Guest of Honour.
Dr. Musokotwane commended the CEC Group for successfully listing the Green Bond for Zambia and contributing to the growth of the capital markets.
Dr. Musokotwane said the initiative that has been taken by the CEC Group is indeed climate smart and will not only significantly contribute to meeting the increased energy demand arising from the anticipated expansion of the economy but will also support Government’s commitment to climate mitigation, while also focusing on building and developing key sectors of the economy such as mining, agriculture, among others.
Also speaking at the ceremony, the CEC Group Board Chairperson, Mr. London Mwafulilwa said the Group is thrilled to be the first Company to issue a Green Bond in Zambia.
Mr. Mwafulilwa added that the Company remains keen on actualizing its green energy generation ambitions and will seek to attain this, as it issues the remaining tranches of the $ 200 million bond. Read More
CEC Commissions 60MW Itimpi Solar Photovoltaic Power Station In Kitwe
Copperbelt Energy Corporation (CEC) has taken a significant stride towards sustainable operations with the successful commissioning of the 60-megawatt Itimpi Solar Photovoltaic Power Station in Garneton, Kitwe, held on Wednesday, 10th April 2024. The Plant was unveiled by the President of the Republic of Zambia, H.E. Mr Hakainde Hichilema, along with other dignitaries and stakeholders.
During the event, President Hichilema remarked, “What CEC has done today adds to our agenda as a nation to generate diversified electric energy. When CEC does what they have done today, we must see that [Itimpi Solar Plant] is a Zambian asset and investment which will contribute to the national economic development agenda.”
CEC’s Board Chairperson, Mr London Mwafulilwa, emphasized the company’s commitment to partnering with the government and other sector players to advance the electricity sector and contribute to the socio-economic development of the country. “This is an affirmation of our commitment as CEC to partnering first of all with the government and indeed with other sector players to contribute to the advancement of the electricity sector and the social-economic development of our country,” he stated.
CEC’s Managing Director, Mr Owen Silavwe, highlighted the significance of the project, remarking, “The combination of our Itimpi and our Riverside Solar Plants will deliver a total annual energy output of 186 GWh… The drought we have experienced this year is a wake-up call for the energy sector to be at the centre of driving lasting solutions that will ensure a consistent power supply to our economy at all times.” Read More
Luanshya 28 Mine Shaft Project Explained
President Hakainde Hichilema recently commissioned the process of de-watering the flooded 28 Shaft at Chinese-owned CNMC Luanshya Copper Mines in Luanshya.
The pumping out of water from 28 Shaft will pave the way for the commencement of actual copper mining at the site which has been dormant for over 20 years.
According to CNMC Luanshya Copper Mines – Manager Corporate Affairs – Sydney Chileya, the $500 Million project will see water pumped out from 14 and 18 Shafts that are aligned to the famous 28 Shaft.
Mr. Chileya has revealed that the process of pumping out water from the three shafts is expected to commence on April 29 and will last between 18 and 21 months.
At the peak of the project about 3000 jobs are anticipated to be created.
“That project will create about 3000 jobs in total, which will be about 1,800 direct jobs and 1,200 contractual jobs. The 28 shaft is going to have its own concentrator, so we are constructing a concentrator about two to three kilometers away from 28 Shaft. That is a treatment plant for the copper to be coming from 28 Shaft,” Mr. Chileya told Radio Icengelo News.
ZCCM-IH- Transaction Completion Announcement-Mopani Copper Mines
Shareholders are referred to the announcements ZCCM-IH released on the Stock Exchange News Service (“SENS”) of the Lusaka Securities Exchange (“LUSE”) on 10th November 2023, 30 November 2023, 22 December 2023, 1 February 2024 and 23 February 2024 regarding the up to US$1.1 billion capital investment by International Resources Holding RSC Ltd (“IRH”), through its wholly-owned subsidiary, Delta Mining Limited (“Delta”), for a 51% interest in Mopani Copper Mines plc (“MCM”) and the formation of a strategic partnership with ZCCM-IH. The investment will comprise US$620 million in new equity capital, up to US$100 million in settlement of existing third-party letters of credit and up to US$380 million of shareholder loans (the “Transaction”). The Company distributed a Transaction circular (the “Circular”) on 2 February 2024 incorporating a notice of Extraordinary General Meeting (“EGM”) to consider the Transaction. The Board of Directors of ZCCM-IH (the “Board”) is pleased to provide a further update in relation to the Transaction
FQM Redoubles Tree Planting Efforts for 2024
– First Quantum Minerals (FQM) is almost doubling the mammoth tree planting exercise at its Kansanshi Mine in Solwezi.
The company is this season planting 30,000 trees and rehabilitating over 35 hectares of mine disturbed land. Last year Kansanshi planted 18,000 trees as part of its commitment to sustainable mining practices and efforts towards environmental conservation.
Arnold Malambo, Manager Environment at Kansanshi Mine in Solwezi said: “As a company, we endeavour to extract resources responsibly and attach great importance to the conservation of nature. For example, in the case where the cutting of trees and clearance of vegetation at the mine site is required, it goes through a rigorous approval process. Among the conditions given is to strip and store the topsoil for land rehabilitation at a later time. This comes at a significant cost but is very important to us. We recognise that our activities may lead to disturbance of land and if not remedied, can have an impact on the broader environment within our catchment area. Progressive mine rehabilitation through tree planting is part of our strategy for sustainability and social responsibility.”
“We are doubling our tree planting effort because we know that trees take a very long time to grow and our desire is that forests that have been disturbed within our area of operations be fully re-established at the time of mine closure. We do this because preserving and maintaining nature’s ecosystems, aside from combating the effects of adverse climate change, hold great benefits for communities; among them food security and water retention. Trees and grass play a vital role in soil conservation, preventing erosion, and promoting fertility, which is essential for sustainable agriculture. They further contribute to food security by helping maintain soil integrity and providing valuable resources such as wild fruits, nuts, wood, and other non-wood products.”
During the official launch of the season’s provincial tree planting initiative at the mine earlier this year, North-Western Provincial Minister Robert Lihefu said: “Government firmly believes that tree planting is one of the most effective mitigations against climate change and ensure food security for the present and future generations as they are crucial for maintaining a healthy and balanced ecosystem. As government, we recognise the efforts undertaken towards this.”
“I am aware of the various initiatives by Kansanshi Mine such as establishing sustainable agroforestry systems like the fruit tree programmes in the two chiefdoms of Kapijimpanga and Mumena. These efforts will not only improve the environmental conditions but also create numerous business opportunities for local residents,” he said.
The minister called for the trees to be protected because over time, they would provide various non-wood forest products for the local people such as honey, caterpillars, and mushrooms.
Speaking at the same event, North-Western Province Council of Chiefs Chairperson Chief Mumena bemoaned the increased deforestation rate in the province.
“Tree planting must not only end today but let us do it at our homes. I find it very disheartening that along our highways, you will find so many bags of charcoal, an indication that we have too many trees being cut down. Let us come up with sustainable livelihoods and not for people to depend on cutting down trees in order to send our children to school. We need to have sustainable programmes so that we don’t cut down all the trees,” he said.
First Quantum Minerals (FQM) believes collaboration is key to protecting Zambia’s biodiversity. The mining firm has invested over US$6 million in its environmental protection programmes, which are aimed at reducing the carbon impact of its mining activities on the environment and communities.
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About First Quantum Minerals Ltd
First Quantum Minerals Ltd is a global metals and mining company producing mainly copper, gold and nickel. The company’s assets are in Zambia, Spain, Mauritania, Australia, Finland, Turkey, Panama, Argentina and Peru.
In 2023, First Quantum globally produced 707,678 tonnes of copper, 226,885 ounces of gold and 26,252 tonnes of nickel.
In Zambia it operates the Kansanshi mine and smelter in Solwezi, and the Sentinel copper mine and the Enterprise nickel mine in Kalumbila.
The company is listed on the Toronto Stock Exchange.
http://www.first-quantum.com/
Source: Langmead & Baker
First Quantum CEO Inspects Progress of S3 Expansion at Kansanshi
SOLWEZI, ZAMBIA – First Quantum Minerals Chief Executive, Tristan Pascall, has been on the ground at Kansanshi to personally inspect the progress the company is making with its S3 expansion project. Of a total investment commitment of US$1.25 billion, the majority of this is being spent this year to ensure the entire project is completed by mid-2025.
The S3 expansion entails an expansion of the mine pit and the mining fleet that services it, as well as the construction of a new processing plant, and a major expansion of the Kansanshi smelter. The result will be to extend Kansanshi’s mine life as a world class asset into the 2040s, increase copper production to more than 200,000 tonnes a year while continuing to drive economic development and jobs in Zambia.
To ensure continuation of the S3 expansion in the face of disruption to its Cobre Panama mine in Panama, First Quantum has recently raised US$3.3 billion as part of a comprehensive refinancing package and a copper pre-payment arrangement. The company has also extended its debt facilities through to mid-2027, providing the pathway to deliver on its commitment to Zambia with the S3 expansion.
Commenting after his site inspection, Mr Tristan Pascall, said he was pleased to see the level of progress on the ground at Kansanshi.
“It’s great to be at Kansanshi, and to see that the S3 development work is progressing on the ground according to plan. Kansanshi – and Zambia, in general – has been the mainstay of our mining activity for the last twenty years, and will be just as important to us for the next twenty. We’ve had to adapt ourselves to unforeseen circumstances over the last few months, but we’ve met challenges before, always finding a way through and coming out stronger. Completing the S3 expansion on schedule is a priority for us, and the actions we have taken recently puts us in a strong position to do just that. I look forward to my next visit here, to see this project through to its completion.”
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About First Quantum Minerals Ltd
First Quantum Minerals Ltd is a global metals and mining company producing mainly copper, gold and nickel. The company’s assets are in Zambia, Spain, Mauritania, Australia, Finland, Turkey, Panama, Argentina and Peru.
In 2023, First Quantum globally produced 707,678 tonnes of copper, 226,885 ounces of gold and 26,252 tonnes of nickel.
In Zambia it operates the Kansanshi mine and smelter in Solwezi and the Sentinel mine in Kalumbila.
The company is listed on the Toronto Stock Exchange.
http://www.first-quantum.com/
Source: Langmead & Baker
FQM Welcomes Export Proceeds Framework
LUSAKA, ZAMBIA – Zambia’s largest taxpayer First Quantum Minerals (FQM), has pledged its support for the Bank of Zambia’s Export Proceeds Tracking Framework directives, which aim to ensure revenue from exports of goods and services, and the use of these funds, can be tracked through local Zambian bank accounts.
The directives, which came into effect on January 1 this year, require exporters to match export records to funds flowing through Zambian bank accounts in order to give the Bank of Zambia greater visibility of both the source of the funds received and the use of these funds.
“The central bank’s approach will enable greater transparency on the level of proceeds received in relation to exports as well as allowing any mismatches to be investigated. In addition, with exports being predominately in US dollars this also provides the central bank with the information to more effectively track these dollar flows and the impact this may have on the kwacha, which is key for the economy,” said FQM Country Manager Dr Godwin Beene.
The company pledged its support and compliance with the new requirements and emphasised that it had for many years ensured export proceeds flowed through its Zambian bank accounts and had been reporting on this to government under Rule 18 (Proof of Exports) of the Zambia Revenue Authority’s VAT General Rules, which require exporters to provide documentary evidence of export proceeds having been deposited in a local bank.
Tax payments from the mining sector as a whole rose by 11 percent to K43.3 billion in 2022, according to the recent independently audited report from the Zambia Extractive Industries Transparency Initiative (ZEITI). FQM’s Kansanshi Mining subsidiary was the largest contributor, paying K15 billion in tax, while FQM Trident made contributions of K8.6 billion.
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About First Quantum Minerals Ltd
First Quantum Minerals Ltd is a global metals and mining company producing mainly copper, gold and nickel. The company’s assets are in Zambia, Spain, Mauritania, Australia, Finland, Turkey, Panama, Argentina and Peru.
In 2023, First Quantum globally produced 707,678 tonnes of copper, 226,885 ounces of gold and 26,252 tonnes of nickel.
In Zambia it operates the Kansanshi mine and smelter in Solwezi and the Sentinel mine in Kalumbila.
The company is listed on the Toronto Stock Exchange.
http://www.first-quantum.com/
Source: Langmead & Baker