🇿🇲 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
Forwarded from ASIANOMICS
🇨🇳🇿🇲🇹🇿 China to spend US$1 billion to revamp Tanzania-Zambia railway to move minerals
As global powers vie for control over critical mineral trade routes, China plans to spend US$1 billion to refurbish a key railway line connecting Zambia’s copper belt region with the Tanzanian port of Dar es Salaam under its Belt and Road Initiative.
China’s ambassador to Zambia Du Xiaohui handed over a proposal to rehabilitate the Tazara railway to Zambian Transport Minister Frank Tayali, saying the US$1 billion investment would be done through a public-private partnership over the coming years.
China is keen to use the Tazara rail line to transport mining exports from Zambia and the Democratic Republic of the Congo (DRC). The refurbished Tazara railway will compete directly with a railroad backed by the US and EU to link Zambia’s copper belt and the mineral-rich DRC to the Lobito port on Angola’s Atlantic coast.
#China #Zambia #Tanzania
@asianomics
As global powers vie for control over critical mineral trade routes, China plans to spend US$1 billion to refurbish a key railway line connecting Zambia’s copper belt region with the Tanzanian port of Dar es Salaam under its Belt and Road Initiative.
China’s ambassador to Zambia Du Xiaohui handed over a proposal to rehabilitate the Tazara railway to Zambian Transport Minister Frank Tayali, saying the US$1 billion investment would be done through a public-private partnership over the coming years.
China is keen to use the Tazara rail line to transport mining exports from Zambia and the Democratic Republic of the Congo (DRC). The refurbished Tazara railway will compete directly with a railroad backed by the US and EU to link Zambia’s copper belt and the mineral-rich DRC to the Lobito port on Angola’s Atlantic coast.
#China #Zambia #Tanzania
@asianomics
🇿🇲 Zambia reopens schools as cholera cases subside
Schools in Zambia have reopened for the first time this year, after several delays following a deadly cholera outbreak.
The reopening of schools was delayed by five weeks as part of a series of preventative measures to contain the spread of the highly contagious disease.
The education ministry said it had been conducting school inspections across the country to gauge their readiness to reopen.
The spread of the disease has eased, according to the authorities.
About 500 people have died since the outbreak was reported last October. More than 15,000 cases have so far been reported.
Zambia has had several major cholera outbreaks but the current outbreak is the worst in 20 years, according to the government.
#Zambia
@africaintel
Schools in Zambia have reopened for the first time this year, after several delays following a deadly cholera outbreak.
The reopening of schools was delayed by five weeks as part of a series of preventative measures to contain the spread of the highly contagious disease.
The education ministry said it had been conducting school inspections across the country to gauge their readiness to reopen.
The spread of the disease has eased, according to the authorities.
About 500 people have died since the outbreak was reported last October. More than 15,000 cases have so far been reported.
Zambia has had several major cholera outbreaks but the current outbreak is the worst in 20 years, according to the government.
#Zambia
@africaintel
🇿🇲 Zambia raises key rate as inflation outlook deteriorates
Zambia's central bank raised its benchmark lending rate for the fifth meeting in a row, it said on Wednesday, citing a further deterioration in the inflation outlook.
The bank raised its policy rate by 150 basis points to 12.5%.
Inflation in Zambia rose to 13.2% year-on-year in January from 13.1% in December, moving further away from the bank's 6%-8% target band.
Inflation is expected to average 12.5% this year, Bank of Zambia Governor Denny Kalyalya told.
"The increase in the policy rate is, therefore, aimed at steering inflation to the target band," he said.
Rising inflation is mainly the result of the persistent depreciation of the local kwacha currency and the effects of bad weather on food prices, the central bank said in its latest monetary policy statement.
#Zambia
@africaintel
Zambia's central bank raised its benchmark lending rate for the fifth meeting in a row, it said on Wednesday, citing a further deterioration in the inflation outlook.
The bank raised its policy rate by 150 basis points to 12.5%.
Inflation in Zambia rose to 13.2% year-on-year in January from 13.1% in December, moving further away from the bank's 6%-8% target band.
Inflation is expected to average 12.5% this year, Bank of Zambia Governor Denny Kalyalya told.
"The increase in the policy rate is, therefore, aimed at steering inflation to the target band," he said.
Rising inflation is mainly the result of the persistent depreciation of the local kwacha currency and the effects of bad weather on food prices, the central bank said in its latest monetary policy statement.
#Zambia
@africaintel
🇿🇲 Zambia's biggest-ever cholera outbreak kills almost 700
The death toll from Zambia's cholera outbreak has risen to almost 700, says the medical charity Médecins Sans Frontières (MSF).
It is the largest ever recorded in the country. It began in the capital, Lusaka, in October and has since spread to all of Zambia's provinces infecting more 19,000 people.
MSF says cholera is easily treated - with rehydration - but without the proper care a person can die in a few hours.
The disease is caused by contaminated water, so access to clean drinking water is vital to stopping it spreading further.
#Zambia
@africaintel
The death toll from Zambia's cholera outbreak has risen to almost 700, says the medical charity Médecins Sans Frontières (MSF).
It is the largest ever recorded in the country. It began in the capital, Lusaka, in October and has since spread to all of Zambia's provinces infecting more 19,000 people.
MSF says cholera is easily treated - with rehydration - but without the proper care a person can die in a few hours.
The disease is caused by contaminated water, so access to clean drinking water is vital to stopping it spreading further.
#Zambia
@africaintel
🇿🇲 Zambia declares national emergency over drought
Zambia’s President Hakainde Hichilema has declared a national disaster to tackle the prolonged drought affecting the country.
Hichilema said 84 districts out of a total of 116 were affected.
Zambia has been experiencing poor rain, with fears mounting that the country may experience hunger and struggle to meet its electricity demands as most of its energy is from water sources.
Water levels at Kariba Dam had fallen to about 11.5% of usable storage as of last December.
The president said the drought would affect the generation of more than 450 megawatts of power.
He said almost half of the land used for planting crops had been affected by the dry spell.
Hichilema said his government would work to ensure that additional maize and other food was brought into the country to make up the deficit.
#Zambia
@africaintel
Zambia’s President Hakainde Hichilema has declared a national disaster to tackle the prolonged drought affecting the country.
Hichilema said 84 districts out of a total of 116 were affected.
Zambia has been experiencing poor rain, with fears mounting that the country may experience hunger and struggle to meet its electricity demands as most of its energy is from water sources.
Water levels at Kariba Dam had fallen to about 11.5% of usable storage as of last December.
The president said the drought would affect the generation of more than 450 megawatts of power.
He said almost half of the land used for planting crops had been affected by the dry spell.
Hichilema said his government would work to ensure that additional maize and other food was brought into the country to make up the deficit.
#Zambia
@africaintel
Africa Intel
🇿🇲 Zambia declares national emergency over drought Zambia’s President Hakainde Hichilema has declared a national disaster to tackle the prolonged drought affecting the country. Hichilema said 84 districts out of a total of 116 were affected. Zambia has…
🇿🇲 Zambia plans to import and ration electricity due to drought
Zambia has drawn up plans to import and ration electricity as a devastating drought looks set to affect hydropower generation, the country's main source of power, President Hakainde Hichilema said.
The prolonged dry spell, which has already been declared a national disaster, would also hit food production and was likely to affect the mining sector, Hichilema said.
Hichilema said the energy sector this year was expected to have a deficit close to 450 megawatts or even above 500 megawatts.
The 2024 national budget will be re-aligned so that more resources could be channeled towards addressing the impact of the drought, Hichilema said.
"The current projections are that over a million farming households will be affected," he said, adding that the drought had destroyed about 1 million hectares of the 2.2 million planted crop.
#Zambia
@africaintel
Zambia has drawn up plans to import and ration electricity as a devastating drought looks set to affect hydropower generation, the country's main source of power, President Hakainde Hichilema said.
The prolonged dry spell, which has already been declared a national disaster, would also hit food production and was likely to affect the mining sector, Hichilema said.
Hichilema said the energy sector this year was expected to have a deficit close to 450 megawatts or even above 500 megawatts.
The 2024 national budget will be re-aligned so that more resources could be channeled towards addressing the impact of the drought, Hichilema said.
"The current projections are that over a million farming households will be affected," he said, adding that the drought had destroyed about 1 million hectares of the 2.2 million planted crop.
#Zambia
@africaintel
💰🇿🇲 IMF review mission to Zambia tentatively scheduled for mid-April
The International Monetary Fund will assess the economic impact of a devastating drought on Zambia in a visit tentatively scheduled for mid-April, the fund said.
Zambia is planning to start rationing electricity next week as a devastating drought that has been declared a national disaster affects hydropower generation, as well as food production.
A preliminary IMF assessment is that crop losses appear to be significant and the need to import energy will negatively affect the current account balance, though the drought would not have a significant economic effect over the medium term, said IMF spokesperson Julie Kozack in a scheduled press conference.
#IMF #Zambia
@africaintel
The International Monetary Fund will assess the economic impact of a devastating drought on Zambia in a visit tentatively scheduled for mid-April, the fund said.
Zambia is planning to start rationing electricity next week as a devastating drought that has been declared a national disaster affects hydropower generation, as well as food production.
A preliminary IMF assessment is that crop losses appear to be significant and the need to import energy will negatively affect the current account balance, though the drought would not have a significant economic effect over the medium term, said IMF spokesperson Julie Kozack in a scheduled press conference.
#IMF #Zambia
@africaintel
🇿🇲 Zambia braces for power rationing as drought bites
Zambia has announced it will start rationing its electricity, as the effects of the drought that's hitting much of southern Africa continues to bite.
Eight hours of load shedding per day will begin by the start of next week, announced the managing director of the state-owned power company Zesco.
Victor Mapani said the move was a result of the low water levels at Kariba Dam which is used to generate most of Zambia's hydroelectricity.
He said Zambia would continue importing power from Mozambique to cushion the energy deficit on the economy.
Mapani advised consumers to use alternative sources of energy.
Zambia’s President Hakainde Hichilema has declared the drought a national emergency and urged local and international partners to help in fighting its effects.
#Zambia
@africaintel
Zambia has announced it will start rationing its electricity, as the effects of the drought that's hitting much of southern Africa continues to bite.
Eight hours of load shedding per day will begin by the start of next week, announced the managing director of the state-owned power company Zesco.
Victor Mapani said the move was a result of the low water levels at Kariba Dam which is used to generate most of Zambia's hydroelectricity.
He said Zambia would continue importing power from Mozambique to cushion the energy deficit on the economy.
Mapani advised consumers to use alternative sources of energy.
Zambia’s President Hakainde Hichilema has declared the drought a national emergency and urged local and international partners to help in fighting its effects.
#Zambia
@africaintel
🇿🇲 Zambia's Chambishi copper smelter scales back capacity amid power cuts
China Nonferrous Metal Mining Corp's Chambishi Copper Smelter in Zambia has cut one-fifth of its production due to power shortages in the country, two sources with knowledge of the matter told Reuters.
The plant, which produces about 250,000 metric tons of copper per year, is one of the biggest processing facilities in Africa's second-largest copper producer.
Zambia generates about 87% of its electricity from hydropower, and lower water levels due to its current drought, the worst in two decades, have curbed power generation.
Zesco said last week it would start rationing electricity supplies from March 11. However, the sources said that Chambishi had already reduced capacity as of last week.
The power shortage comes amid a gradual decline in Zambia's copper production due to lack of new investment at some operations, including Konkola Copper Mines and Mopani Copper Mines.
#Zambia
@africaintel
China Nonferrous Metal Mining Corp's Chambishi Copper Smelter in Zambia has cut one-fifth of its production due to power shortages in the country, two sources with knowledge of the matter told Reuters.
The plant, which produces about 250,000 metric tons of copper per year, is one of the biggest processing facilities in Africa's second-largest copper producer.
Zambia generates about 87% of its electricity from hydropower, and lower water levels due to its current drought, the worst in two decades, have curbed power generation.
Zesco said last week it would start rationing electricity supplies from March 11. However, the sources said that Chambishi had already reduced capacity as of last week.
The power shortage comes amid a gradual decline in Zambia's copper production due to lack of new investment at some operations, including Konkola Copper Mines and Mopani Copper Mines.
#Zambia
@africaintel
🇿🇲 Zambia reaches debt restructuring agreement with bondholder committee
Zambia's government said on Monday that it had reached a debt restructuring agreement with a group of private creditors on restructuring $3 billion of its international bonds, bringing the country closer to emerging from its long delayed debt rework.
The latest deal proposes restructuring the country's three existing instruments into two amortising bonds, one of which would deliver higher repayments if the country's economic outlook and capability of dealing with its debt burden improves.
The government will ensure that "certain other creditors do not receive a better recovery in the restructuring on net present value terms" and also a loss reinstatement clause if Zambia were to default during the term of the existing International Monetary Fund programme, the statement added.
#Zambia
@africaintel
Zambia's government said on Monday that it had reached a debt restructuring agreement with a group of private creditors on restructuring $3 billion of its international bonds, bringing the country closer to emerging from its long delayed debt rework.
The latest deal proposes restructuring the country's three existing instruments into two amortising bonds, one of which would deliver higher repayments if the country's economic outlook and capability of dealing with its debt burden improves.
The government will ensure that "certain other creditors do not receive a better recovery in the restructuring on net present value terms" and also a loss reinstatement clause if Zambia were to default during the term of the existing International Monetary Fund programme, the statement added.
#Zambia
@africaintel
🇨🇳🇿🇲 China to keep cooperating on Zambia debt rework, says official
China will continue cooperating with all sides to advance Zambia's debt restructuring, a foreign ministry spokesperson said on Tuesday, without saying if it supported a proposed deal the southern African country reached with overseas bondholders.
Zambia and the bondholder group said on Monday that they reached a new agreement to restructure $3 billion of international bonds and that the proposal had been approved by Zambia's official creditors, of which China is the biggest.
"China, as co-chair of the Zambian Debt Committee, has made concerted efforts with all parties concerned to promote significant progress in the disposal of Zambia's debt," Lin Jian, a spokesperson for China's Ministry of Foreign Affairs, said.
"China will also continue to coordinate and cooperate with all parties concerned in order to steadily advance the work related to Zambia's debt disposal," he said.
#China #Zambia
@africaintel
China will continue cooperating with all sides to advance Zambia's debt restructuring, a foreign ministry spokesperson said on Tuesday, without saying if it supported a proposed deal the southern African country reached with overseas bondholders.
Zambia and the bondholder group said on Monday that they reached a new agreement to restructure $3 billion of international bonds and that the proposal had been approved by Zambia's official creditors, of which China is the biggest.
"China, as co-chair of the Zambian Debt Committee, has made concerted efforts with all parties concerned to promote significant progress in the disposal of Zambia's debt," Lin Jian, a spokesperson for China's Ministry of Foreign Affairs, said.
"China will also continue to coordinate and cooperate with all parties concerned in order to steadily advance the work related to Zambia's debt disposal," he said.
#China #Zambia
@africaintel
🇦🇪🇿🇲 UAE's IRH plans bid for stake in Zambia's Lubambe copper mine
International Resources Holding (IRH), a unit of Abu Dhabi's International Holding Company said it intends to bid for a stake in Lubambe Copper Mine in Zambia.
IRH, which recently bought a 51% stake in Zambia's Mopani Copper Mines, told the deal had unlocked more opportunities to benefit from Africa's second largest copper producer.
A unit of Abu Dhabi's most valuable company, IRH is interested in buying an 80% stake in Lubambe held by EMR Capital, even after Chinese firm JCHX Mining agreed to buy the stake.
"IRH's commitment (at Mopani), has opened doors for additional investment opportunities in Zambia, including an intention to bid for a stake in the Lubambe Copper Mine," the company said.
The company's interest in Lubambe, potentially one of Zambia's largest copper mines, could create a bidding war with Shanghai-listed JCHX, a mine servicing and contracting firm.
#UAE #Zambia
@africaintel
International Resources Holding (IRH), a unit of Abu Dhabi's International Holding Company said it intends to bid for a stake in Lubambe Copper Mine in Zambia.
IRH, which recently bought a 51% stake in Zambia's Mopani Copper Mines, told the deal had unlocked more opportunities to benefit from Africa's second largest copper producer.
A unit of Abu Dhabi's most valuable company, IRH is interested in buying an 80% stake in Lubambe held by EMR Capital, even after Chinese firm JCHX Mining agreed to buy the stake.
"IRH's commitment (at Mopani), has opened doors for additional investment opportunities in Zambia, including an intention to bid for a stake in the Lubambe Copper Mine," the company said.
The company's interest in Lubambe, potentially one of Zambia's largest copper mines, could create a bidding war with Shanghai-listed JCHX, a mine servicing and contracting firm.
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