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Zambia will decide Mopani Copper Mines investor this month— Source

Published

1 year ago

October 10, 2023

A source close to the Zambian government has revealed that the country will later this month make a final decision on the sale of Mopani Copper Mines it bought from Glencore in 2021.

Zambia’s Mines Minister, Paul Kabuswe had initially said a new investor for the copper mines struggling to make a profit would be selected by the end of July.

The process for the sale of Mopani Copper Mines has been delayed by complex negotiations, as it also involves Glencore, to which Mopani owes money. Glencore had previously said it would not comment on the sale process as it had exited the assets.

Zambia’s President Hakainde Hichilema is bent on attracting new investors in Africa’s second-largest copper producer with the aim of tripling the output of the metals key to the clean energy transition, and to drive growth in battery-powered electric vehicles.

Situmbeko Musokotwane, the finance minister had also stated last month that the choice of an investor for Mopani was “imminent.”

Some of the potential investors include the United Arab Emirates with links to International Holding Company (IHC), rated to be in a strong financial position, but with limited mining experience, the source said.

Another interested party is China’s Zijin which offers a good blend of financial strength and mining expertise, but the global macro-economic environment and uncertainty in commodities could be limiting its interest in Mopani, the source added.

The CEO of the Johannesburg-based precious metals miner, Neal Froneman stated last week that the selling process was still in progress after the company had already declared its bid for Mopani. “I sense that they now do want to bring it to a close quite quickly,” Froneman said in an interview.

Zambia has one of the greatest mineral resource bases in all of Africa. It produces the eighth most copper globally and is also rich in cobalt, gold, nickel, lead, silver, uranium, zinc, and a variety of precious and semi-precious stones.

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”