As the world frets around a rising COVID19 delta variant spread, markets are clearly reacting in ways causing investors fleeing to safety in gold which has pushed its price to $1,823.57/oz roughly 0.9% up in the week.


As the world frets around a rising COVID19 delta variant spread, markets are clearly reacting in ways causing investors fleeing to safety in gold which has pushed its price to $1,823.57/oz roughly 0.9% up in the week.

The Bank of Zambia has purchased 478.76 Kgs (15,392 ounces) of gold at a cost of K604.3 million since December, 2020. This is broken down in 391.92 Kgs (12,600 ounces) purchased from Kansanshi Copper Mining Plc at a cost of K500.5 million and 86.84 Kgs (2,791.91 ounces) purchased from Zambia Gold Company, a subsidiary of ZCCM – IH at a cost of K103.8 million.

The Economics Association of Zambia -EAZ- has lauded President EDGAR LUNGU for ordering the payment of terminal benefits to MOPANI Copper Mine Workers.
EAZ Vice President AUSTIN MWANGE also says ZAMBIANS must understand that the payment of terminal benefits to MOPANI Copper Mine Workers does not entail that the beneficiaries have been retrenched.
Dr .MWANGE says the beneficiaries are entitled to the benefits as they have been transitioned from GLENCORE Company to the new ownership of the Mine of government ownership under ZCCM.

Mopani Copper Mines – MCM which was recently handed back to ZCCM IH under a local management team has continued to improve production month on month since the transition on April 1, 2021 producing 8,306 tons and 8,330 in April and May resulting in monthly revenues of about US$80 million
It’s monthly average revenues have continued to improve based on sustained month on month improvements as well as improved international prices of the commodity. Mopani copper mines produced copper worth about US$78,730,995 in May 2021 at the current market prices of US$ 9,451.50 on the London Metal Exchange (LME).

Konkola Copper Mines (KCM) has clarified as grossly misleading Vedanta Resources report in relation to the ongoing liquidation process and the impending arbitration between Vedanta and ZCCM-IH.
KCM General Manager Corporate Affairs Shapi Shachinda said Vedanta Resources has decided to misrepresent the purport of the Partial Award by the Arbitral Tribunal.
Mr Shachinda said the award dealt with the issue as to whether the Arbitrator had jurisdiction to hear the dispute. The Arbitrator has found that he has jurisdiction and consequently that the winding up proceedings in the High Court should be stayed.

THERE are heartwarming positive signs coming from Mopani Copper Mines (MCM), where copper production is on a significant rise, particularly after change of management.
Evidently, there is something good happening at the mine and Zambia can be proud of its own people ably managing such a key resource.
MCM produced 9,007 tonnes of the finished commodity in June, rising from 8,306 tonnes noted in April this year.
Apart from the increased production, MCM management has also cut down monthly operational costs by almost half – from a staggering US$60 million to US$35 million.

Zambia Gold Company Limited (Zambia Gold) was incorporated on 10 January 2020. Zambia Gold (the ‘Company’) is co-owned by ZCCM Investments Holdings Plc with a 51% stake and the Ministry of Finance owning the remaining 49% stake. Zambia Gold is mandated to lead the development of the gold sector in Zambia by undertaking commercial activities for the benefit of all stakeholders. In order to achieve this objective, Zambia Gold Company will broadly undertake the following activities:
In order to achieve this mission, the Company invites applications from suitably qualified and experienced individuals who are innovative, energetic and performance-driven to fill the following positions:
Location : Lusaka
Department : Mining
Report to : Manager Engineering Services
Job Purpose
To handle all matters relating to civil engineering construction and maintenance in the company. Maintain at all times high standards of Safety and Environmental management expected for the operations.
Main duties
Qualifications and experience
Location: Mwinilunga
Department: Mining
Report to: Project Manager
Job Purpose
To undertake work place activities to ensure that workers comply with company policies, procedures and government safety regulations and maintenance of Health and Safety Management System (HSES) records in order to facilitate decision making
Main duties
Qualifications and experience
Location: Mwinilunga
Department: Human Resources
Report to: Security Officer-General Duties
Job Purpose
To provide and deliver efficient and quality security by protecting company property, employees, visitors and contractor employees.
Main duties
Qualifications and experience
Location: Mwinilunga
Department: Human Resources
Report to: Security Officer-Investigations
Job Purpose
Provide expert evidence regarding complex site investigations of fraud and theft-related incidents.
Main duties
Qualifications and experience
Location: Mwinilunga
Department: Mining
Report to: Shift Supervisor
Job Purpose
Safe operations of Excavator Equipment and perform other duties at Kasenseli Gold Project Mine Site as need may arise. Maintain at all times high standards of Safety and Environmental management expected for the
Main duties
Qualifications and experience
Location: Mwinilunga
Department: Mining
Report to: Shift Superviso
Job Purpose
Safe operations of ADT Equipment and perform other duties at Kasenseli Gold Project Mine Site as need may arise. Maintain at all times high standards of Safety and Environmental management expected for the operations.
Main duties
Qualifications and experience
Zambia Gold Company Limited provides equal employment opportunities to all Zambians on merit without discrimination on the basis of age, gender, colour, tribe, disability, or religion.
Interested, suitably qualified and experienced persons should send their application together with certified copies of Academic and Professional certificates; a detailed Curriculum Vitae with traceable references and copy of the NRC should reach the undersigned not later than Friday, 23rd July, 2021.
Only shortlisted candidates will be responded to.
Head Human Resources and Administration
Zambia Gold Company Limited
Subdivision F/377a/30/B
Kudu Road, Kabulonga
LUSAKA
Email: jobs@zccmnew.wpenginepowered.com
Download the document here: ZGCL Advertisement 11 July 2021

Mining giant, ZCCM Investments Holdings (IH) has signed Group Restructuring and Reorganization Agreement with the Industrial Development Corporation Limited (IDC) that will see the former transferring its shares in Investrust Bank Plc and Mushe Milling Limited, it has been announced.

Shareholders of ZCCM Investments Holdings Plc -ZCCM-IH- have approved a 53 million Kwacha dividend at 33 ngwee per share.
This follows a profit of 153.4 million Kwacha at the company level for the financial year ending December 2019.
The dividend was approved during the virtual 17th Annual General Meeting held today.
At the ZCCM-IH Group level, profit for the period was 307 million Kwacha compared to 448 million Kwacha for 31st March 2019 year end.
Public Relations Manager LOISA KAKOMA says in a statement that the decline in profit is on account of 57 percent reduction in share of profit from companies such as Kansanshi Mining Plc and Copperbelt Energy Corporation -CEC- Plc.
She says the Group’s total assets increased by 14 percent and an 18 percent rise in retained earnings while at Company level, retained earnings increased by 19 percent due to the profit recorded for the period of 153.4 million Kwacha.
This is the fifth consecutive time that the Company has declared a dividend in line with its strategic goal of ensuring shareholder return on investment.
ZCCM-IH has paid out 590 million Kwacha in total dividend to its shareholders in the past five years.
ZCCM-IH has shares in about 20 companies, many of them mining firms.
Source: https://www.znbc.co.zm/news/zccm-ih-declares-k153m-profitk53m-dividend/

When the ZCCM IH board meets with investors later this month, they will be unveiling a new Director on their board.
“Pursuant to section 3.59 of the LuSE Listing Requirements, the Board of Directors of ZCCM Investments Holdings Plc (the “Board”) wishes to announce the appointment of Mr Michael Chibonga as a Director on the Board of Directors of the company with effect from 7 June 2021. Mr Chibonga is a Director at the Mining Cadastre Department at the Ministry of Mines and Minerals Development (“MoMMD”)”, read a statement published on SENS issued by Company Secretary Chabby Chabala on 21 June 2021.
Michael holds a Bachelor of Mineral Sciences-Mining Engineering from the University of Zambia and a Masters of Engineering Science-Project Management from the University of New South Wales in Sydney, Australia.
His experience in the mining sector was the attractive preposition of having him join an already illustrious board that is currently led by Eric Silwamba. “Mr Chibonga has vast experience at senior level management. Prior to his appointment as Director at the Mining Cadastre Department, Mr Chibonga held the position of Head-Mining Cadastre Unit from 2013 to 2018”.
ZCCM IH’s Board will also be seeking to tap into Michael’s vast knowledge of the Zambian mining sector because of their bold ambitions of dominating the mining sector in country. “He has worked at the Ministry in various portfolios, amongst others, Mining Engineer and Senior Mining Engineer. He has also worked at Konkola Copper Mines PLC between 2003 and 2005 when he was on secondment from MoMMD”.
Source: http://fizambia.com/zccm-ih-appoints-michael-chibonga-as-a-director-ahead-of-upcoming-agm/