Story of the Day
First Quantum Minerals has recorded a 2,180 decrease in its copper production at its Kansanshi Mine in Solwezi for the second quarter of 2022. Kansanshi’s copper production was 39,719 tonnes, while the company’s copper production at its Sentinel mine in Kalumbila of 52,447 tonnes was on target. Combined production from the two mines was lower than the previous quarter. FQM’s Chief Executive Officer, Tristan Pascall has explained that the results at the company’s Kansanshi mine were affected by lower feed grades caused by current mining conditions, and that after an extended rainy season, higher than anticipated water levels restricted mining deployment, which required supplementary plant feed from a low grade stockpiles. Read more
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12K Battery-Chem, a part of the 12K Energy Group is scheduled to establish Africa’s first gigaplant (battery manufacturing) in Zambia. The plant will be located in Mansa and the company is also expected to establish a plant in Rufunsa District to manufacture electric commercial vehicles and electric school buses. 12 K Energy Group Chief Executive Officers, Blessing Chitsenga announcing the company’s latest investments in Africa in a press statement. Read more: The Independent Observer
Airtel Zambia has launched a new payment solution called Airtel Money Pay which is a Merchant Wallet specifically targeted at the informal sector to help them separate Business and Personal transactions without the need for documents that would normally be required to register. Speaking during the breakfast launch today, Minister of Technology and Science, Felix Mutati says the government is aware of the role that mobile money plays in the economy and it is projecting this year that mobile money transactions will exceed K200 Billion. Read more: Zambian Observer
African Coal intends to develop a copper and cobalt processing plant at the cost of $1million in Chililabombwe District. The copper and processing plant is expected to have a production capacity of 35,000 tonnes of the minerals per month. According to the Environmental Impact Assessment (EIA) submitted to the Zambia Environmental Management Agency (ZEMA), the project is located in the Fikolongo area. Read more: Times of Zambia
The Centre for Trade Policy and Development (CTPD) says the appreciation of the Kwacha should open doors to more business for Small and Medium Enterprises involved in cross border trading. CTPD Executive Director, Isaac Mwaipopo adds that enhancing local production is one way the country can continue to see benefits from the appreciation of the Kwacha. Read more: ZNBC
International Business and Finance
The United States of America said it intends to reset its foreign relations with African countries and widen its level of engagement as part of a new strategy to advance its strategic objectives in Sub-Saharan Africa. The said strategy is contained in a new document released yesterday by the White House and seen by Business Insider Africa. In the document, the US Government commended Sub-Saharan Africa for its irrefutable relevance in world affairs, especially especially with respect to its population, diverse ecosystems, large market size, etc. Therefore, because of these attributes, the USA is interested in maintaining its relationship with the region by fostering development, peace and economic stability. Read more: Business Insider
The Ghanaian Government has doubled the amount it plans to borrow from the International Monetary Fund (IMF) to $3 billion. Sources familiar with the development told Bloomberg that the West African country hopes to actualise the new loan target within three years. Meanwhile, the IMF has since agreed to work with the Ghanaian Government on the loan programme, which is also expected to help restore the country’s macroeconomic and debt stability. While commenting on whether the IMF would oblige Ghana’s reported $3 billion loan ask, a spokesperson for the multilateral lender said it is rather too early to know. Read more: Business Insider
US President Joe Biden has signed a law committing $280bn to high tech manufacturing and scientific research amid fears the country is losing its technological edge to China. The investments include tax breaks for companies that build computer chip manufacturing plants in the US. Read more: BBC News
Tesla boss Elon Musk has sold another 7.92 million shares in the electric car maker, worth around $6.88bn. The sales took place after the firm’s annual shareholder meeting last week, regulatory filings show. Mr Musk says he needs the money in case he is forced to buy Twitter for $44bn. Read more: BBC News
Capital Markets Report
In 136 trades recorded yesterday, 669,380 shares were transacted resulting in a turnover of K8,251,406. Trading activity was recorded in AECI, Airtel, BATA, Copperbelt Energy Corporation, Chilanga Cement, Standard Chartered Zambia, SHOP, Zambeef, ZAMEFA, Zanaco, Zambia Sugar and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 6,937.39 points, as there were no share price movements. The market closed on a capitalization of K71,128,904,676 including Shoprite Holdings and K36,346,219,236 excluding Shoprite Holdings.