By CHATULA KANGALI –
MOPANI Copper Mines (MCM) has spent $640 million in the payment of suppliers and contractors in the past three years, ZCCM-Investment Holdings (ZCCM-IH) has said.
Source: Times of Zambia
Chamber Of Mines Welcome KCM, MOPANI Investment Roadmap
Zanis
The Zambia Chamber of Mines has welcomed developments regarding investment roadmaps for Konkola Copper Mines and Mopani Copper Mines announced by Government.
Chamber of Mines Chief Executive Officer SOKWANI CHILEMBO says any breakthrough regarding the protracted process is a positive development.
Speaking in a telephone interview with ZANIS, Mr. CHILEMBO expressed hope that issues of securing investors for the two mines will move quickly.
Last week, Minister of Finance and National Planning SITUMBEKO MUSOKOTWANE announced that Government will soon decide an investor to take over from Mopani Copper Mines.
source:ZNBC
Mingomba Mining Project Excites State House
ZNBC Staffer
Special Assistant to the President for Economic and Development Affairs JITO KAYUMBA says government is very excited with the $150m investment towards the development of Mingomba mining in Chililabombwe district.
Mr. KAYUMBA says government is ready to formulate and ensure policy consistency especially in the Mining sector for sustainable investment and production.
And Mr. KAYUMBÀ adds that the debt restructuring deal has created a pathway for improved investor confidence not only in the mines but other subdivisions as well.
Speaking during a visit to KoBold Metal’s Mingomba exploration site this morning, Mr. KAYUMBÀ said government believes that Copperbelt mining will soon have life and contribute to government aspirations of increasing copper production to 3-million tonnes in the next ten years.
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Source: ZNBC
Ambassador Michael Gonzales Remarks During his visit to Kobolds Mingomba Mine
Thank you all for having me and thank you to our hosts KoBold Metals for inviting us here today. I’d also like to thank Presidential Special Assistant Jito Kayumba for joining us here today.
Six months after the conclusion of the U.S.-Africa Leaders’ Summit in December 2022, my first visit to KoBold’s Mingomba project is a reminder that the United States—not only the U.S. government, but the American private sector—is delivering on our commitments, our commitments to the people of Zambia.
During the Summit, President Biden announced that the U.S. government plans to invest $55 billion over the next three years across the African continent. The Summit demonstrated our renewed commitment to partnerships between the United States and Africa: between countries, between institutions, and among our people. We remain focused not on what we will do for Zambia as a donor, but what we will do with Zambia as a partner invested in Zambia’s success. Because, we are investing in Zambia as we deepen and expand our partnership.
Source: US Embassy Zambia
Union Welcomes $150M Mining Investment (Mingomba)
The Mine Workers Union of Zambia has welcomed the unveiling of a 150 million dollar investment into the Mingomba exploration and mining project by Kobold metals.
Kobold metals are using artificial intelligence to explore minerals.
Source: Zambia 24
FQM’s Kansanshi mine hands over K1.2m cheques to six Solwezi cooperatives
First Quantum Minerals’ Kansanshi Mining PLC has handed over cheques amounting to K 1.2 million to six cooperatives engaged in various business activities, each receiving K 200,000 in a continued effort to support and improve the welfare and livelihood of communities in Solwezi.
The mining firm is alive of the fact that Small and Medium Enterprises (SMEs) play a major role in most economies, particularly in rural communities, however, access to finance is a key constraint to SME growth, and it is one of the most cited obstacles that they are faced with.
The additional funding of K 1.2 million follows the initial K 756,000 given to the six groups in February earlier this year, with each having received K 126,000 to help kick-start their business activities around the District.
Source : Mining News Zambia
Limestone Resources Limited (LRL) Extract from 2023 Annual Report
Limestone Resources Limited, formerly known as Ndola Lime Company, is specializing in the production and supply of limestone products. Its diverse product line-up includes quicklime, hydrated lime, and other lime product tailored to meet specific customer needs.
The transition from Ndola Lime Company to Limestone Resources Limited represents a strategic move to address past challenges and leverage on new opportunities. This change signals an intent to revitalize the business, possibly by attracting new investment, improving operational efficiencies, and better aligning with market demands. Limestone Resources Limited’s journey reflects a commitment to not only continuing its legacy of quality limestone product supply but also enhancing its operational and financial health for future success.
Limestone Resources Limited has an opportunity to attract fresh capital, revamp the business, and potentially cut the losses experienced by its predecessor, Ndola Limestone.
During 2023, LRL continued to build up on the knowledge and experience of operating the modified VK2 which was fired in October 2022 after nearly 6 years of being idle. The modification and the prolonged idle time presented initial challenges which took time to resolve. VK 2 was the only operational kiln at the company as no restoration repair works were carried out on VK1, while the Rotary kiln remained mothballed.
Production from VK2 was an average of 140 tonnes per day against the kiln’s capacity of 500 tonnes per day due to technical limitations on the kiln’s operating mode. Another key stumbling block to attain nameplate capacity was a lack of reliable mining equipment and a frequently malfunctioning crushing plant.
Revenue for the year was ZMW96.7 million, a notable increase from ZMW26.8 million in 2022. The company made a loss of ZMW180.74 million (2022: ZMW90.81 million).
There were no dividends declared during the year under review (Dec 2022: Nil)
Zambia in Top 10 mining countries of the world
The mining industry is a key player in the global economy, providing essential raw materials that fuel various industries and contribute to economic growth. From precious metals to fossil fuels, minerals extracted from the earth’s crust are integral to manufacturing, construction, energy production, and technological advancements. In this article, we delve into the top 20 mining countries in the world, exploring their mineral wealth, production capabilities, and the significant role they play in shaping the global mining landscape.
Mining has been an essential human activity for centuries, driving exploration and extraction in pursuit of valuable resources. Today, mining operations span across continents, with countries harnessing their geological advantages to access and utilize mineral reserves. These resources serve as the backbone of industrial development, enabling nations to meet domestic demands, stimulate exports, and foster economic prosperity.
Source: Insider Monkey
NFC Africa Mining Plc (NFCA) Extract from 2023 Annual Report
For the year ended 31 December 2023, NFCA reported revenue of ZMW12.8 billion (US$619.82 million), (2022: ZMW9.9 billion (US$548.46 million)). The drop in year-on-year revenues were attributable to lower-than-expected production during the year due to a suspension of operations that occurred in November 2023. During the year under review, NFCA produced a total of 68,757 tonnes of copper compared to copper output of 67,626 tonnes produced in 2022.
During the period under review, the Company recorded a profit of ZMW1.5 billion (US$76 million) (2022: ZMW1.01 billion (US$56.01 million)). Despite a drop in copper production, strong copper price and cost reduction initiatives led to the increase in profitability in 2023.
The company currently has a high debt burden and the increase in US Dollar denominated lending rates has significantly increased the company’s interest costs.
There were no dividends paid during the year ended 31 December 2023 (2022: ZMW51.78 (US$3 million)).
FQM consolidates its Kansanshi mining operations in readiness for the S3 expansion
First Quantum Minerals will consolidate the Road and Earthworks Division, Mining Divisions and related supporting services currently carried out by First Quantum Mining Operations Limited (FQMO) with the operations at Kansanshi Mining Plc (KMP).
FQMO was the original First Quantum Minerals corporate entity in Zambia which operated the Bwana Mkubwa mine. Following the expansion of the First Quantum operations in Zambia, with both the Kansanshi and Sentinel mines, FQMO evolved to house a wide range of business functions to support these operations including mining, road and earthworks, exploration, corporate services, CSR, community health and other services….
Source: Lusaka Times