Metro

Zambia’s mining industry rakes in record $3.4b in investments

Published

11 months ago

December 19, 2023

The Chief Executive Officer of Zambia Chamber of Mines (ZCM), Sokwani Chilembo, has revealed that the country’s mining sector recorded an unprecedented US$3.4 billion in investment commitments in 2023 alone, which trumped the US$1.7 billion that was pledged last year.

In a statement on Monday in Lusaka, Chilembo revealed that from 2021 to 2023, a cumulative total of close to US$1 billion of capital expenditure had already been spent on turning existing operations around.

He noted that statistics from the ZCM showed that the performance of the mining industry in 2023 was an achievement that should be celebrated.

“It has been a very good year, both in terms of investment commitments and progress on the ground,” the CEO said.

He further highlighted some of the mining investments and pledges which took place during this year, starting with announcement by China Nonferrous Mining Corporation (CNMC) of a US$1.3 billion investment into its various operations in the country.

“This includes an investment of $200 million dollars into the Kasamba open cast mine in Lufwanyama District, which will supply Sinoleach’s operations in Chambishi.

“This investment will see Sinoleach almost doubling their production to around 20,000 tonnes of contained copper per annum,” Chilembo said.

He added that a $500 million investment in expanding operations at the NFCA Mine in Chambishi was expected to bring on board an additional 30,000 metric tonnes of copper per annum.

Chilembo also revealed the commitment by Barrick Lumwana to invest $2 billion into a new greenfield operation in North-western Province, called Kamisengo, would see an expected production of around 110,000 tonnes of copper each year.

“And, there is the very historic reactivation of Shaft 28 at Luanshya, where US$100 million will be spent on dewatering alone.

“On completion of the dewatering there will be an additional underground investment of approximately US$500 million, which will move Luanshya from its current 40,000-tonnes-per-annum production levels, to about 70,000 tonnes,” he added.

Related Topics:Featured Investments Mining Zambia ZMC

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Metro

EU launches initiative to reintegrate over 417,661 out-of-school children in Nigeria

Published

9 hours ago

November 15, 2024

Isaac Dachen

The European Union (EU) has launched an initiative to reintegrate over 417,661 out-of-school children in Nigeria, particularly in the northwestern parts of the country.

Mrs. Tobi Ransomed, who is the consortium lead, disclosed this during the launching of the “Accelerating Basic Education and Livelihood Opportunities for Children and Youth in North West Nigeria Program” (ABEP), held in Dutse, the capital of Jigawa State, on Thursday.

While declaring the event open, Ransomed noted that the high rate of out-of-school children in the region required a holistic approach from all relevant stakeholders to ensure these children reached their potential.

Speaking further, she said the ABEP three-year pilot program would be implemented through Save the Children International, PLAN, and Development Alternatives Incorporated (DAG) across twelve local government areas in Kano, Jigawa, and Sokoto States.

“Data from Save the Children International (SCI), has shown that 10% of the world’s out-of-school children are in Nigeria, with over 10 million primary school-age children not in school. Approximately 25% of girls and 10% of boys in the country have been victims of sexual violence,” she stated.

“The program aims to increase access to safe, quality, and inclusive alternative and accelerated education programs for 324,000 young girls and boys, as well as 32,400 persons with disabilities, supporting their transition into formal or non-formal education.

“This project plans to increase access to livelihood opportunities, vocational education, and green job opportunities for 60,000 youths and 6,000 persons with disabilities, with 20,000 beneficiaries in each participating state.

“The overall objective is to contribute to the empowerment of the poorest, underserved, and most marginalized population groups, including women, girls, and youth, by providing access to quality, inclusive, gender-sensitive, and conflict-sensitive education in northwestern Nigeria with a special focus on Kano, Jigawa, and Sokoto States,” she stated.

Metro

World Bank pledges $3b to support Zambia’s development goals

Published

1 day ago

November 14, 2024

Isaac Dachen

The World Bank Group has pledged to avail Zambia with approximately $3 billion to support the country’s development goals under the new Country Partnership Framework (CPF) for 2025-2029, with nearly half of the funds already disbursed.

World Bank Country Manager, Achim Fock, who made this known at the CPF launch at the Mulungushi Conference Centre in Lusaka on Wednesday, outlined the global lender’s focus areas, which included enhancing jobs, human capital, and climate resilience.

Fock highlighted that $200 million had been approved to strengthen Zambia’s social protection programs, including the Refugee and Host Community Project.

He also expressed optimism for upcoming approvals, including the Climate and Economic Resilience Financing and the Zambia-Tanzania Interconnector.

Zambia’s Finance and National Planning Minister, Situmbeko Musokotwane, who also spoke at the event, noted that 2.3 million Zambian households have so far benefited from social protection interventions such as the Cash for Work Programme, emphasizing the government’s commitment to safeguarding lives amid crises like the recent drought.

Musokotwane further reiterated the government’s commitment to protecting lives during times of crises such as the recent drought.

“More than two thirds of the Zambian population was affected by the drought. It was the government’s view that the first priority was to save lives,” Musokotwane stated.