VenturesNow

Zambia’s Chambishi copper smelter cuts operations amid power cuts— Sources

Published

10 months ago

March 11, 2024

Sources quoted by Reuters say that the Chambishi Copper Smelter, owned by China Nonferrous Metal Mining Corp. in Zambia, has reduced one-fifth of its production as a result of the nation’s power outages.

As the second-largest copper producer in Africa, the factory produces over 250,000 metric tonnes of copper annually, making it one of the largest processing plants in the continent.

About 87% of Zambia’s electricity comes from hydropower, and the country’s current drought—the worst in 20 years—has reduced water levels, which has reduced power generation, according to the managing director of state-owned power company Zesco.

Zesco announced last week that it would begin limiting power supply on March 11. But as of last week, according to the sources, Chambishi has already lowered capacity.

Email inquiries regarding the subject received no quick response from CNMC. According to the sources, the corporation is currently thinking about installing diesel generators at the plant to help lessen the effects of power outages.

The absence of fresh investment in some operations, such as Konkola Copper Mines and Mopani Copper Mines, has resulted in a slow drop in Zambia’s copper production, which coincides with the power crisis.

Zambia Chamber of Mines statistics show that output of the metal fell to approximately 698,000 tonnes in 2023 from 763,000 tonnes the previous year.

Although it’s still too early to determine the full impact on production, some of Zambia’s smaller manufacturers might also be impacted by the power outages, according to the sources.

Managing director Victor Mapani told journalists in Lusaka last week that the utility planned to meet with mining companies on March 14 to explore methods it could “claw back” roughly 250 megawatts, or 20–25% of supplies.

According to Mapani, the Zambezi River Authority (ZRA) has lowered the amount of water it provides to Zambia and Zimbabwe in order to generate electricity. Previously, the allocation was 30 billion cubic litres in 2023 and 40 billion in 2022.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

2 days 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

3 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.”