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Lubambe Copper Mine sets up fish farm

To empower farmers with a diversified source of income in Chililabombwe, Lubambe Copper Mine has constructed a fish farm with a capacity to stock up 3,000 fingerlings bream, representing a market value of K60.000.

Bream is one of Zambia’s most sought-after fish and is a money-spinner.

Lubambe’s corporate social responsibility manager Joel Bwalya said the mining company partnered with a local farming co-operative in Kasapa village to build the fish farm near Kebumba stream.

According to a latest newsletter on mining in Zambia, an initiative by the Zambia Chambers of Mines, Mr Bwalya said the implementation has proved to be a success and as such the mine intends to build another fish farm.

He said the enterprise is a good source of revenue for most farmers in the area and far exceeds what they would get by selling maize.

“We reckon that this time, we will be able to seed the fish farm with 4,000 fish, and that means a bigger harvest. The villagers are clearly excited by the potential of fish-farming and its ability to help them diversify,” Mr Bwalya said.

He said the fish farm is a partnership between the mine and farmers.

Mr Bwalya is hopeful that fish-farming of this sort will evolve into a fully-fledged business with huge commercial potential for the entire country.

Commenting on the development, Kasapa village headman Langson Pensulo said the fish farm has helped improve the livelihood of the villagers in the area.

Source: Daily Mail

Investee Company News

Earth movers: the ten biggest mining companies by revenue

  1. Glencore plc – $170.49bn
    Glencore, operating as a diversified energy, company outstrips all competitors as the world’s biggest mining company despite significant profit falls, a trend witnessed by all miners, with only Vale registering a ’marginal’ loss. Mining-technology.com lists the world’s ten biggest mining companies based on 2015 revenues…read more

  2. BHP Billiton Limited – $44.63bn
    BHP Billiton Limited (BHP Billiton) is a multinational mining, metals and petroleum company that discovers, develops and markets natural resources such as metallurgical coal, copper, uranium and zinc. Headquartered in Melbourne, Australia, BHP Billiton operates in five business divisions: Petroleum and Potash, Copper, Iron Ore, Coal, and Other… read more

  3. Rio Tinto Plc – $34.83bn
    Rio Tinto Plc (Rio Tinto) is a mining company that produces and markets bauxite, aluminium, borates, coal, copper, iron ore, gold and uranium among other minerals and metals. With a presence in over 40 countries across six continents, Rio Tinto operates open pit and underground mines, mills, refineries, smelters and research and service facilities…read more

  4. Jiangxi Copper Corporation Limited – $28.62bn
    Jiangxi Copper Corporation Limited (JCCL) is one of the largest copper producers and fabricators in China in addition to its other mining interests. It owns and manages eight mines, three smelters, six copper fabrication companies, three precious and rare earth metal producers, and also conducts supplementary services through companies like JCCL Financial, Jinrui Futures Company and JCCL Logistics Company…read more

  5. China Shenhua Energy Company Limited (CSEC) – $27.28bn
    China Shenhua Energy Company Limited (CSEC) is an integrated energy company primarily engaged in the production and sale of coal and power, while it also has railway, port and shipping business interests…read more

  6. Vale S.A. – $25.66bn
    Headquartered in Rio de Janeiro, Brazil, Vale S.A. is a metal and mining company primarily involved in the exploration and production of ferrous and non-ferrous minerals. It produces coal, fertilisers, cobalt, gold, silver and platinum group metals, while it is the world’s largest producer of iron ore, iron ore pellets and nickel. Vale further owns railroads, maritime terminals, ports, floating transfer stations, maritime freight assets and distribution centers, and is involved in energy generation and steel making…read more

  7. Anglo American – $20.45bn
    Headquartered in London, UK, Anglo American is involved in the exploration, mining, processing and smelting of metals and minerals, with operations across southern Africa, South America, Australia, North America, Asia and Europe…read more

  8. Freeport-McMoRan – $15.87bn
    Headquartered in Phoenix, Arizona, US, Freeport-McMoRan is a diversified company involved in the production of copper, gold, molybdenum, cobalt, oil and natural gas. It also owns and operates smelting and refining facilities…read more

  9. Corporacion Nacional delCobre de Chile (Codelco) – $11.69bn
    Headquartered in Santiago, Chile, Corporacion Nacional delCobre de Chile (Codelco) is a state-owned mining company involved in the exploration, development and commercialisation of copper mineral resources and byproducts such as molybdenum, cathodes, RAF ingots, concentrates, molybdenum, sulphuric acid and anodic slimes, and refined copper…read more

  10. Zijin Mining Group – $11.44bn
    Headquartered in Longyan, China, Zijin Mining Group is primarily involved in the exploration, mining and production of gold, copper, zinc, tungsten, iron ore and other base metals…read more
Investee Company News

Vedanta to further strengthen ties in Africa; to invest in metals, minerals

Gamsberg, which is in the Northern Cape, holds one of the world’s largest undeveloped zinc sulphide deposits, with approximately 160 Mt of defined ore resources.

For a natural resources company like Vedanta, South Africa offers a unique opportunity with its wealth of diverse natural resources, Agarwal said. The London-listed firm mines copper in Zambia at Konkola Copper Mines (KCM) and produces zinc and lead concentrate at Black Mountain Mining (BMM) in South Africa.

Mining conglomerate Vedanta Resources will invest a total Dollars 1 billion (about Rs 6,600 crore) in its Gamsberg mine project in South Africa, which is one of the world’s largest undeveloped zinc deposits.

The head of the Indian natural resources company, with interests in oil and gas, zinc-lead-silver, copper, iron-ore, aluminium and commercial energy, announced that Vedanta would be signing two memorandums of understanding with South African companies as part of the delegation accompanying Modi.

A year ago was not an easy time to be starting a zinc mine but Vedanta’s timing has proved opportune in that zinc, which has been unloved for so long, is back in fashion.

Groundbreaking at Gamsberg signalled the start of the development of a 250 000 t/y opencast zinc mine, concentrator plant and associated infrastructure at the mining town of Aggeneys, 113 km north-east of Springbok, where Vedanta is engaged in a multi-year $782-million Southern African Gamsberg-Skorpion integrated zinc project.

“I believe that this is the largest project going on in Africa also South Africa has a tremendous mining skill and India does not have that, we have taken a lot of mining companies, spent nearly 200 million dollars on these South African companies to take the South African contractors to India to develop our mines – so it is a two-way business”.

The Durban-born Naidoo made that comment in reference to this year’s final shipment of zinc from Vedanta Resources’ Lisheen mine in Ireland – also acquired from Anglo American – which brought to an end the flow of 120 000 t of zinc a year from Ireland’s now-closed Tipperary province mine.

The MoUs are for the development and supply of equipment and transfer of technology, with an aim to improve safety and productivity at the mechanised underground mines of Vedanta’s subsidiary, Hindustan Zinc Ltd (HZL).

Some 125 South Africans work on various HZL sites across India and Vedanta has awarded projects worth nearly $300 million to at least seven companies based in South Africa to date. BMM is the largest private employer in the Bushmanland and Namaqua region, providing employment for 1,300 people. As such, the company has committed to all closure processes reflecting best practice in terms of sustainability and environmental rehabilitation.

Source: Equilibrio informativo

Investee Company News

Utilise underground water for power generation, UN Coordination urges mines

By KENNEDY MUPESENI –
Mining companies should make use of underground water to generate electricity for their own operations, United Nations (UN) country coordinator Janet Rogan has said.

Most of the water the mines pump out of underground is usually channelled to main water bodies like rivers and streams un utilised.

But Ms Rogan said with the low power production, investment in power generation would help them overcome electricity challenges.

“There is a lot of water that is channelled to the natural water bodies and I think mining companies should think of using the water for power generation looking at the power shortages facing the country,” she said.

Ms Rogan was speaking in an interview in Chililabombwe after touring Konkola Copper Mines (KCM) facilities.

She was impressed after touring the water pumping facility and the latest mining equipment the mining company is employing.

“I am impressed by the level of technology KCM is using; this means that Zambia’s mining sector has a bright future,” Ms Rogan said.

She said with copper prices fetching lowly on the international market, it was imperative for mining companies to work on reducing the cost of production.

Ms Rogan, who also toured Lufwanyama emerald area, said Zambia had massive potential for emerald production which she said had remained untapped.

“I did not know that Copperbelt had a lot of potential for gemstones. There is need for investment in the sub sector, probably the gemstone belt could be developed looking at the massive potential Lufwanyama area has,” she said.

Source: Times of Zambia

Investee Company News

Nava Bharat Ventures hits 52-week high; surges 50% in one-month

Nava Bharat Ventures has rallied 13% to Rs 250, also its 52-week high on the BSE, after the company announced that its Zambian subsidiary, Maamba Collieries Limited (MCL) has repaid the sponsor bridge loan to Nava Bharat Group in full.

“The company’s Zambian subsidiary, Maamba Collieries Limited (MCL) has concluded accession of additional long term debt. With this, MCL’s integrated coal and power project is funded, with long term external total debt of USD 590 million,” Nava Bharat Ventures said in a BSE filing.

Total debt including the debt of US$ 515 million for which the financial closure was announced earlier, it added.

Meanwhile, the stock has outperformed the market by surging 51% in past one month, after the company reported more than doubled net profit of Rs 58 crore for the quarter ended March 2016 (Q4FY16) against Rs 24 crore in a year ago quarter. The S&P BSE Sensex was up 0.7% during the same period.

The company attributed better performance during the quarter owing to a combination of positive factors like better margins for power and sugar with better volumes of sale for power and ferro alloys.

At 12:29 AM, the stock was up 10% at Rs 243 on the BSE. A combined 1.57 million shares changed hands on the counter on the NSE and BSE.

Source: Business Standard

Investee Company News

KCM cuts cost of production by 18%

By KENNEDY MUPESENI –

KONKOLA Copper Mines (KCM) has reduced the cost of production by 18 per cent while production has increased by seven per cent despite the challenges mining companies are facing.

KCM vice-president for local economic development, David Paterson said to reduce the impact of low copper prices on the international market, the company had worked on the new business strategy which had seen production costs drop by 18 per cent.

“We have developed a new production strategy which has seen production costs dropping by 18 per cent while increasing copper ore production by seven per cent despite the unfavourable business conditions on the international market,” Mr Paterson said.

He was briefing United Nations country coordinator Janet Rogan who toured the mining company’s facilities in Chililabombwe and Chingola on Wednesday.

Mr Paterson said KCM had been working on increasing efficiency by deploying one of the best modern technology equipment which had seen production costs go down.
He said the company wanted to prepare for the future.

“We want to prepare for the future so that when commodity prices start picking, they find us in a much better condition,” Mr Paterson said.

He said since the company took over mining operations in the country, the parent company, Vedanta Resources Plc, had invested to a tune of US$3 billion, a demonstration of the company’s commitment to the future of its mining in the country.

KCM geological services manager Davy Mubita said the sinking of the shaft at Konkola underground mine in Chililabombwe had expanded the lifespan and copper ore production for KCM.

“We recently extended the production capacity of the mine to eight million tonnes of ore after deepening shafts as well as sinking new ones at Konkola underground mine,” Mr Mubita said.

Source: Times of Zambia

Investee Company News

Nava Bharat Ventures Ltd arm repays sponsor Bridge Loan to Nava Bharat Group

Nava Bharat Ventures Ltd’s Zambian subsidiary, Maamba Collieries Limited (MCL) has concluded accession of additional long term debt. With this, MCL’s integrated coal and power project is funded, with long term external total debt of US$ 590 million (including the debt of US$515 million for which the financial closure was announced earlier).

Following the disbursement of loan by the additional lender, MCL has repaid the sponsor bridge loan to Nava Bharat group in full, pursuant to common terms agreement with the lenders.

Shares of NAVA BHARAT VENTURES LTD. was last trading in BSE at Rs.220.85 as compared to the previous close of Rs. 217.25. The total number of shares traded during the day was 49542 in over 1655 trades.

The stock hit an intraday high of Rs. 224.15 and intraday low of 218.75. The net turnover during the day was Rs. 10983874.

Source: Equity Bulls

Investee Company News

Chibuluma earns over US$70 million

NOMSA NKANA, Lusaka

CHIBULUMA Mines earned more than US$70 million in 2015, a senior company official disclosed recently.

Chibuluma country manager Jackson Sikamo said the company sold 13,303 tonnes of copper in 2015, earning US$71 million in gross revenue.

Mr Sikamo also said as at May 31, this year, Chibuluma spent US$14.4 million on development.

He said Chibuluma’s current major project is the company-financed US$24 million Chifupu copper development project.

Mr Sikamo was speaking in Lusaka during the just ended 6th Zambia International Mining and Energy Conference which was held under the theme, ‘Mining and energy on the growth path to support and grow the Zambian economy.’

“However, the mine’s performance in the financial year 2015 has been characterised by low production volumes, and this, coupled with the continuously falling copper prices, has put severe pressure on the company’s cash flow,” he said.

He said Chibuluma Mines is facing operational challenges due to, among other issues, the copper price reduction and increasing cost of production.

Mr Sikamo said other challenges facing the company are current resources mined out by 2019 (excluding the Chifupu reserve), skills retention, underground collisions, supervisor safety culture, historically supervisor- dependent and equipment availability and reliability, among others.

He said to address the challenges, Chibuluma Mines is looking for acquisitions, explorations and joint-venture partnerships with local or foreign companies to expand its operations in the country.

Chibuluma Mines plc is a modern mechanised underground copper mine which is 85 percent owned by Jinchuan Group Company Limited and 15 percent by ZCCM-IH plc.

Source: Zambia Daily Mail

Investee Company News

Maamba Thermal power readies

The 800 million dollar Maamba thermal power plant project has reached pre-commissioning stage.

Maamba Thermal Power plant chief executive officer Venkat Shankar says the tests on the plant are going on smoothly with some adjustments being made to reach the required parameters.

Mr. Shankar has told ZNBC news in a telephone interview that all systems have been checked and found to be correct.

He has however not disclosed when the plant will fully start generating electricity for commercial use but was quick to state that the plant is close to doing so.

Mr. Shankar further said the tests on the plant have been going on for over a month now.

The Maamba Thermal Power Plant will start producing one hundred and 50 mega watt, which will be increased to 3 hundred mega watts.

Source: ZNBC