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British firm, Moxico Resources to invest $100 million in Zambia mine expansion

Published

2 years ago

April 7, 2022

The United Kingdom Minister for Africa, Vicky Ford, on Wednesday revealed that UK based firm, Britain’s Moxico Resources plans to invest $100 million to expand its majority-owned Mimbula copper mine in Zambia.

Ford made the revelation visit to Zambia to launch a new investment model, which she said marked a key moment for Britain’s financing of private sector growth and infrastructure across Africa.

“We are committed to support countries that grow their own economies, bolster private sector investment and trade, and deliver the returns that will support wider socioeconomic development,” Ford said.

Zambia’s official data source announced in March that the Copper production of the country dropped to 800,696 tonnes in 2021 from 837,996 tonnes the year before. The report also shows that Zambia’s cobalt production also dropped to 247 tonnes last year from 316 tonnes a year earlier.

Moxico Resources plc is a private operating, development, and exploration mining company incorporated in the UK. The Company has a prospective portfolio of scalable copper, cobalt, and zinc projects located in Zambia in South-Central Africa. The company holds an 85% ownership in the license holding company and 15% is held by Moxico’s Zambian partners. The mining license was granted in May 2017, with a validity of 25 years.

The Mimbula Copper Project is located in Zambia’s copper belt on the outskirts of Chingola town, more than 400km northwest of Lusaka is expected to create new jobs and increased tax revenues for Zambia’s government.

Related Topics:Featured Mining Moxico Resources Zambia

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Nigeria has received $10.9 billion multi-sector investments from AfDB— Official

Published

4 days ago

July 23, 2024

Ifeoluwa Dada

Nigeria has received $10.9 billion from the African Development Bank (AfDB), comprising $4.9 billion in public and private sector initiatives.

AfDB Director-General of the West Africa Region, Lamin Barrow, said the bank’s Nigeria funding approvals total $10.9 billion since it started operations.

Barrow made the revelation at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths in Agriculture in Abuja on Monday.

It was part of the bank’s 60th anniversary celebrations with stakeholders. Nigeria is the AfDB’s largest shareholder, and the bank’s relationship with it has grown, Barrow said.

The AfDB invests in Nigeria’s energy, power, transport, water, and sanitation infrastructure.

“Over the last 60 years, the Bank has grown into a trusted partner and the continent’s premier development financial institution.

“Our cooperation with Nigeria has expanded over the years, especially considering that Nigeria is the largest shareholder.

“Since it started operations in the country, cumulative financing approvals have reached 10.9 billion dollars and our portfolio currently stands at 4.9 billion dollars supporting projects in the public and private sectors,” he said.

After taking office eight years ago, AfDB President Dr Akinwumi Adesina prioritized the High 5—Power, Feed, Industrialize, Integrate, and Improve Africa’s quality of life—Barrow added. He said these were accelerators for achieving the SDGs and Agenda 2063 ambitions. The projects and programs supported during this time have reportedly affected over 400 million individuals.

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Analysts expect Egypt’s economy to rise 4.0% in 2024/25

Published

4 days ago

July 23, 2024

Ifeoluwa Dada

A recent study that sampled seventeen economists by Reuters has predicted slower economic growth for Egypt in April after a $8 billion IMF accord in March.

The median projection for GDP growth in the fiscal year starting July 1 was 4%, down from 4.35% in April and 4.15% in January.

The poll predicted the GDP grew 2.9% in the fiscal year ending June 30. This is below their April and January predictions of 3% and 3.5%. Poll: 2025/26 growth should rise to 4.99%.

After the IMF agreement, Capital Economics’ James Swanston predicted slower growth due to tighter fiscal and monetary policies and a weaker pound.

“The overall net impact is that economic growth will be weaker this fiscal year, but there are reasons to be more optimistic on GDP growth from FY2025/26 onward,” Swanston said.

Egyptian tourism and Suez Canal revenue have slowed due to the Gaza crisis, which has cut Egypt’s foreign revenue by more than half.

Egypt’s planning ministry predicted 4.2% growth in 2024/25 on June 2. Analysts expect the Egyptian pound to fall to 49.50 per dollar by June 2025 and 52.50 by June 2026.

Before dropping it in March 2024, the central bank kept the pound at 30.85 per dollar. It’s roughly 48.40 per dollar.

The survey forecast 20.5% headline inflation in 2024/25 and 12.05% in 2025/26. In June, inflation dropped to 27.5% from a record high of 38.0% in September, exceeding the central bank’s objective of 5%-9%.

The analysts expect the central bank’s overnight lending rate to drop to 21.25% by June 2025 and 15.25% by June 2026.

Foreign money shortages have slowed the Egyptian economy. However, a $24 billion real estate transaction with the UAE in late February, a significant currency devaluation, and a $8 billion IMF accord in early March have mitigated that.