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Zambia wants higher stakes in new mining projects

Published

11 months ago

February 7, 2024

According to Mines Minister, Paul Kabuswe, Zambia is eager to negotiate higher shares in new mining operations in order to increase revenue and spending on social programmes.

Kabuswe revealed that the negotiation would include state-owned ZCCM-IH, which would apply to future agreements but exclude mines that were currently in operation.

ZCCM owns 10% to 20% of mines, including those held by Barrick Gold, Vedanta Resources, and First Quantum Minerals. It also retained the remaining 51% of Mopani Copper Mines, which had previously belonged to Glencore, and sold the other portion to an International Holding Company entity based in the United Arab Emirates.

The Mopani and Konkola Copper Mines are among the businesses that have experienced difficulties, despite Zambia’s government setting a target of producing 3 million metric tonnes of copper within ten years.

The minister also revealed that it also plans to start buying minerals such as copper from projects it has stakes in to trade on its own. Zambia has been a mining powerhouse for well over a century and is one of Africa’s leading producers of copper. The nation’s economy depends heavily on mining, which generates 75% of its export income.

“Stakes in new tenements will actually be moulded around such kinds of partnerships,” Kabuswe said in an interview on Tuesday on the sidelines of the Africa Mining Indaba.

“We are looking closely,” Kabuswe said. “But looking closely, not in a negative sense, but hoping that things around them can be resolved so that it doesn’t affect ourselves.”

“We want to make sure that there is win-win, that there is no slave-master relationship, and we also want to make sure that there’s social impact,” he added.

The country’s government currently plans to increase copper production from approximately 850,000 metric tonnes to 3 million metric tonnes annually by 2032.

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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.

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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.”