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ZCCM-IH Shareholders Approve Acquisition of Majority Stake in Mopani Copper Mines

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ZCCM-IH Shareholders Approve Acquisition of Majority Stake in Mopani Copper Mines

In a landmark decision, shareholders of Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) have unanimously greenlit the acquisition of a 51 percent stake in Mopani Copper Mines Plc by Delta Mining Limited. The approval came during the Shareholder’s Extraordinary General Meeting convened in Lusaka on February 23rd, 2024.

Under the terms of the agreement, ZCCM-IH will retain a 49 percent shareholding in Mopani, maintaining a significant presence in the company’s governance structure with three out of nine board seats. Meanwhile, Delta Mining Limited, a subsidiary of International Resource Holdings, will hold the majority stake, with five board seats, while the Zambian Government will occupy one.

The acquisition, valued at up to USD 1.1 billion, underscores a strategic move aimed at enhancing ZCCM-IH’s participation in the copper mining sector and ensuring full visibility into Mopani’s operations.

Following the Extraordinary General Meeting, ZCCM-IH Board Chairperson Kakenenwa Muyangwa expressed his satisfaction with the outcome, hailing the transaction as a significant milestone that delivers substantial value to ZCCM-IH, Mopani, and the Zambian people.

Muyangwa emphasized that the acquisition marks a pivotal moment for Zambia’s copper mining industry, aligning with the country’s ambitious target of achieving three million metric tonnes of copper production per annum by 2032.

Loisa Mbatha, Corporate Affairs Manager at ZCCM Investments Holdings, affirmed the corporation’s commitment to advancing the interests of all stakeholders and driving sustainable growth within the mining sector.

The approval of the acquisition signifies a strategic move towards bolstering Zambia’s position in the global copper market, fostering economic development, and harnessing the nation’s vast mineral resources for the benefit of its citizens. As the transaction moves forward, stakeholders anticipate positive outcomes that will contribute to Zambia’s long-term prosperity and industrial advancement.

Bank of Zambia Launches Monetary Policy Report

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Bank of Zambia Launches Monetary Policy Report

The Bank of Zambia has launched its first publication of the Monetary Policy Report (MPR) that is expected to enhance transparency, accountability, communication and interactions on monetary policy matters.

The MPR is a product of the newly constituted Monetary Policy Committee (MPC) which was established by statute, thus making it the first time in the history of the Bank to have a statutory MPC.

Bank of Zambia Governor Denny Kalyalya disclosed at the launch of the report in Lusaka, that previously the bank had been publishing the MPR only for internal use but that the new BOZ Act of 2022 requires that the bank publishes it for the public to promote accountability and transparency.

Dr. Kalyalya emphasized the importance of the report which reviews macroeconomic development and gives prospects for inflation over the months ahead.

Dr. Kalyalya explained that the monetary policy committee raised the policy rate by 150 basis points to 12.5 percent to steer inflation towards the 6-8 percent target band and thus help anchor inflation expectations.
He said the decision to raise the policy rate was arrived at after judging from the inflationary pressure which had persisted and inflation was projected to remain above the target band during the forecast period.
Dr. Kalyalya also indicated that inflation is projected to average 12.5 percent in 2024 and then slowdown to 9.9 percent in 2025.

Various stakeholders who attended the launch of the Report called on the people of Zambia to have a change of mindset in order to achieve development.
The Private Sector Development Association (PSDA) Chairperson Yusuf Dodia called on the bank to voice their views frequently when issues of macroeconomic related topics are discussed in the country.
Mr. Dodia said the BOZ is not usually heard when people are debating on issues affecting the economy of the country.

UPND Government’s GMO Mealie Meal Plan

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UPND Government’s GMO Mealie Meal Plan

We would like to caution Mr Hakainde Hichilema and his league to respect the nation’s biosafety protocols, in particular the importation and consumption of Genetically Modified Organism (GMO) maize or mealie meal.

GMO maize or mealie meal is prohibited in Zambia, and all successive administrations – UNIP, MMD, and PF- have adhered to these regulations and protected citizens from exposure to these foods.

But we are afraid that if there’s crop failure, as it seems to be the case in this situation, the price of our staple food – mealie meal will more than double, and Mr Hichilema and his corrupt tribal puppet regime will end up feeding this country with imported GMO maize or mealie meal.

We sounded the alarm on this matter last week and before the week could even conclude, our fears were confirmed after the Republican Vice-President Mrs Mutale Nalumango informed the nation that GMO mealie meal is safe for consumption. The Vice- President’s remarks came at the back of a report by the Zambia National Service (ZNS) that the GMO mealie meal, which was meant for export to the DR Congo had been stolen in one of their storage facilities.

Clearly, the perpetrators did this with the view of selling the said GMO mealie meal for consumption on the Zambian market.
Vice-President Nalumango’s stance on the consumption of GMO products, specifically mealie meal, is not only a major policy shift for Mr Hichilema and the UPND government but also revealing of what this corrupt tribal puppet regime intends to do when scarcity of the staple food hits the country owing to crop failure. We said it that the options are very limited for them, and so, the Vice-President’s recent encouragement on the consumption of GMO mealie meal settles our argument that this government will most likely import GMO mealie meal to feed to the nation.

We are aware that they are panicking because they have virtually wiped out the national food reserves after they sold the all maize that could have been used as reserves to the DR Congo and other neighbouring countries. They are under extreme pressure because hunger is looming.

So, they have hatched a plan to begin campaigning for the consumption of GMO maize or mealie meal. This government intends to mobilise various stakeholders like the Church, civil society, labour movement, and their surrogate political parties, among others, to advance their GMO consumption agenda. They’re mobilising, and very soon, we shall see paid voices begin echoing Vice-President Nalumango’s comments on GMO mealie meal consumption.

We urge Zambians not to treat the Vice-President’s statement on the consumption of GMO mealie meal lightly because it is all part of the grand scheme to introduce GMO mealie meal on the market and feed it to our people.
We must resist it.

Fred M’membe
President of the Socialist Party

Zambia Secures Debt Restructuring Deal with China and India, Signaling Economic Recovery

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Zambia Secures Debt Restructuring Deal with China and India, Signaling Economic Recovery

In a significant stride towards economic stability, Zambia has successfully negotiated a pivotal debt restructuring agreement with two of its major creditors, China and India. President Hakainde Hichilema announced this breakthrough during the Nc’wala Traditional Ceremony for the Ngoni people in Chipata District.

This landmark deal marks a crucial milestone in Zambia’s journey towards financial recovery, following the country’s historic default on foreign debts in November 2020. The agreement with China and India, Zambia’s remaining official creditors, offers a glimmer of hope amidst the nation’s financial distress.

Economist Lubinda Habazoka, also a lecturer at the University of Zambia, hailed the development as a much-needed relief for Zambia’s foreign debt servicing program. He urged private lenders to follow suit and engage in debt restructuring negotiations to alleviate Zambia’s financial burden further.

Similarly, economist Emmanuel Zulu, a Civil Society Debt Alliance member, emphasized the potential positive impact of the deal on Zambia’s credit rating. He noted that the agreement sets the stage for Zambia to seek financial assistance from institutions like the International Monetary Fund (IMF).

President Hichilema affirmed the government’s commitment to concluding negotiations with private creditors shortly. He outlined key infrastructure projects, including road developments in Lundazi-Chama, Chipata-Vubwi, and Katete-Chanida, which are set to receive funding from the resources unlocked through debt restructuring.

Emphasizing national unity, President Hichilema called on all stakeholders, including the opposition, to collaborate in advancing Zambia’s development agenda.

As Zambia moves forward with its broader financial strategy, the successful debt restructuring deal with China and India not only provides immediate relief but also sets a precedent for international financial cooperation. With renewed optimism and concerted efforts, Zambia aims to navigate through economic challenges and realize its developmental aspirations in the coming years.

Economist Forecasts Economic Rebound for Zambia Despite Challenges

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Economist Forecasts Economic Rebound for Zambia Despite Challenges

Despite prevailing challenges, economist Amos Chibinda, based in Livingstone, remains optimistic about Zambia’s economic prospects, citing positive key indicators that signal a potential rebound in the near future.

Chibinda’s assessment comes in light of Zambia’s economic performance in 2023, which saw a growth rate of 4.3%, slightly lower than the previous year’s 4.7%. Despite this slight decrease, Chibinda emphasized the significance of maintaining positive growth amidst challenging circumstances.

Notably, Zambia managed to achieve this growth despite facing a considerable reduction in copper production, a crucial source of foreign exchange earnings for the country. Chibinda attributes this resilience to the guaranteed production commitments from major mining entities such as Mopani Copper Mines, Konkola Copper Mines, First Quantum, and Barrick.

However, Chibinda cautions that the looming threat of hunger, exacerbated by drought conditions, poses a significant risk to the projected economic growth for the current year. He emphasizes the importance of proactive measures to address food security concerns and mitigate their impact on the economy.

In addressing broader economic challenges, Chibinda urged the UPND government to expedite negotiations for debt restructuring with private lenders. He emphasizes that ensuring adequate liquidity in the economy is essential for investing in key sectors such as manufacturing and tourism, which are crucial for sustaining the positive economic trajectory.

Police Bust Illegal Checkpoints Operated by Youths in Serenje District

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Police Bust Illegal Checkpoints Operated by Youths in Serenje District

Authorities in Central Province have uncovered a fraudulent scheme involving youths in Chief Muchinda’s Chiefdom within Serenje District, who had been operating illegal checkpoints. Central Province Police Commissioner, Charity Munganga, confirmed the discovery, stating that swift action has been taken to dismantle the illicit operations.

According to Commissioner Munganga, reports surfaced indicating that certain youths had established unauthorized checkpoints in the area, purportedly for revenue collection purposes. These checkpoints targeted truck drivers, with extortionate amounts ranging between K1500 and K2500 allegedly demanded from each driver passing through.

Upon receiving these reports, law enforcement swiftly intervened, dismantling the illegal checkpoints and apprehending those involved in the scam. Commissioner Munganga emphasized the importance of upholding the rule of law and ensuring the safety and integrity of transportation routes.

Dispelling rumors of discord between authorities and local subjects, Commissioner Munganga clarified that the police engagement with Chief Muchinda was productive. She noted that discussions with the chief focused on the eradication of illegal checkpoints within his jurisdiction, emphasizing the need for collaborative efforts in maintaining law and order.

Furthermore, Commissioner Munganga highlighted the significance of raising awareness among youths regarding the proper channels for addressing issues such as illegal mining activities. She urged them to refrain from engaging in unlawful practices and instead encouraged reporting such activities to the appropriate authorities, including the police and the Ministry of Mines.

President Hakainde Hichilema Attended Burial of Late Namibian President Dr. Hage Gottfried Geingob

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President Hakainde Hichilema Attended Burial of Late Namibian President Dr. Hage Gottfried Geingob
First Lady Mutinta Hichilema consoles the widow of the late Namibian President His Excellency Dr. Hage Gottfried Geingob.

President Hichilema and First Lady Mutinta Hichilema at the airport

 


Amidst solemn reverence, dignitaries and mourners gathered at Heroes Square in Windhoek to bid farewell to the late former President of Namibia, His Excellency Dr. Hage Gottfried Geingob. The ceremony, attended by leaders and citizens alike, honored the legacy and contributions of the courageous son of Africa.

In a heartfelt message, President Hakainde Hichilema expressed his profound sorrow at the loss of a beloved brother and mentor. “Rest in peace, my mentor,” President Hichilema conveyed, acknowledging the profound impact Dr. Geingob had on his life and leadership journey.

Emphasizing Zambia’s unwavering solidarity with the people of Namibia, President Hichilema extended well wishes for peace and stability during this period of mourning. He affirmed Zambia’s commitment to standing by Namibia in solidarity, offering support and solidarity during this time of loss.

Having paid his respects, President Hichilema, along with his delegation, returned home, concluding their visit to pay homage to the late Namibian leader.

Luanshya Municipal Council Allocates K5 Million in Empowerment Funds

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Luanshya Municipal Council Allocates K5 Million in Empowerment Funds

The Luanshya Municipal Council has taken a significant step towards community empowerment by disbursing over 5 million Kwacha from the Empowerment Fund to 137 cooperatives in Roan Constituency. This allocation, aimed at fostering economic growth and development, has been distributed in various forms of grants and loans, benefitting a total of 137 groups within the constituency.

Roan Member of Parliament, Joel Chibuye, highlighted the transformative impact of President Hakainde Hichilema’s vision, emphasizing the effectiveness of the Constituency Development Fund (CDF) in driving local development initiatives. Chibuye noted that the implementation of CDF has garnered increasing support from constituents as they witness tangible results across constituencies nationwide.

Chibuye, who operates as an independent MP aligned with the ruling United Party for National Development (UPND), urged constituents to rally behind the government’s efforts to revitalize the nation’s economy. Addressing attendees at the certificate presentation ceremony for CDF beneficiaries, held at Roan Antelope Secondary School, Chibuye commended the UPND’s commitment to uplifting Zambians’ living standards, particularly in Roan Constituency.

Highlighting the government’s initiatives, Chibuye pointed to the forthcoming commissioning of Twenty-eight Shaft mine, a significant milestone in revitalizing economic activities within the region. He reiterated his dedication to executing the UPND’s manifesto, underscoring his alignment with the party’s development agenda.

Echoing Chibuye’s sentiments, Luanshya District Commissioner Oncemore Ngonomo emphasized the importance of utilizing the CDF funds judiciously for community development projects. Ngonomo lauded President Hakainde Hichilema’s leadership, stating that the government prioritizes addressing the needs of the people.

One of the beneficiaries, Maxwell Kapambwe, expressed gratitude for the support received through the CDF, noting the positive impact it has had on the lives of community members. Kapambwe highlighted the transformative effects of the fund, affirming its role in driving socio-economic progress within Roan Constituency.

As the UPND-led government continues to implement strategic initiatives aimed at fostering inclusive growth and development, the collaboration between local leaders and constituents remains crucial in realizing the nation’s collective aspirations for prosperity and well-being.

Chingola constituency CDF loans still not disbursed

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Chingola constituency CDF loans still not disbursed

Dear Editor,

I write to appeal to the President Mr. Hakainde Hichilema to direct his trustee Minister of Commerce Honorable Chipoka Mulenga to disburse CDF Loans and Grants to the approved applicants.

Why has it taken so long for Chingola MP to disburse loans when his Nchanga counterpart did so last year. Is this a ploy to de-campaign the party and the President?

And lastly, let these CDF programs not be delayed by MPs when these are programs for the people and not personal to holder. Why should commissioning of these programs or handing over of grants and loans not delegated to someone else when the MP is not available than waiting for him always. What happens when he/she dies, does it mean ready programs would have to wait until the bye election and ushering of another MP in office?

I appeal to the President to take keen interest in these delays of handing over of grants and loans especially in Chingola Constituency, and reprimand such MPs.

Or maybe there is no money to give to people, against the daily bragging of UPND saying CDF is an equalizer yet not?

Charles Mutesa
Chingola

Message For Today: A Dangerous Trap

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Message For Today: A Dangerous Trap

Today’s Scripture

Fearing people is a dangerous trap, but trusting the LORD means safety.
Proverbs 29:25, NLT

A Dangerous Trap

Friend, it is a dangerous trap to let other people’s opinions of you, whether they will approve you, determine what you do or hold you back from doing what you know you should do. It is dangerous because if you fear people, if you live to please them, you can miss your destiny. Sometimes you have to be brave and go it alone. You have to do it without the approval of the people you thought would be for you. Other people may not see what God put in you. They can’t feel what you feel. You don’t have to have their approval. You and God are a majority.

The Almighty God has shone His favor upon you. You can hear God’s voice for your life more than anyone else. Other people may confirm and encourage it, but if what they say doesn’t agree with your spirit, you need to dismiss it. Quit worrying about their opinions and get your approval from Him. Set your face like a flint and say, “God, I’m not living to please people. I’m living to please You.”

A Prayer for Today

“Father, thank You that I don’t have to look to someone else to tell me who I am or what I should do. Thank You that I can know Your voice and follow You whether others approve or not. I declare that my identity and value is securely in Your hands and I’m not looking to others. In Jesus’ Name, Amen.”

Miracle? Rains pour after Ncwala sacred sacrifice

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Miracle? Rains pour after Ncwala sacred sacrifice

As the sacred rituals of the Ncwala ceremony unfolded, a symbolic moment occurred as soon as the sacrifice was made – the heavens opened up with the blessing of rain.

The Ncwala ceremony, a significant cultural event of the Ngoni people, witnessed this auspicious occurrence during its 2024 edition. As tradition dictates, the ceremony involves various rites and rituals, including offerings and sacrifices to honor ancestors and seek blessings for the community.

No sooner had the ceremonial sacrifice been made than the skies responded with the arrival of rain. This timely precipitation holds deep spiritual significance, symbolizing the favor and approval of the ancestors.

The rain’s arrival was met with reverence and gratitude by participants and observers alike, as it is believed to bring fertility to the land and ensure a bountiful harvest in the coming seasons. It is seen as a tangible manifestation of divine blessing and protection.

Muzala Samukonga Qualifies for 2024 Paris Olympic Games with Stellar Sprint

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Muzala Samukonga Qualifies for 2024 Paris Olympic Games with Stellar Sprint

In an exhilarating display of speed and determination, Muzala Samukonga, the 400 meters sprinter, has secured his ticket to the 2024 Paris Olympic Games. His electrifying performance came during the All Comers Meet held at the Levy Mwanawasa Stadium in Ndola today, where he clocked an impressive 44.85 seconds.

This remarkable time not only secures Samukonga’s spot at the Olympics but also qualifies him for all major continental and global competitions scheduled for this year, including the African Games, African Senior Championships, and World Athletics Championships.

The 44.85 seconds sprint now stands as Samukonga’s seasonal best record, as he continues to strive to surpass his personal best time of 43.91 seconds.

Samukonga’s qualification marks him as the second athlete from Zambia to secure a spot at the 2024 Olympics, following in the footsteps of boxer Patrick Chinyemba.

Expressing his elation Samukonga described his Olympic qualification as a triumphant comeback after overcoming an injury setback that sidelined him from major championships last year. He now sets his sights on clinching gold at the upcoming African Games in Ghana next month.

Elias Mpondela, President of Zambia Athletics, expressed his satisfaction at Samukonga’s qualification, expressing hope that others will follow suit with promising performances, given an extra push.

Athletics National Team Coach, Douglas Kalembo, outlined a clear roadmap to prepare athletes for the African Games, confidently predicting that the team will secure at least four medals.

With Samukonga’s outstanding achievement, the nation eagerly anticipates the promising performances of Zambian athletes on the global stage, as they continue to inspire and make their mark in the world of athletics.

A Day to Remember : Michael Jackson’s Hospital Visit

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A Day to Remember : Michael Jackson’s Hospital Visit

I just love the story behind this lovely photo. The girl in the photo is named Angela, and it was taken in 1987.

This is her mother’s recounting of the day:

My daughter, Angela, was in hospital with head injuries after being hit by a car. One day we were told by the nurses that Michael Jackson was coming to visit. We had to keep it a secret, so the hospital wasn’t overwhelmed with fans. There was a big flurry, as his assistants handed out T-shirts and signed copies of his Bad album to everyone on the ward.

Then he just walked around and talked to the patients.I said hello. He said he was pleased to meet me. I was gobsmacked. He was very gentle and seemed shy. I got the sense he had a deep love for children, especially those who’d been hurt.Then he crouched down and said “Hello, Angela.”

She couldn’t talk, because she’d just come out of a coma, but she started smiling. After that day, she started to get better. I think of him as an inspiration. We’d been having a terrible time – Angela was in hospital and I’d been ringing Lifeline to keep myself together, but he was a total inspiration for the whole ward. I thought, Thank God for sending him.

He just had a presence about him – this great empathy with people who needed to get better. Now, Angela is 25, at university and full of life. There was another boy on the ward who was about 15 and was a huge fan. After Michael’s visit, he started getting better too. His mom thought it was a miracle. I believe many of the children got better after meeting him. I think people should know about this side of Michael. I’ve never believed he was anything but a good person.

President Hakainde Hichilema Attends N’cwala Ceremony

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President Hakainde Hichilema Attends N’cwala Ceremony

In a display of solidarity and celebration of Zambia’s rich cultural heritage, President Hakainde Hichilema joined the Ngoni speaking people at this year’s N’cwala traditional ceremony in Chipata, Eastern Province.

Invited by His Royal Highness, Paramount Chief Mpezeni of Chipata, President Hichilema emphasized the importance of preserving the nation’s diversity and cultural heritage. Amidst his duties as President, he reaffirmed his commitment to preventing division within the country, highlighting the need for unity and cohesion.

Addressing attendees at the ceremony, President Hichilema expressed solidarity with those affected by the unprecedented droughts threatening food security. He assured the nation that the government is actively engaged in addressing the challenges and pledged to prioritize efforts to ensure food security for all citizens.

In addition to combating food insecurity, President Hichilema urged collective action to protect the environment, emphasizing the detrimental effects of deforestation and climate change. Recognizing Zambia as a praying and hardworking nation, he expressed confidence in God’s guidance and the collective efforts of the people to overcome challenges.

President Hichilema extended gratitude to His Royal Highness for the invitation to participate in the significant occasion, acknowledging the importance of fostering strong relationships with traditional leaders and communities across the country.

President Pays Tribute to Late Former President of Namibia

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President Pays Tribute to Late Former President of Namibia

President Hakainde Hichilema extended heartfelt condolences to the late former President of Namibia, His Excellency Dr. Hage Gottfried Geingob, at a funeral service in Namibia.

President Hichilema fondly remembered Dr. Geingob as a brother and a tireless advocate for peace, stability, and democracy not only in Namibia but also across the Southern African Development Community (SADC) and the African Continent.The President Hichilema in his tribute described the Late President as being more of a Zambian than a Namibian because he spent about 17 years in the country.

President Hichilema in Namibia at the funeral service of the Late Namibian president, His Excellency Dr. Hage Gottfried Geingob

Hundreds of citizens and more than a dozen African and world leaders bid farewell to the late President of Namibia, Hage Geingob, who died on Feb. 4 at the age of 82, at a solemn state funeral on Saturday. Among those carrying the coffin were the president’s eldest son, Mangaliso Fernandez Geingob, opposition leader McHenry Venaani, and former minister and veteran of the ruling South West African People’s Organization (SWAPO), which Geingob led, Ben Amathila.

Before the coffin was draped in the Namibian flag – red, green and blue, with a yellow sun – various African leaders paid their respects one after the other and also dedicated heartfelt words to the late president. The 1941-born Namibian leader was due to end his second and final term in 2024, having presided over the country since 2015, after revealing that he had survived prostate cancer in 2014, when he was prime minister.

On Jan. 19 last year, the presidency announced that he had been diagnosed with the disease again.

The late president will be buried Sunday at the Acre of Heroes, a huge monument on the outskirts of Windhoek.

President Hichilema in Namibia at the funeral service of the Late Namibian president, His Excellency Dr. Hage Gottfried Geingob
President Hichilema in Namibia at the funeral service of the Late Namibian president, His Excellency Dr. Hage Gottfried Geingob
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