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Zambia: Ministry reveals gold not among contents of seized jet following tests

Published

1 year ago

August 16, 2023

Zambia’s Mines and Minerals Development Minister, Paul Kabuswe, has clarified the contents of a private jet seized by the Drug Enforcement Commission (DEC) on Tuesday.

Contrasting earlier local reports that the plane was carrying $5.7 million in cash, 602 pieces of suspected gold bars, and five pistols with 126 rounds of ammunition, the minister clarified on Wednesday that minerals among the seized items were actually copper zinc, nickel and tin.

Nason Banda, the director general of DEC has revealed on Tuesday that more than $5 million (cash), five pistols, seven magazines, 126 rounds of ammunition, 602 suspected pieces of gold weighing 127.2 kilograms, and gold-measuring tools were seized after DEC received information that “a chartered aircraft carrying dangerous goods had landed at Kenneth Kaunda International Airport on August 13, 2023, at 19:00 hours”.

Kabuswe, while addressing journalists in Lusaka, stated that laboratory analysis by the Geological Department established that the seized minerals from KKIA were not gold but copper, nickel, tin and zinc.

The minister revealed that a team from the Geological Department in his Ministry assigned to ascertain if the minerals seized were actually gold confirmed the development.

“After a comprehensive analysis, it was discovered that the alleged gold bars contained copper in the range of 58 to 61 per cent and zinc in the range of 38 to 41 per cent, as well as trace amounts of tin and nickel,” Kabuswe said.

Zambia is one of the largest mineral resource bases in Africa; it is the eighth-largest copper producer in the world, and it is endowed with other mineral wealth that includes cobalt, gold, nickel, lead, silver, uranium, zinc, and numerous precious and semi-precious stones.

While all the facts surrounding the recent seizure are yet to unfold as the investigation continues, illegal activities in the mining sector have remained a challenge for the Zambian government.

VenturesNow

IMF mission concludes 4th loan program assessment in Egypt

Published

4 days ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

5 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.