🇨🇳🇿🇲 Chinese nationals are among miners trapped in flooded shaft in Zambia
Seven miners, including two Chinese nationals, have been trapped in a flooded mine in Zambia's Copperbelt province since Monday.
They were among staff working at the Chinese-owned Macrolink copper mine in Ndola city, near the border with the Democratic Republic of Congo.
The miners were trapped underground after water entered the mine, which is still under construction.
The Chinese embassy in Zambia said it was mobilising rescue specialists.
Macrolink had temporarily suspended operations at the mine.
The incident comes barely a month after landslides buried dozens of other miners at Seseli Mine in Chingola, about 400 km north-west of the capital, Lusaka.
#China #Zambia
@africaintel
Seven miners, including two Chinese nationals, have been trapped in a flooded mine in Zambia's Copperbelt province since Monday.
They were among staff working at the Chinese-owned Macrolink copper mine in Ndola city, near the border with the Democratic Republic of Congo.
The miners were trapped underground after water entered the mine, which is still under construction.
The Chinese embassy in Zambia said it was mobilising rescue specialists.
Macrolink had temporarily suspended operations at the mine.
The incident comes barely a month after landslides buried dozens of other miners at Seseli Mine in Chingola, about 400 km north-west of the capital, Lusaka.
#China #Zambia
@africaintel
🇿🇲 Rescue efforts continue to pull out 7 workers trapped in mine in Zambia
On Wednesday, rescue teams in Zambia continued to pump water and mud from a copper mine where 7 miners were trapped on Monday.
Five Zambian employees and two Chinese were working at the Macrolink mine in Ndola, north of Lusaka.
Copperbelt Province Secretary for Zambia Augustine Kasongo said equipment had been provided, which while not "big enough to do the task," would help rescue efforts.
“Though the equipment that you have acquired is not big enough to do the task, but it will make a very big difference. So I want to thank the people of China for showing serious concern over this matter. This is an accident, and when there's an accident, people must work together to cooperate. Human lives come first.”
One miner escaped the shaft just in time.
#Zambia
@africaintel
On Wednesday, rescue teams in Zambia continued to pump water and mud from a copper mine where 7 miners were trapped on Monday.
Five Zambian employees and two Chinese were working at the Macrolink mine in Ndola, north of Lusaka.
Copperbelt Province Secretary for Zambia Augustine Kasongo said equipment had been provided, which while not "big enough to do the task," would help rescue efforts.
“Though the equipment that you have acquired is not big enough to do the task, but it will make a very big difference. So I want to thank the people of China for showing serious concern over this matter. This is an accident, and when there's an accident, people must work together to cooperate. Human lives come first.”
One miner escaped the shaft just in time.
#Zambia
@africaintel
🇿🇲 Zambian ex-president Lungu calls for early elections
Zambia's former President Edgar Lungu has asked citizens to call for an early election, accusing his successor Hakainde Hichilema of failing to run the economy.
Lungu also accuses President Hichilema of failing to manage the cholera outbreak which has claimed the lives of nearly 600 people in the country since October last year.
Lungu said Zambians should put pressure on the president to accept that an early election was "imperative".
"If you Zambians demand that we call upon Hichilema to resign and call for an early election, let's go that route, but it should come from you," he said.
But in a swift response, the government spokesperson dismissed Lungu's allegations and urged Zambians to give the president enough time to deliver his campaign promises.
He also accused the former leader of ruining the country's economy during his six years in office.
#Zambia
@africaintel
Zambia's former President Edgar Lungu has asked citizens to call for an early election, accusing his successor Hakainde Hichilema of failing to run the economy.
Lungu also accuses President Hichilema of failing to manage the cholera outbreak which has claimed the lives of nearly 600 people in the country since October last year.
Lungu said Zambians should put pressure on the president to accept that an early election was "imperative".
"If you Zambians demand that we call upon Hichilema to resign and call for an early election, let's go that route, but it should come from you," he said.
But in a swift response, the government spokesperson dismissed Lungu's allegations and urged Zambians to give the president enough time to deliver his campaign promises.
He also accused the former leader of ruining the country's economy during his six years in office.
#Zambia
@africaintel
🇿🇲 Zambia to restructure $1.5 bln Glencore debt with new Mopani investor
Zambia has agreed to restructure a $1.5 billion debt owed by Mopani Copper Mines to Glencore, which arose from its acquisition of Mopani in 2021, state-owned mining firm ZCCM-Investment Holdings, opens new tab said on Friday.
Last November, Zambia picked the United Arab Emirates' International Resources Holdings (IRH) as the new strategic equity investor in Mopani, to take up a 51% stake in return for a $1.1 billion capital injection. IRH's interest in Mopani will be held through its wholly-owned subsidiary, Delta Mining Ltd.
As part of the deal, IRH, a unit of Abu Dhabi's most valuable listed company, International Holdings Company, will provide $400 million as a shareholder loan towards clearing Mopani's debt. Of that, $300 million is earmarked for the Glencore debt and the remaining $100 million will be used to settle third-party letters of credit secured by Glencore for Mopani.
#Zambia
@africaintel
Zambia has agreed to restructure a $1.5 billion debt owed by Mopani Copper Mines to Glencore, which arose from its acquisition of Mopani in 2021, state-owned mining firm ZCCM-Investment Holdings, opens new tab said on Friday.
Last November, Zambia picked the United Arab Emirates' International Resources Holdings (IRH) as the new strategic equity investor in Mopani, to take up a 51% stake in return for a $1.1 billion capital injection. IRH's interest in Mopani will be held through its wholly-owned subsidiary, Delta Mining Ltd.
As part of the deal, IRH, a unit of Abu Dhabi's most valuable listed company, International Holdings Company, will provide $400 million as a shareholder loan towards clearing Mopani's debt. Of that, $300 million is earmarked for the Glencore debt and the remaining $100 million will be used to settle third-party letters of credit secured by Glencore for Mopani.
#Zambia
@africaintel
🇿🇲🇨🇳 Zambian officials held debt talks with Chinese banks last week
Zambian officials went to China last week where they discussed debt restructuring with representatives of the Export-Import Bank of China and some Chinese commercial banks, the secretary to Zambia's Treasury, Felix Nkulukusa, told.
Zambia defaulted on its sovereign debt in 2020 and its debt restructuring under the G20's Common Framework process has been beset by delays.
In November its bilateral creditors including China Exim rejected a deal Zambia had reached with international bondholders, arguing that it was not comparable to the debt relief they had offered and that more was needed.
#Zambia #China
@africaintel
Zambian officials went to China last week where they discussed debt restructuring with representatives of the Export-Import Bank of China and some Chinese commercial banks, the secretary to Zambia's Treasury, Felix Nkulukusa, told.
Zambia defaulted on its sovereign debt in 2020 and its debt restructuring under the G20's Common Framework process has been beset by delays.
In November its bilateral creditors including China Exim rejected a deal Zambia had reached with international bondholders, arguing that it was not comparable to the debt relief they had offered and that more was needed.
#Zambia #China
@africaintel
🇿🇲 Billionaire-backed KoBold says open to partners as it plans $2 bln Zambian copper mine
KoBold Metals, a California-based metals exploration company backed by billionaires Bill Gates and Jeff Bezos, said it may consider partnerships as it plans to fast-track development of a new copper mine in Zambia that could cost about $2 billion.
The Silicon Valley start-up, which uses artificial intelligence to search for copper, cobalt, nickel and lithium could also consider listing its shares publicly in the next three-to-four years, Josh Goldman, its co-founder and president, told.
While KoBold initially said it plans to build a new mine at its Mingomba project in Zambia within the decade, those plans are now being brought forward in the rush to meet increasing demand for critical metals, Goldman said.
The quality of the ore body could make Mingomba the highest grade Zambian discovery in 100 years, KoBold said.
#Zambia
@africaintel
KoBold Metals, a California-based metals exploration company backed by billionaires Bill Gates and Jeff Bezos, said it may consider partnerships as it plans to fast-track development of a new copper mine in Zambia that could cost about $2 billion.
The Silicon Valley start-up, which uses artificial intelligence to search for copper, cobalt, nickel and lithium could also consider listing its shares publicly in the next three-to-four years, Josh Goldman, its co-founder and president, told.
While KoBold initially said it plans to build a new mine at its Mingomba project in Zambia within the decade, those plans are now being brought forward in the rush to meet increasing demand for critical metals, Goldman said.
The quality of the ore body could make Mingomba the highest grade Zambian discovery in 100 years, KoBold said.
#Zambia
@africaintel
🇿🇲💰 Zambia says no timeline on debt restructuring as IMF seeks compromise
Zambia's finance minister said on Monday he could not give a timeline for a debt restructuring deal with private creditors, while the IMF's Africa director urged all sides to compromise.
Zambia was the first African country to default on its sovereign debt during the COVID pandemic in late 2020, and its protracted restructuring efforts have been beset by delays.
"It is just a process. I cannot give you a timeline. I am hopeful," Finance Minister Situmbeko Musokotwane told on the sidelines of a mining conference, asked when Zambia might reach a new deal to restructure the bonds.
"We've done everything on our side to get to debt restructuring. This is why we are saying that they (creditors) ought to recognise the pain and difficulties that arise as long as this debt is not restructured," he added.
#Zambia #IMF
@africaintel
Zambia's finance minister said on Monday he could not give a timeline for a debt restructuring deal with private creditors, while the IMF's Africa director urged all sides to compromise.
Zambia was the first African country to default on its sovereign debt during the COVID pandemic in late 2020, and its protracted restructuring efforts have been beset by delays.
"It is just a process. I cannot give you a timeline. I am hopeful," Finance Minister Situmbeko Musokotwane told on the sidelines of a mining conference, asked when Zambia might reach a new deal to restructure the bonds.
"We've done everything on our side to get to debt restructuring. This is why we are saying that they (creditors) ought to recognise the pain and difficulties that arise as long as this debt is not restructured," he added.
#Zambia #IMF
@africaintel
🇿🇲🇬🇧 Anglo American explores for copper, cobalt in Zambia
Anglo American, opens new tab is in the early stages of exploring for copper and cobalt in Zambia's North-Western province, its Chief Executive Officer Duncan Wanblad said.
"Zambia's mining sector appears to be on track for renewed activity - and that is good for Zambia and African mining," Wanblad told
"I am pleased that we are progressing with early-stage exploration in Zambia's North-Western Province to identify potential copper and cobalt opportunities."
However, Wanblad also said much more needed to be done to make a compelling argument for Africa given intense global competition.
Anglo American aims to cut capital expenditure by $1.8 billion by 2026, as it grapples with a fall in demand for most of the metals it mines and a writedown for its British fertiliser project.
#Zambia #UK
@africaintel
Anglo American, opens new tab is in the early stages of exploring for copper and cobalt in Zambia's North-Western province, its Chief Executive Officer Duncan Wanblad said.
"Zambia's mining sector appears to be on track for renewed activity - and that is good for Zambia and African mining," Wanblad told
"I am pleased that we are progressing with early-stage exploration in Zambia's North-Western Province to identify potential copper and cobalt opportunities."
However, Wanblad also said much more needed to be done to make a compelling argument for Africa given intense global competition.
Anglo American aims to cut capital expenditure by $1.8 billion by 2026, as it grapples with a fall in demand for most of the metals it mines and a writedown for its British fertiliser project.
#Zambia #UK
@africaintel
🇿🇲 Zambia set to negotiate bigger stakes in new mining projects
Zambia is keen to negotiate larger holdings in new mining projects in order to raise its revenue and boost spending by investors on social projects, mines minister Paul Kabuswe said.
The push by Lusaka through state-owned ZCCM-IH, opens new tab would apply to future agreements, but does not include existing mines and should not unnerve investors, Kabuswe told.
ZCCM sold a 51% stake in Mopani Copper Mines to a unit of United Arab Emirates' International Holding Company, retaining the remainder, which previously belonged to Glencore.
"Stakes in new tenements will actually be moulded around such kind of partnerships," Kabuswe said. "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.
#Zambia
@africaintel
Zambia is keen to negotiate larger holdings in new mining projects in order to raise its revenue and boost spending by investors on social projects, mines minister Paul Kabuswe said.
The push by Lusaka through state-owned ZCCM-IH, opens new tab would apply to future agreements, but does not include existing mines and should not unnerve investors, Kabuswe told.
ZCCM sold a 51% stake in Mopani Copper Mines to a unit of United Arab Emirates' International Holding Company, retaining the remainder, which previously belonged to Glencore.
"Stakes in new tenements will actually be moulded around such kind of partnerships," Kabuswe said. "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.
#Zambia
@africaintel
🇿🇲🇬🇧 Zambian businessman loses London lawsuit against Bob Diamond's Atlas Mara
A Zambian businessman on Wednesday lost a London lawsuit against Atlas Mara, the African investment vehicle set up by former Barclays boss Bob Diamond, over the acquisition of a Zambian bank.
Rajan Mahtani sued Atlas Mara over the sale of Finance Bank Zambia, alleging he received less than a quarter of the $215 million said to have been offered in 2015.
But Judge Christopher Butcher dismissed Mahtani's case in a written ruling, following a trial at London's High Court last year.
Mahtani, who founded Finance Bank Zambia in 1986, had accused Atlas Mara of breaching the terms of the takeover deal.
Atlas Mara's lawyers, however, argued in court filings that the sums Mahtani was seeking had not been guaranteed to him but were dependent on conditions agreed by the parties.
#Zambia #UK
@africaintel
A Zambian businessman on Wednesday lost a London lawsuit against Atlas Mara, the African investment vehicle set up by former Barclays boss Bob Diamond, over the acquisition of a Zambian bank.
Rajan Mahtani sued Atlas Mara over the sale of Finance Bank Zambia, alleging he received less than a quarter of the $215 million said to have been offered in 2015.
But Judge Christopher Butcher dismissed Mahtani's case in a written ruling, following a trial at London's High Court last year.
Mahtani, who founded Finance Bank Zambia in 1986, had accused Atlas Mara of breaching the terms of the takeover deal.
Atlas Mara's lawyers, however, argued in court filings that the sums Mahtani was seeking had not been guaranteed to him but were dependent on conditions agreed by the parties.
#Zambia #UK
@africaintel