Story of the Day
Earlier this month First Quantum Minerals (FQM) announced a mammoth US$1.35 billion package of new projects, with US$1.25 billion to be invested in expansion of our Kansanshi operations in Solwezi – known as the ‘S3’ project – and a final US$100 million to start the $250 million Enterprise nickel project in Kalumbila. The announcement was hailed as a game-changer for the nation, and the first step on the road towards the Government’s New Dawn for Zambia’s mining sector, in which it has set out its vision for the country to produce 3 million tonnes of copper a year by 2030. Read more
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As risk appetite seeps back into Africa’s second largest copper hotspot Zambia, mining continues to see renewed focus over the last few months supported by a strong global de-carbonization drive to save the planet this climate resilient actions. Zambia’s determination in retaining its displaced position as the continents largest copper producer is vivid in its stretch growth target of 3 million metric tons in the next 5-10 years, from the current 806,000 metric tons. Read more: The Business Telegraph
A consortium of Civil Society Organisations (CSOs) in Northwestern province has called on the government to halt the stakeholders’ consultations on the draft mineral resources and development policy to allow for wider discussions. The consortium says the consultation process lack information because the government has not made available the draft policy to the stakeholders before engaging them. Read more: Lusaka Times
Government has secured funds from the World Bank towards the development of Kasaba Bay Tourism Resort in Northern Province. Northern Province Minister Leonard Mbao says the money is expected to facilitate the planning of the resort, construction of an Airport and a bridge across Lufubu River as well upgrading of the Mbala – Kasaba road. Mr. Mbao, who is also Mpulungu area Member of Parliament, says the development is in line with government’s agenda to open the Northern Tourism Circuit. Read more: ZNBC
Kagem Mining Limited has pleaded with government to help the company reclaim 53 hectares of its emerald restricted licensed area that was given to another Investor by the Ministry of Mines and Minerals Development. Kagem Mine Board Chairperson Sixtus Mulenga made the appeal when the ZCCM-IH Board members toured the mine site in Lufwanyama District on the Copperbelt. Dr. Mulenga said an investor from a local Chief, Bisma Investment was given a mining license on Kagem’s Ndola rural emerald restricted license area in 2016. He said the encroachment threatens the life of the mine adding that several letters have been written to the Ministry of Mines for intervention but nothing has come-forth. Read more: ZNBC
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OPEC has agreed to pump more crude oil over the next two months as Russian production begins to drop because of Western sanctions. The oil exporters’ cartel said it would increase supply by 648,000 barrels per day in July and August, 200,000 barrels per day more than scheduled under a supply agreement with other producers, including Russia, known as OPEC+. The Biden administration welcomed the “important decision from OPEC+,” and highlighted Saudi Arabia’s role as the group’s largest producer in achieving consensus. Read more: CNN
Stock futures were muted early Friday morning as investors focus their attention on more jobs data due out later in the day. Futures tied to the Dow Jones Industrial Average were up 25 points, or less than 0.1%. S&P 500 futures also hovered fractionally higher while Nasdaq 100 futures sat below the flatline. In regular trading Thursday, all three major indexes snapped two-day losing streaks, putting them on pace for a winning week. The Dow added 435.05 points, or 1.3%. The S&P 500 gained 1.8% and the Nasdaq Composite advanced 2.7%. Read more: CNBC
The Biden administration is considering “all options” as it reviews potential changes to U.S. duties on Chinese imports, including tariff relief and new trade investigations in a shift of focus to strategic concerns with Beijing, Deputy U.S. Trade Representative Sarah Bianchi said on Thursday. Bianchi told Reuters in an interview that the agency is seeking to address long-term challenges from China and “getting a tariff structure that really makes sense.” Read more: Reuters
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In 47 trades recorded yesterday, 13,649 shares were transacted resulting in a turnover of K58,959. Trading activity was recorded in AECI, Copperbelt Energy Corporation, Investrust, PUMA, Real Estate Investments Limited, Standard Chartered Zambia, ZCCM, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) maintained its close at 6,802.76 points, as there were no share price movements. The market closed on a capitalization of K70,542,889,811 including Shoprite Holdings and K35,760,204,371 excluding Shoprite Holdings.