Connect with us

Metro

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

Published

on

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.

Metro

Aspiring journalist offers insights on media freedom and information access in Zambia

Published

on

Ireen Mundia, a student journalist, has contributed to the discourse on media freedoms, drawing from her internship experience at Byta FM radio in Choma.

Reflecting on her career, Mundia noted an improvement in Zambia’s media landscape, citing a lack of threats or harassment toward journalists or media institutions.

In an interview with Zambia Monitor in Choma, Mundia affirmed that she had not experienced harassment during her work and believed in the freedom to access information.

She defined media freedom as the right for journalists to obtain information without fear of intimidation, emphasizing its importance in conducting interviews and reporting.

“This is the freedom that gives us journalists to interview any person without fear of being harassed,” Mundia said.

However, she acknowledged challenges in accessing certain information, particularly from sectors like the police, health, and education, where individuals are often reluctant to speak without higher authority approval.

“So, there is certain information that is very strict, so I do not think they [news sources] can be able to give you such information unless if you are dealing with lighter information or issues.

“From what I have experienced if you are dealing with…let us say if you want to interview people in the police sector or health sector and teaching sector is where I found most challenges because you will find that most people in those sectors do no really come out and talk unless maybe someone who is higher in authority allows them,” she concluded.

Her insights highlight the paradox of journalists operating without harassment but facing obstacles in accessing crucial information necessary for news articles.

This story is sponsored content from Zambia Monitor’s Project Aliyense.

Continue Reading

Metro

Tinubu reportedly orders CBN to suspend unpopular cybersecurity levy after public outcry

Published

on

President Bola Tinubu has reportedly mandated the Central Bank of Nigeria (CBN) to suspend the implementation of a controversial cybersecurity levy which had led to public outcry, even as civil society groups threatened to embark on nationwide protests.

The order of the President,! which will also see a review of the levy, came on the heels of the decision of the Nigerian House of Representatives which asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.

The apex bank had, on May 6, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

Going by the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser (ONS.

In a circular issued by the bank, “financial institutions are required to apply the levy at the point of electronic transfer origination.”

“The deducted amount is to be explicitly noted in customer accounts under the descriptor “Cybersecurity Levy” and remitted by the financial institution.

“All financial institutions are required to start implementing the levy within two weeks from the issuance of the circular.”

The announcement of the levy was not recieved well by Nigerians with a lot of dissenting voices and opposition which has now forced Tinubu to ask for the suspension of its implementation.

According to sources in the Presidency, following a rejection of the levy by a large percentage of Nigerians and the fear of a breakdown of law and order, President Tinubu personally intervened and asked the CBN to suspend the levy pending its review.

Continue Reading

EDITOR’S PICK

Tech1 hour ago

Cut to undersea cable causes internet disruptions across East, Southern Africa

Internet services across East and Southern Africa have suffered outages following undersea submarine cable cuts on Sunday. According to the...

Culture1 hour ago

Ghanaian rapper Sarkodie fires shots at Davido, Wizkid, Burna Boy, Asake in new single ‘Brag’

Ghanaian rapper, Michael Owusu Addo, popularly known as Sarkodie, has sparked a new round of storm after he fired shots...

Sports2 hours ago

Tobi Amusan sets world-leading time at Jamaica Athletics Invitational

World 100m hurdle record-holder, Tobi Amusan of Nigeria, was the cynosure of all eyes as she stole the show at...

Metro4 hours ago

Aspiring journalist offers insights on media freedom and information access in Zambia

Ireen Mundia, a student journalist, has contributed to the discourse on media freedoms, drawing from her internship experience at Byta...

VenturesNow6 hours ago

Nigeria’s antigraft body EFCC to team up with UK prosecutors in ex-minister Diezani’s $2.5bn fraud case

There were indications over the weekend that the Economic and Financial Crimes Commission (EFCC) intends to collaborate with UK prosecutors...

Metro7 hours ago

Tinubu reportedly orders CBN to suspend unpopular cybersecurity levy after public outcry

President Bola Tinubu has reportedly mandated the Central Bank of Nigeria (CBN) to suspend the implementation of a controversial cybersecurity...

Strictly Personal7 hours ago

If I were put in charge of a $15m African kitty, I’d first deworm children, By Charles Onyango-Obbo

One of my favourite stories on pan-African action (or in this case inaction), one I will never tire of repeating,...

Politics7 hours ago

Mass protest in Tunisia for release of political prisoners, fair elections

Hundreds of demonstrators gathered in Tunisia’s capital on Sunday to demand the release of imprisoned journalists, activists, and opposition members,...

Musings From Abroad7 hours ago

Prince Harry, Meghan treated to street-style dances in Nigeria as their trip winds down

On Sunday, Prince Harry and his wife Meghan were treated to street-style dances in Lagos, Nigeria’s commercial capital, where they...

Behind the News24 hours ago

Behind the News: All the backstories to our major news this week

Over the past week, there were lots of important stories from around the African continent, and we served you some...

Trending