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

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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.

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Tanzanian Central Bank reduces economic liquidity to curb rising inflation

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The Tanzanian Central Bank on Saturday said one of the measures it has taken to slow down rising inflation in September and October is to reduce the liquidity in the economy.

A statement published by the east African country’s apex bank’s Monetary Policy Committee (MPC), said inflation in the country has been on the rise since the beginning of the year, rising from 4.6% on August from a previous 4.5% in July.

MPC said while the country’s economy was facing a range of challenges, including weak global growth, high commodity prices, tight financial conditions and the recurrence of COVID-19 in some countries, it was necessary to reduce the liquidity to stabilise the economy.

“In the context of high inflation and commodity prices, which has contributed to rising inflationary pressures in the country, the MPC approved for the bank to continue with gradual reduction of liquidity in September and October 2022.

“The policy decision aims at reducing inflationary pressures, while safeguarding economic activities,” the statement said.

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Air traffic controllers in West, Central Africa suspend strike for negotiations after 48-hour disruption

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The industrial action by air traffic controllers in West and Central Africa has been suspended.

The unions announced the suspension after a 48-hour strike having disrupted flights across the region and left hundreds of passengers stranded at airports.

According to a statement by the Union of Air Traffic Controllers’ Unions (USYCAA), the decision to suspend its strike notice for 10 days immediately so as to allow for negotiations.

“Air traffic services will be provided in all air spaces and airports managed by ASECNA from today Saturday, September 24, 2022 at 1200 GMT,” the statement said.

One of the stranded passengers, Nsoh Brinston, lamented on how the strike would make him spend more than his budget on his intended travel to Kigali, Rwanda.

“I will have to spend more than I intended due to the cancelled flight. I will have to do another COVID test which costs 30,000 CFA francs ($45),” he said.’

Also, eight flights scheduled to leave the commercial hub of Abidjan on Saturday were cancelled in Ivory Coast.

Industries like aviationtelecom operators have all their operations disrupted across Africa lately largely as part of the fallout of the Russian/Ukraine war which has caused a hike in aviation fuel.

It is yet to be seen if the negotiations between air traffic controllers and government authorities will birth lasting solutions to the challenge which now cuts across the continent.

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