Story of the Day:
First Quantum Minerals (FQM) has reiterated its commitment to invest further in Zambia’s mining sector, but has clarified that it has no plans to acquire Mopani Copper Mines (MCM) nor Konkola Copper Mines (KCM), contrary to media reports. Read more
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Barrick Gold Corp., the world’s second-biggest producer of the precious metal, sees opportunity to grow its copper production in central Africa, especially with a pro-business government having won power in Zambia last year, Chief Executive Officer Mark Bristow said. Read more: Bloomberg
Zambia’s public sector debt rose 18% to $31.74 billion by the end of 2021 from end-June, a finance ministry document published on Wednesday showed, at a time when the country is negotiating to restructure its crippling debt. Read more: Nasdaq
Copper production in Zambia dropped to 800,696 tonnes last year from 837,996 tonnes the year before, data obtained from the nation’s statistics agency showed on Tuesday. Zambia’s cobalt production also dropped to 247 tonnes last year from 316 tonnes a year earlier, according to the Zambia Statistics Agency (ZAMSTATS). Read more: Reuters
The Zambian government and Chinese ICT giant Huawei have entered into a partnership to boost digital skills and develop young people into leaders of innovation. The program also seeks to support and accelerate Zambia’s digital transformation for social and economic benefits, Huawei said in a press release Tuesday. Read more: Xinhua
International Business and Finance
On Monday March 21st, 2022, Microsoft finally launched its much anticipated Africa Development Centre (ADC) in Lagos, Nigeria. Business Insider Africa gathered that the tech giant spent a total of $100 million on the project. The aim of the centre is to facilitate the creation of tech solutions that will solve both African and global problems. Read more: Business Insider
A new report, which ranks the world’s top 40 nations on the attractiveness of their renewable energy investment and deployable opportunities, has ranked Morocco, Egypt, South Africa and Kenya among the best markets worldwide. Read more: Business Insider
The US has agreed to ease Trump-era tariffs on UK steel and aluminium shipments, resolving an issue that had strained relations between the allies. The move follows earlier deals with the European Union and Japan over the controversial taxes, which were imposed by former President Donald Trump in 2018 in the name of national security. In exchange, the UK will suspend extra taxes it had put on US products such as bourbon and Levi’s jeans. Read more: BBC News
The cost of living in the U.K. continued to soar last month, according to official figures. Prices rose by 6.2% in the 12 months to February – the fastest for 30 years – as fuel, energy and food costs surged. Prices are rising faster than wages and the Bank of England thinks it could hit double digits this year. Read more: BBC News
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In 65 trades recorded yesterday, 7,930 shares were transacted resulting in a turnover of K82,698. A share price gain was recorded in AECI of K0.01. A share price loss of K0.01 was recorded in Airtel. Trading activity was also recorded in BATA, Copperbelt Energy Corporation, Standard Chartered Zambia, Zambia Breweries, Zambeef, ZAMEFA, Zanaco and ZAFFICO. The LuSE All Share Index (LASI) closed at 6,850.18 points, 0.19 points down form its previous close of 6,850.37 points. The market closed on a capitalization of K70,648,900,353 including Shoprite Holdings and K35,866,214,913 excluding Shoprite Holdings.