Story of the Day
Zambia’s leading bank has expressed optimism on the prospects of Zambia’s mining sector considering recent pronouncements at the 2022 edition of the Mining Indaba, according to an interview with Financial Insight Zambia who are covering the event. During the 30-minute conversation with the Founder of this website, CEO Mwindwa Siakalima found his first Mining Indaba very insightful. “I found this mining indaba (following lessons from other indaba’s) very insightful”, said the CEO from the free coffee serving Standard Bank Mining Indaba Stand on 11 May 2022 in Cape Town South Africa. Read more
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Arc Minerals said on Thursday that Anglo American will take majority control of its Zambia copper-cobalt exploration licences. It marks the first new investment by Anglo in Zambia in 20 years. Under the deal, which was first reported by Reuters, Anglo will take 70% of a joint venture with Arc that will own licenses to explore Zambia’s copper-rich North-Western province, an area that Anglo previously explored in the late 1990s. Read more: Reuters
Vedanta Resources has challenged Zambia’s appointment of a new Provisional Liquidator for Konkola Copper Mines (KCM) following the resignation of the previous office holder. Zambia’s previous government put KCM into the hands of liquidator Milingo Lungu in May 2019, triggering an ongoing legal dispute with Vedanta Resources, KCM’s parent company. Read more: Reuters
The Zambia Industrial Commercial Bank (ZIBC) has provided funding to the tune of K130,000 to Zed-Kidpreneur towards enhancing financial literacy in children. Speaking when he handed over the donation to Zed Kidprenuer in Lusaka, Tuesday, ZICB chief executive officer Ignatius Mwanza said the sponsorship would offer mentorship and financial literacy training to children aged 18 years and below. Read more: News Diggers
Development Bank of Zambia board chairman Noel Nkoma says the country should consider establishing a Lusaka metal exchange, as it can present opportunities for boosting the country’s foreign exchange reserves. In an interview, Nkoma said as one of the biggest metal mining economy, Zambians needed to start participating in metal trade. Read more: News Diggers
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Zambia’s Chamber of Mines President has indicated that artisanal mining has positive prospects of development within the southern African region. Speaking during a question-and-answer session at the ongoing Cape Town Mining Indaba, the mining association boss indicated that with the recent surge in global commodity prices with copper in the 10,000-US dollar range presented a unique opportunity that governments must embrace and take advantage off for the benefit of all players including artisanal miners. Read more
First Quantum Minerals Ltd. is pleased to announce that the Company’s Board of Directors has approved the S3 Expansion at the Kansanshi mine and the Enterprise nickel project. “First Quantum has been working constructively with the Government of Zambia’s New Dawn administration as part of their efforts to reform the mining sector, attract investment and increase Zambia’s copper production. The approval of the projects reflects First Quantum’s increased confidence in the investment climate in Zambia,”
commented Tristan Pascall, Chief Executive Officer. Read more
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Airtel Africa Plc has released its financial report for the financial year ended March 31st, 2022. Business Insider Africa got a copy of the document and hereby bring you the key takeaways. For the period under review, the telco said its underlying revenue increased by 20.6% to $4.7 billion, higher than the $3.9 billion that was reported during the comparable financial year ended March 2021. Read more: Business Insider
JPMorgan has removed Nigeria from its list of emerging market sovereign recommendations that investors should be ‘overweight’ in, saying the country had not taken advantage of high oil prices. Analysts use overweight and underweight to broadcast recommendations on buying or avoiding stocks of certain sectors. Analysts attach an overweight recommendation to a stock that they believe will outperform its sector in the near future. Read more: Business Insider
The UK economy shrank in March as households began to feel the impact of rising prices and cut down on spending. The economy contracted by 0.1% in March after no growth in February, the Office for National Statistics (ONS) said. In the first three months of the year the economy grew by 0.8%, which was driven by hospitality and travel industries recovering from coronavirus pandemic restrictions. Read more: BBC News
Apple has lost its position as the world’s most valuable company amid a broad sell-off of technology stocks. Saudi Arabian oil and gas producer Aramco has reclaimed the top spot from the iPhone maker for the first time in almost two years. Investors have been selling shares in technology firms as they move into what they see as less risky assets. Bitcoin, other major cryptocurrencies and digital assets have also continued to fall sharply. Read more: BBC News
US inflation took a breather last month for the first time since August. Prices still increased, but at a slower pace than in previous months. The Consumer Price Index was up 8.3% in the 12 months ended in April, the Bureau of Labor Statistics reported Wednesday, slightly higher than economists had predicted. It was a decrease from the 8.5% recorded in March, which had been the highest level in more than 40 years. Stripping out more volatile product categories like food and energy, the CPI stood at 6.2% over the same period, less than the 6.5% reported in March. Read more: CNN
Capital Markets Report
In 88 trades recorded yesterday, 1,953,413 shares were transacted resulting in a turnover of K6,052,717. A share price loss was recorded in Copperbelt Energy Corporation of K0.08. Trading activity was also recorded in British American Tobacco Zambia, Chilanga Cement, PUMA, Real Estate Investments Zambia, ZCCM, Zambeef, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) closed at 6,778.13 points 0.44% down from its previous close of 6,807.99 points. The market closed on a capitalization of K70,435,507,368 including Shoprite Holdings and K35,652,821,928 excluding Shoprite Holdings.
