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

Published

3 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’s Dangote Refinery exports first fuel to Cameroon

Published

1 day ago

December 12, 2024

Ifeoluwa Dada

The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a significant milestone that may help stabilise gasoline costs throughout the region and open the door for regional energy integration.

When fully operational, Nigerian billionaire Aliko Dangote’s 650,000-barrel refinery in Lagos is intended to alter the trade of refined products in the Atlantic basin and compete with refineries in Europe.

According to a statement by Neptune Oil, an energy company based in Cameroon, both businesses were looking into new projects to create a dependable supply chain that would assist in stabilising fuel costs and opportunities throughout the area.

According to Neptune Oil, there were no middlemen involved in the petrol delivery deal.

It is anticipated that the refinery’s operations will spur growth in the upstream, midstream, and downstream sectors, increasing investments in cement manufacture, plastic and rubber production, chemical and pharmaceutical goods, and oil refining.

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Egypt’s November inflation drops to 25.5%, near 2-year low

Published

3 days ago

December 11, 2024

Ifeoluwa Dada

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.