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Zambia External Bondholder Steering Committee Reaches US$3 billion Debt Restructuring Agreement

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Zambia External Bondholder Steering Committee Reaches US$3 billion Debt Restructuring Agreement
zambia external bondholder Steering Committee Reaches Debt Restructuring Agreement
President Hakainde Hichilema

The Zambia External Bondholder Steering Committee has successfully reached an agreement with the Government of Zambia on the restructuring of Zambia’s Eurobonds, totaling US$3 billion.

The agreement, known as the 2024 Agreement, follows the confirmation by the Government that its terms align with the Official Creditor Committee (OCC) assessment and the IMF’s program parameters under the Second Review framework.

President Hakainde Hichilema expressing excitement on his facebook page wrote “Fellow citizens. It’s done! Debt deal done with Eurobond holders of over $3.5 billion. What a journey and thank you Zambians for your patience and unwavering support during this process that has taken long to conclude. Now that this is done, our economic recovery is back on track. Phew!”

Since November 2023, when the previous agreement-in-principle (AIP) fell short of meeting comparability of treatment provisions, the Committee has continued to support the Government’s efforts towards restructuring. The 2024 Agreement offers further debt relief while ensuring the cure of the standing default on the Eurobonds.

The restructuring terms are based on the same structure as the November 2023 AIP. The agreement includes the issuance of two new Eurobonds (Bond A and Bond B), offering future debt relief based on Zambia’s economic progress. It also includes enhanced repayment terms and higher coupons on Bond B, contingent on Zambia’s debt carrying capacity and meeting IMF projections.

The Committee expressed appreciation for the collaborative discussions with the Government that led to the agreement, aiming to restore international capital markets access to Zambia and encourage long-term investment.

The key elements of the 2024 Agreement are outlined in the Government’s press release. Implementation is subject to mutual agreement on deal documentation, with efforts to execute the agreement promptly.

The Committee urges all Eurobond holders to consider the terms of the Government’s prospective offer and make independent assessments of participation risks and merits.

Members of the Committee include asset managers such as Amia Capital LLP, Amundi (UK) Limited, Farallon Capital Management, LLC, Greylock Capital Management, LLC, and RBC BlueBay Asset Management. The Creditor Committee is advised by Newstate Partners and Weil Gotshal & Manges (London) LLP.

Below is the Press Release

Government of the Republic of Zambia Reaches Agreement on Debt Restructuring Terms with the Steering Committee of the Ad Hoc Creditor Committee of holders of Zambia’s Eurobonds

Lusaka, Zambia, March 25, 2024 – The Ministry of Finance and National Planning of the Government of Zambia (the “Government”), advised by Lazard Frères and White & Case LLP, acting respectively as financial and legal advisors, is pleased to announce that following private discussions between March 18 to 25, 2024 with the members of the Steering Committee (the “Steering Committee”) of the Ad Hoc Creditor Committee (the “Committee”), advised by Newstate Partners LLP and Weil, Gotshal & Manges (London) LLP, it has reached an agreement with the Steering Committee on the key commercial terms of a proposed restructuring transaction (the “Restructuring”) relating to the Government’s bonds due 2022, 2024 and 2027 (the “Bonds”, and the holders thereof, the “Bondholders”). The members of the Steering Committee currently own or control approximately 16% of the outstanding Bonds, while all the members of the Committee currently own or control more than 33% of the outstanding Bonds.

Pursuant to the agreement, Bondholders will be invited to exchange and/or vote in favor of a consent to amend the terms of their Bonds for new fixed income instruments representing unsecured obligations of the Government (the “New Bonds”). The structure of the agreement is unchanged compared to the agreement in principle reached on November 20th, 2023, with revised terms outlined in Annex A hereto for both the Base Case and Upside Case treatments.

The Government has received confirmation that the agreed terms are compatible with the OCC’s assessment of comparability of treatment and are compatible with IMF’s program parameters under the Second Review framework.

The agreement entails important concessions from the Bondholders, while providing the required debt relief to the Government. Under the agreement, Bondholders would forego approximately $840 million of their claims, and provide cash flow relief of approximately $2.5 billion during the IMF programme period. Respective weighted average maturity will be 15 years and 8 years under the Base Case Treatment and the Upside Case Treatment. As a result, the present value concessions from the Bondholders at current market rates will be significant. However,these concessions are necessary given the constraints faced by Zambia and are essential to achieve the relief required under the Debt Sustainability Analysis to restore financial stability to the country.

The agreement with the Steering Committee also includes the Government accepting certain non-financial terms of the New Bonds, including a most favoured creditor clause that will require the Government to ensure certain other creditors do not receive a better recovery in the restructuring on net present value terms, a loss reinstatement clause if Zambia were to default during the term of the existing IMF program and certain ongoing information delivery requirements by Zambia.

The Government and Steering Committee intend to use their best efforts to finalize documentation for the exchange and / or consent promptly.

The Restructuring will be implemented through an exchange offer and/or consent solicitation. Implementation of the Restructuring remains subject to agreement between the Government and the Steering Committee on the definitive legal documentation for the New Bonds and exchange offer and/or consent solicitation.

President Hichilema Donates Generator to Chitanda Lumamba Adventist Hospital

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President Hichilema Donates Generator to Chitanda Lumamba Adventist Hospital

President Hakainde Hichilema has made a significant donation of a state-of-the-art generator to Chitanda Lumamba Adventist Hospital in Central Province, underscoring his commitment to improving healthcare infrastructure in the region.

The donation was presented by Roma Chilengi, Presidential Advisor on Health, on behalf of President Hichilema. Chilengi highlighted that the donation aligns with the commitment made by the President during the commissioning of the facility in October last year.

Professor Chilengi, who also serves as Director General of the Zambia National Public Health Institute (ZNPHI), emphasized President Hichilema’s dedication to bringing development closer to the people. He cited the decentralization of the Constituency Development Fund (CDF) as evidence of this commitment.

In response to the generous donation, Senior Chief Chitanda Lumamba of the Lenje speaking people expressed gratitude to the Head of State for fulfilling his promises. He urged the people in his Chiefdom to protect the equipment and report any instances of vandalism, warning that offenders would face consequences.

Additionally, SDA President of the Northern Zambia Union, Pastor Tommy Namitondo, praised the donation, noting that the generator would significantly enhance the hospital’s operations. He emphasized that increased access to electricity would not only benefit the health facility but also extend to surrounding areas.

Church Should Not Be Confrontational Towards Government- EFZ

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Church Should Not Be Confrontational Towards Government- EFZ

The Evangelical Fellowship of Zambia (EFZ) has issued advice to religious leaders, urging them to refrain from advocating for regime change, citing concerns over its divisive impact on society.

Bishop Paul Mususu, Chairperson of EFZ, emphasized that it is not within the purview of the church to advocate for a change of regime, as the decision lies with the Zambian people themselves. He stressed the importance of unity and cautioned against actions that could sow discord among citizens.

Speaking at the induction ceremony of Eddy Jibusha as Deputy Bishop of the Evangelical Church, Bishop Mususu underscored the pivotal role of the church in providing credible checks and balances to the government. He emphasized that rather than advocating for regime change, the church should focus on offering constructive solutions and guidance to the government.

Bishop Mususu reiterated that the responsibility of choosing leaders rests solely with the electorate and not with religious institutions. He urged religious leaders to uphold the principles of impartiality and to refrain from engaging in partisan politics that could undermine the unity of the nation.

The EFZ’s stance reflects a commitment to promoting peaceful coexistence and stability within Zambia, emphasizing the importance of respecting democratic processes and institutions in effecting change.The Evangelical Fellowship of Zambia (EFZ) has issued advice to religious leaders, urging them to refrain from advocating for regime change, citing concerns over its divisive impact on society.

Bishop Paul Mususu, Chairperson of EFZ, emphasized that it is not within the purview of the church to advocate for a change of regime, as the decision lies with the Zambian people themselves. He stressed the importance of unity and cautioned against actions that could sow discord among citizens.

Speaking at the induction ceremony of Eddy Jibusha as Deputy Bishop of the Evangelical Church, Bishop Mususu underscored the pivotal role of the church in providing credible checks and balances to the government. He emphasized that rather than advocating for regime change, the church should focus on offering constructive solutions and guidance to the government.

Bishop Mususu reiterated that the responsibility of choosing leaders rests solely with the electorate and not with religious institutions. He urged religious leaders to uphold the principles of impartiality and to refrain from engaging in partisan politics that could undermine the unity of the nation.

Chilufya Tayali -Rabid ranting of a mercenary; why he deserves to be caged

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Chilufya Tayali -Rabid ranting of a mercenary; why he deserves to be caged
Chilufya Tayali
Economic and Equity Party leader Chilufya Tayali.

Chilufya Tayali is notorious for sustaining a slanderous campaign against President Hakainde Hichilema; accusing him of being responsible for the death of University of Zambia student Vespers, hell-bent on setting the country ablaze and defrauding the nation through privatisation!

Tayali had crossed the red line….. finally! Hichilema was left with little or no choice but to sue sue Tayali in the Lusaka magistrates court for criminal defamation.

Probably sensing that Hichilema was headed for a landslide victory in the forthcoming much anticipated 2021 general elections or probably that the courts would find him guilty and send him to jail, the man mascarading as leader of an opposition political party called for a media briefing and pleaded for forgivenese, pledging to retract all his previous statements against the UPND leader.

“I have just realised that the UPND President Hakainde Hichilema didn’t steal anything during privatisation; it was an omission on my part of which am sorry,” the man was literally in tears.

Our sixth sense immediately alerted us Tayali was merely bluffing and playing to the gallery. We went to greater lengths beseeching Hichilema to simply ignore the apology and allow the lethargic wheels of justice to maintain its course until appropriate punishment was handed-out to him. As a devout believer, Hichilema chose to withdraw the matter before the courts of law and Tayali was let off the hook.

However, it wasn’t long before Tayali was back excitedly wading through his own vomit! He called on the opposition party at the time, UPND, to begin searching for an alternative candidate ahead of the elections as the man affectionately known as HH was headed to prison!

This wasn’t an isolated case at all. In 2018, Tayali caused to unlawfully publish defamatory remarks regarding Hichilema, with intent to injure his reputation by exposing him to hatred, contempt and ridicule let alone damage his good standing in society.

“Ba Lungu please wake up, HH wants to usurp power using civil disobedience and violence…” he had posted on his Facebook page.

As usual this was of course accorded wide coverage by various social media platforms, including electronic and print media. When Hichilema decided to take the matter to court, Tayali called for a media briefing and rendered an emotional apology.

As a forgiving person, Hichilema instead instructed his lawyers to withdraw the case and pursue the route of reconciliation. Little did Hichilema realise he was dealing with a man highly pregnant with murderous hatred for him.

“Hichilema must dis­ap­pear from the po­lit­i­cal land­scape if san­ity is to be re­stored as his un­will­ing­ness to ac­cept elec­tion re­sults and for­give and for­get has in­jected a poi­sonous atmosphere in the nation,” Tayali remained unrepentant.

In the previous years,Tayali had kept referring to the UPND leader as a freemason and dared him to sue him in the courts of law if he so wished. Fed up of this, Hichilema sought solace in the Livingstone High Court where he was granted an injunction restraining Tayali from further defaming him. He equally went heard and sued him to prove his allegations. The matter would keep dragging on in court until 2019 when Hichilema decided to discontinue the case.

What Tayali has been doing has got nothing to do with providing checks and balances or politics; it actually borders on pathological hatred of a highly successful individual belonging to a “wrong tribe”- shilya imitundu!

Now that he’s considering himself safe from the long arm of law in his self-imposed exile, Tayali is all over social media demonising and spewing unguarded hatred against Hichilema, as usual.

Not a single day passes without Tayali saying something bad about Hichilema. The President has really suffered at the hands of this rubble rouser whose behaviour is actually worse than that of a rabid dog! If he’s not calling the President a liar like that inebriated, uncivilized MP that chose to ignore complete decorum and etiquette of the August house by referring to the President in such disparaging terms – there isn’t a question of sycophancy as folks such as Laura Miti might want to make us believe; Tayali is either bashing the President as incompetent, hence his failure to run the country or a dictator who’s wantonly abusing human rights and curtailing civil liberties of the people!

Not so long ago, he referred to Hichilema as a ruthless, vindictive and bitter person who is causing those opposed to his leadership to scatter into exile. Tayali’s Achilles heel is obviously the Shark size of his mouth! How many people has he defamed, maligned or scandalised with impunity? He has chosen a life of exile not because of persecution back home; he’s a suspected criminal running away from the law. He must be smoked-out wherever he’s hibernating and dragged back home to face the law, pronto!

Prince Bill M. Kaping’a
Political/Social Analyst

B-Flow’s ordeal at Levy Junction; what do we make of it?

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B-Flow’s ordeal at Levy Junction; what do we make of it?

Lusaka based artist, Mr. B-Flow, credited for the much touted but flopped song, “Sunda station,” has taken to social media to recount how he and his colleague were allegedly attacked by goons mascarading as UPND cadres at Levy Junction the other day.

He writes, “Upon stepping out (of the car), I just saw one of them punching my friend in the face when the other two joined and took turns. Then another group of about 8 or 10 guys came running from the Government Printers side of the car park to confront me and my friend. One of them pushed me and grabbed me by the hand, then I requested him to let go of me while the others were dragging and beating my friend.”

Mr. B-Flow further claims that they were detained for close to two hours and thus subjected to a ‘lecture’ about what he should be posting on Facebook or not. Ironically, although Mr. B-Flow was the target of this attack as a ‘celebrity,’ he was spared any beatings save for his unfortunate friend. There are a few things that don’t easily add up though in this account……where exactly were they detained during the ordeal? Suppose those were impostors out to discredit the name of UPND? How did he know these were UPND cadres? How come they just concentrated on venting their anger on his poor friend?

If it turns out to be true that Mr. B-Flow and his colleague were indeed victims of assault at the hands of UPND cadres, this is highly regrettable. We can assure him though that those hooligans are on “their own” as President Hichilema has repeatedly said. This particular president is on record public putting on record his aversion to caderism.

The New Dawn Administration is understandably under a barrage of constant attacks from the opposition eager to dislodge them from power or frustrated individuals who may be nursing bitterness of being by-passed for government appointments. However, the ruling party does not require the services of self-acclaimed commanders to bolster its image or shield it from incessant attacks. This is what sent the notoriously Patriotic Front to its early grave.

Since the party is essentially “at war” with the opposition and other sponsored detractors, the leadership needs to immediately constitute a ‘war council’ and identify individuals gifted with different abilities and skills to be part of the same. The war council must closely monitor what’s being said on social media, radio and TV or written in the newspapers so as to swiftly move and debunk such innuendos and propaganda in real time.

In its current form, the UPND media team has lamentably failed to live up to people’s expectations. The earlier it’s disbanded and replaced with a more vibrant and competent team – individuals boasting of expertise in an array of political analysis, oratory abilities and creative writing etc the better! Expecting Hon. Cornelius Mweetwa who is Chief Government Spokesman to be doing all the donkey work of defending the party is grossly unfair.

At times, the so-called celebrities over rate themselves too much that they want to think the entire world evolves around them. If ‘mosicians’ as Bowman Lusambo would say are so influential that they can easily sway the opinion of electorates, how come the combined team of artists assembled under the umbrella of Kalabdanya Music Productions failed to influence people to vote for the notorious Patriotic Front, overwhelmingly?

Ba artist, please understand your role is to entertain the masses and not to be opinion makers as such!

Prince Bill M. Kaping’a
Political) Social Analyst

IRH Set to Transform Zambian Mining Industry

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IRH Set to Transform Zambian Mining Industry

New Mopani Owners have attractive investment Business Model

By Mwansa Chalwe Snr

There was jubilation on the Copperbelt on 21 March,2024, when President Hakainde Hichilema handed over Mopani Copper Mines (MCM) to the United Arab Emirates (UAE) company International Resources Holdings(IRH). There was almost unanimous praise by stakeholders including Mine unions, Ex-miners association and Mine Suppliers Association on the Copperbelt about government finding an investor for Mopani Mines which have been struggling since 2021 due to lack of capital.

“In partnership with International Resource Holdings (IRH) from Abu Dhabi, we are embracing a new era for Mopani Copper Mines. This moment, long awaited by our citizens, is not just a handover but a meticulously negotiated partnership that represents mutual respect and equitable benefits,” President Hakainde Hichilema said during the handover ceremony in Kitwe.

However, there has been some disquiet in certain quarters on the choice of United Arab Emirates’s International Resources Holdings (IRH)’s subsidiary Delta Mining Limited as a strategic equity partner by Zambia’s ZCCM-IH in December,2023.The borne of contention of most critics is that the company was not on the publicly known short list as at end of June 2023.The list was made up of four companies – China’s Zijin mining, Norinco Group, Sibanye Stillwater and an Investment vehicle owned by Ex-Glencore Officials. It is understood that IRH only submitted their bid in October,2023.

In order to establish the truth about IRH and the deal, as a writer of researched and evidenced based Op-Eds – before writing a commentary article on the deal- I decided to investigate who IRH was and how they were able to beat the rest of  its competitors, despite being an apparent late entrant.

I started establishing facts which were not publicly known, very quickly. According to my very reliable and informed sources, the IHR team of officials had made several trips to Zambia throughout 2023 in their private jet. And they were quietly carrying out their due diligence investigations on Mopani Mines. They held several fact-finding meetings with relevant Zambian officials including ZCCM-IH and the Industrial Development Corporation (IDC).

And using my technical skills as a Chartered Accountant, I carried out an analysis of the numbers in the deal which informed my final opinion, when combined with the qualitative factors that the deal entailed.

The IHR deal

In order to win the bid, International Resources Holdings offered to invest $1.1billion in Zambia’s Mopani Copper Mines (MCM) in return for 51% ownership of the business. The funds were to be used to fund Mopani’s production expansion plan, provide working capital and pay off part of $1.5billion debt owed to the previous owner Glencore.

“$620 million will be provided in the form of new equity capital in return for 51% stake in MCM. Approximately $400milion will be provided as a shareholder loan that will be used as part of the consideration to settle the original Glencore transaction debt of $1.5 Billion plus interest,” ZCCM-IH said in a statement.

The bid was also viewed to be attractive by Zambia because it entailed the termination and restructuring of the unfair Glencore loan deal.

“This transaction has allowed us to unwrap this python of the $1.72 billion of debt on Mopani and we have brought the figure to somewhere around $576million,” President Hichilema disclosed at the handover of the mine to IRH.

Apart from the financial aspects of the bid, IRH undertook not to retrench any of the MCM employees as well as support social obligations like sponsoring sports activities and maintain health facilities.

President Hichilema’s vital Role in the Deal

On the basis of the conversation with IHR’s Chief Global Strategist, President Hichilema, as Zambia’s Chief Marketing Officer, played a crucial role in the deal due to his close relationship with United Arab Emirates (UAE)President Sheikh MOHAMMED BIN ZAYED.

In January,2023 on the sidelines of the Abu Dhabi Sustainability Week (ADSW) conference, President Hakainde Hichilema held a meeting with the UAE President. During the meeting, he promised to open a permanent Embassy in the UAE to address the increased trade and investment opportunities between the two countries in order to deepen the existing relationship. And since then, a Consulate Office – a precursor to the establishment of the embassy – has since been opened and is headed by Professor Nkombo Gerry Muuka as Consul General.

In that part of the world, personal relationships come first before business. President Hichilema has developed a very good relationship with President Sheikh MOHAMMED BIN ZAYED and this has resulted in the UAE to make a decision to invest billions in Zambia. And more multi million investments in railway infrastructure, power, fuel and other sectors are coming.

It is not surprising that he was very elated on the 21 March, 2024, when he officially handed over the Mopani Copper Mine (MCM) to the new investor, International Resource Holding [IRH] through its Chief Executive Officer Ali Alrashdi. It was a personal achievement.

“To day marks a pivotal occasion for the Copperbelt and Zambia as a whole, bringing a breath of fresh air, a new start for Mopani Mines. This is a new chapter, a new beginning for the economy of the Copperbelt and the economy as a whole. We are going to see copper production increasing which will result in the creation of job opportunities for the resident of Mufulira and Kitwe and surrounding towns,” He said. “We express our profound gratitude for the re-launch of Mopani Copper Mines in partnership with our new joint venture partners, International Resource Holdings (IRH) from Abu Dhabi. This moment, long awaited by our citizens, is not a handover but a meticulously negotiated partnership with IRH that represents mutual respect and equitable benefits. Our citizens will retain a 49% shareholding through ZCCM-IH, affirming our commitment to national benefit.”

President HH also paid a glowing tribute to the ruler of UAE for facilitating and allowing IRH to have a smooth partnership with Zambia in a mutually respectful partnership.

The President HH has been impressed by the rapid development of the UAE. He believes that there was a huge lesson for countries such as Zambia on how it can improve the quality of life of citizens using local resources while tapping on outside capital, skills and expertise. He wants to benchmark Zambia to UAE in resource utilization for development and in the governance and management of State Owned Enterprises which have positively contributed to the UAE.

IRH Investment Business Model

In a chat at their prestigious offices in Abu Dhabi, when asked about why IHR made such a generous bid for MCM, Sib Ali, the Chief Global Strategist said their way of doing business is different from their competitors, and that is why they won the bid.

” We are not entirely motivated by making money, as we have a lot of it already. While we want to make profit, we are also motivated by our desire to transform the societies that we invest in. When we build a school, it should be of a standard that I should be ready to take my own children to”, he proudly stated.

The view expressed by Mr. Ali was echoed by his boss, IRH Chief Executive Ali Alrashdi during the handover of Mopani Mine by President Hakainde Hichilema in Kitwe on the 21st of March,2024. He said IRH would redefine industry standards, create value for stakeholders and make a positive impact on the economy.

“This Partnership is not just about business, it is about people, communities and sustainability,” he said.

The IRH Chief Executive further stated that they have ambitious and innovative plans for MCM, in order to bring meaningful change in the mining industry. They intend to collaborate with their Zambian partners to ensure that there is transparency through out the mining value chain from mining the copper up to when the money goes into the bank.

They also intend to establish an Artificial Intelligence (AI) exploration platform in Partnership with a named Zambian Counterpart, in order to carry out extensive exploration for minerals. They do not intend to be 100% owners of any venture that they form in Zambia unlike other mining investors.

And one of the most striking revelation that Mr. Ali made, during the chat, was that IHR has started the process of establishing a special purpose vehicle with their Zambian Partners, which they will use to jointly market the copper mined at Mopani mines. There say there will be no hidden production and sales figures in their operations . Zambians ought to understand that in mining and commodity business, the bulk of the money in the value chain is made during marketing the marketing phase. And smart Botswana long realised this. And if as a country, you are not involved in the marketing your resources – even partially- and merely depending on production by way of royalties and income taxes which are even never paid or grossly understated, then you should know that you are being ripped off and not sufficiently benefiting from your natural resources. And you will never develop using your natural resources like Gulf Cooperation Council countries and Botswana have done. 

The other unique feature of IRH’s modus operandi is the utilization of local labour. They have retained the current Chief Executive, Charles Sakanya, as well as almost all the employees at Mopani Mines. Mr. Ali said that when they took over MCM, they found that Zambian workers were technically qualified and experienced, and all that was needed was to motivate them and introduce a consultative culture of management so as to increase their productivity.

After investigating and analysing the facts on the ground, it is clear that what must have won over the Zambian decision makers on the Mopani Copper mine deal was IHR’s business model for the management of the asset, their long-term outlook and sensitivity to the mining community, apart from the attractive financial terms. It is possible that their competitors could not possibly match their offering.

And one can only conclude that those doubting the credibility of IRH, have not researched sufficiently, and doing it out of ignorance. IRH’s parent company International Holding Company (IHC)’s market capitalisation as in March,2024 is $238.64 billion, and is currently one of the world’s most valuable companies.

Conclusion

For any fair minded person, the Mopani deal is the best deal that Zambia has ever had with any foreign mining company in the last 30 years. It should be the benchmark going forward. Zambia will benefit much more from MCM than any other mining house. The deal should be supported and celebrated by all well meaning Zambians, as it is in national interest.

Zambia has 49% shareholding which is the highest in any mining house. The potential benefits from the deal are multiple. They will be more royalties, income tax, dividends, jobs and higher inflows of foreign exchange. And given the expected transparent and joint marketing of copper, there will be no scope for illicit financial flows as it is has been with other mines, where they understate production and are involved in transfer pricing schemes.

Zambians are now genuine Co-owners of a mine, and are involved in its management. What can be better than such a deal? In a few years’ time, IRH is certainly set to transform the mining industry in Zambia, and become the Gold standard for all mining houses.

The writer is a Chartered Accountant, Author and an independent financial analyst and economic commentator. He is also the Founder of Prosper Knowledge Solutions Ltd, a virtual Knowledge and Strategy firm. Contact: [email protected]

Zambia to showcase in TV reality show in space

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Zambia to showcase in TV reality show in space

By Benedict Tembo

Zambia has been offered an opportunity to be part of the first ever reality TV show in space.

In 2025, Space X and Elon Musk are sending a group of people to space.

“we are sending one Zambian to America for an opportunity to be part of the first ever reality TV show in space,” Green Future Enterprises chief executive officer Ahmad Hamwi said.

Hamwi along with David Kazadi, and Steve Willombe have are working with Space X, who are organising the first reality TV show in space and have partnered with them to get one Zambian to join them.

“We are sending one Zambian to represent our country in the first Space TV competition. We are not just doing alone,” Hamwi said.

Thomas Reemer, creator and founder of Space Hero, has urged Zambians to support the wonderful project that Ahmad, David and Willombe are setting up for Zambia called “The One.”

“The One is trying to find the first Zambian and maybe the first African astronaut into space, and of course, as Space Hero, we are happy to support them all the way,” Reemer said.

He said the game show will have contestants from all around Zambia competing in Space themed challenges in order to find the ultimate Zambian star that will be sent to represent the country in space.

“This isn’t just a moment of national pride and innovation but one that will engrave Zambia’s name in the history books. This is a matter of African pride,” Hamwi said.

He said that 300 applications have been received, out of which 20 percent are women.

Russia mourns Moscow concert hall attack victims as death toll rises to 137

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Russia mourns Moscow concert hall attack victims as death toll rises to 137
People gather at a makeshift memorial for the victims of a shooting attack set up outside the Crocus City Hall concert venue in the Moscow region of Russia [Maxim Shemetov/Reuters]

Russia has lowered flags to half-mast for a day of mourning after scores of people were gunned down with automatic weapons at a rock concert outside Moscow in the deadliest attack inside Russia for two decades.

President Vladimir Putin declared a national day of mourning for Sunday after pledging to track down and punish all those behind the attack, in which at least 137 people were killed, including three children, and more than 150 injured.

“I express my deep, sincere condolences to all those who lost their loved ones,” Putin said in an address to the nation on Saturday, his first public comments on the attack. “The whole country and our entire people are grieving with you.”

The ISIL (ISIS) armed group claimed responsibility for Friday’s attack, but Putin has not publicly mentioned the group in connection with the attackers, whom he said had been trying to escape to Ukraine. He asserted that some on “the Ukrainian side” had prepared to spirit them across the border.

Ukraine has repeatedly denied any role in the attack, which Putin also blamed on “international terrorism”.

People on Sunday laid flowers at Crocus City Hall, the 6,200-seat concert hall outside Moscow where four armed men burst in on Friday just before Soviet-era rock group Picnic was to perform its hit, Afraid of Nothing.

The men fired their automatic weapons in short bursts at terrified civilians who fell screaming in a hail of bullets.

It was the deadliest attack on Russian territory since the 2004 Beslan school siege, when attackers linked to a Muslim group took more than 1,000 people, including hundreds of children, hostage.

Governor of the Moscow region Andrei Vorobyov said on Sunday that the rescue operation was completed and the search operation is still ongoing.

“Identification by relatives is ahead. In hospitals, doctors are fighting for the lives of 107 people,” he said.

Al Jazeera’s Yulia Shapovalova, reporting from outside the concert hall, said people have been bringing flowers, candles, stuffed animals and posters for a makeshift memorial outside the hall.

“We can see flags raised to half-staff on the Russian house of parliament and other buildings. People are shocked, they’re grieving … there are numerous memorials throughout Russia,” she said.

“The clearance of the rubble continues with rescue dogs looking for people under the rubble … the death toll could rise.”
Long lines formed in Moscow to donate blood. Blood banks said on Sunday that they now had enough blood supplies for four to six months.

Countries worldwide have expressed horror at the attack and sent their condolences to the Russian people.

Following a Palm Sunday mass at St Peter’s Square in Vatican City, Pope Francis sent prayers to victims of the attack.

“I assure my prayers for the victims of the cowardly terrorist attack carried out the other evening in Moscow,” the 87-year-old pope said.

Headed for Ukraine

Putin said 11 people had been detained, including the four gunmen, who fled the concert hall and made their way to the Bryansk region, about 340km (210 miles) southwest of Moscow.

“They tried to hide and moved towards Ukraine, where, according to preliminary data, a window was prepared for them on the Ukrainian side to cross the state border,” Putin said.

Russia’s Federal Security Service (FSB) said the gunmen had contacts in Ukraine and were captured near the border.

Meduza, a Russian publication based in Latvia, confirmed the claims by Russian state officials that the suspects were headed for Ukraine, by geolocating the filming location of the reported arrest of one of the suspects.

According to footage provided by the FSB, officials arrested a 30-year-old near the town of Khatsun in Russia’s Bryansk region, located 14km (8.6 miles) from the Ukrainian border, Meduza reported on Saturday.

The suspects have been brought to Moscow and may appear in court later in the day, according to local news agencies.

Ukrainian President Volodymyr Zelenskyy said it was typical of Putin and “other thugs” to seek to divert blame.

ISIL, which once sought control over swaths of Iraq and Syria, claimed responsibility for the attack, the group’s Amaq News Agency said on Telegram.

On Saturday night, ISIL released on its Telegram channels what it said was footage of the attack.

n footage published by Russian media and Telegram channels with close ties to the Kremlin, one of the suspects said he was offered money to carry out the attack.

“I shot people,” the suspect, his hands tied and his hair held by an interrogator, a black boot beneath his chin, said in poor and highly accented Russian.

When asked why, he said: “For money.” The man said he had been promised half a million roubles ($5,400).

One was shown answering questions through a Tajik translator.

The White House said the United States government shared information with Russia early this month about a planned attack in Moscow and issued a public advisory to Americans in Russia on March 7. It said ISIL bore sole responsibility for the attack.

“There was no Ukrainian involvement whatsoever,” US National Security Council spokeswoman Adrienne Watson said.

Russia’s Foreign Ministry spokeswoman Maria Zakharova said on Sunday that any statement made by US authorities to vindicate Kyiv until the end of the probe into the attack should be considered as evidence.

Russian Ambassador to the US Anatoly Antonov told the TASS news agency on Saturday that the US did not pass any specific information through the Russian embassy in Washington about preparations for the attack.

“Nothing was passed,” the ambassador said. “No concrete information, nothing was transferred to us.”

Source: Al Jazeera

MMD Reaffirms Commitment to National Development and Political Renewal

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MMD Reaffirms Commitment to National Development and Political Renewal

The Movement for Multiparty Democracy (MMD) has reiterated the importance of forward momentum as a fundamental step towards contributing to the nation’s development and reshaping its political landscape.

In a recent address to the Party’s leadership during the National Executive Committee (NEC) meeting on March 21, 2024, MMD President Nevers Mumba emphasized the imperative of moving beyond past grievances. Dr. Mumba underscored the need to refocus efforts on revitalizing the Party’s vision and reputation, urging members to let go of lingering resentments and concentrate on rebuilding and reclaiming their political space.

Furthermore, Dr. Mumba announced plans for a nationwide tour across all ten provinces of Zambia, aiming to engage with members and supporters to fortify the Party’s presence and efficacy. He expressed optimism that this mobilization effort would mark a significant turning point for the MMD, enabling it to reconnect with its base and forge ahead with renewed vigor.

Meanwhile Dr.Mumba has also highlighted the looming threat of drought and its potential impact on food security in households across Zambia.

Expressing concerns over the situation, Dr.Mumba referenced OXFAM’s report indicating that up to six million people could face food insecurity due to the impending dry spell. He emphasized the necessity for proactive measures and preparedness to mitigate the anticipated hardships, urging for solutions to be implemented before the full impact is felt.

Dr.Mumba expressed confidence that Zambia could overcome these challenges, rallying the nation with the resolute declaration, “ZAMBIA SHALL BE SAVED.”

MMD Reaffirms Commitment to National Development and Political Renewal

The Movement for Multiparty Democracy (MMD) has reiterated the importance of forward momentum as a fundamental step towards contributing to the nation’s development and reshaping its political landscape.

In a recent address to the Party’s leadership during the National Executive Committee (NEC) meeting on March 21, 2024, MMD President Nevers Mumba emphasized the imperative of moving beyond past grievances. Dr. Mumba underscored the need to refocus efforts on revitalizing the Party’s vision and reputation, urging members to let go of lingering resentments and concentrate on rebuilding and reclaiming their political space.

Furthermore, Dr. Mumba announced plans for a nationwide tour across all ten provinces of Zambia, aiming to engage with members and supporters to fortify the Party’s presence and efficacy. He expressed optimism that this mobilization effort would mark a significant turning point for the MMD, enabling it to reconnect with its base and forge ahead with renewed vigor.

Acting Party Chief Spokesperson, Brendel Phillip, reaffirmed the leadership’s commitment to guiding the Party towards a brighter future. However, amidst these efforts for political rejuvenation, Phillip also highlighted the looming threat of drought and its potential impact on food security in households across Zambia.

Expressing concerns over the situation, Phillip referenced OXFAM’s report indicating that up to six million people could face food insecurity due to the impending dry spell. He emphasized the necessity for proactive measures and preparedness to mitigate the anticipated hardships, urging for solutions to be implemented before the full impact is felt.

In conclusion, Phillip expressed confidence that Zambia could overcome these challenges, rallying the nation with the resolute declaration, “ZAMBIA SHALL BE SAVED.” This dual focus on political renewal and proactive response to impending crises underscores the MMD’s commitment to national development and welfare.

Four Arrested in Connection with Murder of Induna Inete in Mongu

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Four Arrested in Connection with Murder of Induna Inete in Mongu

Police in Mongu have apprehended four individuals suspected to be involved in the murder of Mwangelwa Akapelwa, also known as the Induna Inete.

The suspects have been identified as Liswaniso Wamunyima (47), Limpo Chinyema (65), Lyamba Liswaniso (31), and Masiliso Liswaniso (42).

According to Danny Mwale, Deputy Public Relations Officer for the police, a firearm believed to have been used in the assassination was also recovered during the operation.

Mwale disclosed that following extensive investigations, the suspected killer, Liswaniso Wamunyima of Limulunga District, was traced and apprehended around 23:00 hours on March 22, 2024. Wamunyima was found hiding at Chinyemba’s residence, identified as a witch doctor in the Mbuywana plots area of Mongu District, where he was subsequently arrested.

Furthermore, the shotgun allegedly used in the crime was recovered from Wamunyima’s younger brother, Lyamba Liswaniso, who was in the company of Masiliso Liswaniso, both hailing from Limulunga District, on March 23.

Investigations have revealed that the motive behind the Induna’s murder stems from a family dispute.

Mwale confirmed that all four suspects are currently in police custody awaiting formal charges.

The arrest of the suspects marks a significant step forward in the investigation into the tragic murder of Mwangelwa Akapelwa, bringing hope for justice to his family and the community of Mongu.

President Hichilema Stresses Collaboration and Innovation for Mining Sector Growth as Farmers Benefit from Seed Banks

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President Hichilema Stresses Collaboration and Innovation for Mining Sector Growth as Farmers Benefit from Seed Banks

President Hakainde Hichilema has stressed the pivotal role of collaboration and innovation in fostering growth within the mining sector. Highlighting the potential to generate more employment opportunities and enhance social protection measures for citizens, President Hichilema emphasized the importance of strategic partnerships in driving progress.

In expressing gratitude for the support received, President Hichilema extended appreciation to His Highness Sheikh Mohamed Bin Zayed Al Nahyan, President of the United Arab Emirates, and acknowledged the stewardship of Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of IHC (International Holding Company). This recognition comes in light of their instrumental roles in ensuring the success of the investment in Mopani.

President Hichilema emphasized the collective efforts aimed at creating meaningful change within the mining sector, with a vision to benefit not only the present generation but also future ones. The collaborative approach, coupled with innovative strategies, is expected to pave the way for sustainable growth and development, ultimately enriching both Zambia and partner countries for generations to come.

The President’s remarks signify a commitment to leveraging partnerships and embracing innovation as key drivers of progress in Zambia’s mining industry.

Meanwhile in a bid to bolster rural household food security and promote environmentally friendly agricultural practices, over 10,000 beneficiary farmers across five districts in Southern and Western Provinces of Zambia are poised to benefit from crop grain seed banks established in various farmer field schools.

William Funsani, Senior Agricultural Research Officer at the Zambia Agricultural Research Institute (ZARI), highlighted the pivotal role of these initiatives in enhancing food security among rural communities. Funsani noted that farmers have been actively engaged in adopting smart agricultural practices aimed at bolstering food security while being environmentally conscious.

The districts identified for support in promoting climate-resilient crops include Gwembe, Sinazongwe, Choma, Kazungula, and Sesheke. Funsani elaborated on the target crop value chains, which encompass a range of climate-resilient crops such as cowpeas, groundnuts, sorghum, pearl millet, sweet potatoes, and cassava. These efforts are geared towards not only diversifying agricultural production but also ensuring resilience against climatic uncertainties.

The establishment of rural household crop grain seed banks serves as a practical measure to empower local farmers with access to quality seeds, thereby enhancing their capacity to withstand environmental challenges and improve yields. By promoting the cultivation of climate-resilient crops, the initiative seeks to fortify food security at the grassroots level, contributing to the overall well-being of rural communities.

The engagement of farmers in farmer field schools underscores a participatory approach to agricultural extension, facilitating knowledge exchange and skill-building in sustainable farming practices. Through these collaborative efforts between agricultural research institutions and local communities, Zambia endeavors to foster resilience and prosperity in its agricultural sector while addressing the pressing issue of food insecurity.

Message For Today: Erase It and Replace It

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Message For Today: Erase It and Replace It

Today’s Scripture

You keep him in perfect peace whose mind is stayed on you, because he trusts in you.
Isaiah 26:3, ESV

Erase It and Replace It

Friend, what is your mind stayed on? What thoughts are you dwelling on throughout the day? Are your thoughts limiting you or empowering you? Are your thoughts stayed upon defeat and worry or upon victory, favor, breakthroughs, and abundance? Instead of keeping your mind stayed on your problems, on doubt, or on worry, keep it stayed on what God has promised you.

Here’s the simple principle: When a negative thought comes, erase it and replace it with a positive, faith-filled thought from God’s Word. Don’t leave your mind empty. Get your mind going in the right direction, and your life will go in the right direction. You’re going to draw in what you’re constantly thinking about. If you’re thinking “can’t do it” or “I’m not enough” or “this problem is too big” thoughts, you’re drawing in defeat. Why don’t you start erasing and replacing thoughts? How much further will you go, how much more of God’s favor will you see, if you guard your mind, if you are selective in what you’re dwelling on, if you keep it stayed on Him?

A Prayer for Today

“Father, thank You that there is a place in my mind where I can stay my thoughts on You and abide in peace. Help me to unclutter my mind of all the negative thoughts that have gotten in. I will do my part to stay in faith and let You step in and do Your part. In Jesus’ Name, Amen.”

Joel Osteen Ministries

SADC Summit Concludes with Firm Regional Commitment to Peace and Security

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SADC Summit Concludes with Firm Regional Commitment to Peace and Security

The Extraordinary Organ Troika Summit, Plus SADC Troika, concluded with member states reiterating their regional commitment to the SADC mutual defense pact, wherein an armed attack against one member shall be considered a threat to regional peace and security.

In a communique released by SADC Executive Secretary Elias Magosi, the summit reaffirmed SADC’s dedication to solidarity, self-determination, and regional cooperation. Reports from ZANIS highlighted that Magosi further emphasized the summit’s focus on the peace and security situations in the Democratic Republic of Congo (DRC) and Mozambique.

The summit received updates on the ongoing challenges in the DRC and Mozambique, underscoring regional support towards achieving lasting peace, stability, and security in these nations. Magosi stressed the unwavering commitment to provide both diplomatic and military support to the government and people of the DRC to address the conflict in Eastern DRC.

Additionally, there was a collective pledge to intensify public diplomacy efforts to showcase the successes of SADC Peace Support Missions and counter any negative external narratives that could undermine their effectiveness. The summit expressed support for political and diplomatic processes, including the Luanda Process and the Nairobi Process, aimed at promoting peace and reconciliation in Africa.

Regarding recent correspondence from Rwanda to the United Nations and the African Union Commission regarding support for SAMIDRC, the summit expressed disapproval. However, gratitude was extended to the African Union Commission and the United Nations Security Council for their solidarity and support towards SAMIDRC, which complements ongoing diplomatic and political efforts in the DRC.

President Hakainde Hichilema, Chairperson of the SADC Organ, was commended for convening the Extraordinary Organ Summit and for his leadership in fostering regional cooperation for peace, security, and stability. President Hichilema emphasized the importance of global collaboration with international and regional bodies to address environmental challenges that threaten peace and stability.

He stressed the need for a more stable region to optimize resources towards improving livelihoods, especially in light of climate change exacerbating resource constraints. President Hichilema highlighted the continent’s agenda to mobilize capital, technology, and partnerships for joint ventures, focusing on beneficiation, value addition, job creation, and economic growth.

The remarks were made during the official closing of the extraordinary Summit, which also addressed contributions to SADC missions in the DRC and Mozambique. The summit concluded with a resounding commitment to regional peace, security, and prosperity, emphasizing cooperation and collective action to address challenges and promote sustainable development across the SADC region.

Zambia Shines At All Africa Games with 15 medals so far

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Zambia Shines At All Africa Games with 15 medals so far
Zambia 4x400 relay team
The 4×400 relay team

Zambia has increased her medal count to 15 at the ongoing 2023 all African games in Accra Ghana.

According to results released by Olympic Youth Development Centre (OYDC), Team Zambia has won four gold, 5 silver and four bronze medals, taking her ranking to 14th place on the overall medal table at the African Games.

The 15 medals were recorded from five sports disciplines namely athletics, boxing, swimming, judo and taekwondo.
On Friday, Zambia minted two gold medals, one through boxer Patrick Chinyemba after his South African opponent Lusizi Lubabalo opted out of the boxing match, and the other gold medal was hard earned by the men’s 400m relay team.

In athletics, Zambia recorded three medals, one gold in the men’sfinal, one silver in the men’s 400m final through Muzala Samukonga, and one silver in the women’s 4×400 relay final.

In boxing, Zambia recorded seven medals, two Gold medals through Patrick Chinyemba and Gerald Kabinda in the men’s 51kg and 67kg respectively, three silver medals through Mwengo Mwale, Andrew Chilata and Emmanuel katema in the men’s 54kg, 60kg and 63 kg respectively.

Swimmer Mia Phiri showcased her prowess to win two bronze medals for swimming in the 50m women’s backstroke and 50m freestyle.
In Judo, Zambia bagged two medals, one gold through Steven Mungandu in the men’s 66kg and one bronze through Simon Zulu in the men’s 60kg, while in Taekwondo one bronze medal recorded in the under 30 men’s team.

The 13th edition of the all African games taking place in Ghana came to a close today after running for the last 15 days.

UAE conglomerate seeks intrude on China’s JCHX Zambian copper deal

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UAE conglomerate seeks intrude on China’s JCHX Zambian copper deal

Lubambe copper mine

Lubambe Copper Mine, a notable asset in Zambia, has attracted the interest of a unit of International Holding Company (IHC.AD), Abu Dhabi’s most valuable company. Reports indicate that IHC.AD is considering acquiring Lubambe Copper Mine, a move that comes after China’s JCHX Mining had previously agreed to purchase the mine. According to three sources familiar with the details, this potential acquisition highlights the evolving dynamics within Zambia’s mining sector and underscores the growing international interest in the country’s mineral resources.

A unit of International Holding Company (IHC.AD), Abu Dhabi’s most valuable company, is interested in acquiring Zambia’s Lubambe Copper Mine, an asset that China’s JCHX Mining has already agreed to buy, three sources familiar with the details told Reuters.
International Resources Holding recently told EMR Capital that it is interested in bidding for the private equity manager’s 80% stake in the Lubambe copper project, which is up for sale, a development that may complicate a sale process that’s already underway, two of the sources said.
The IHC unit’s interest in Lubambe, with potential to be among Zambia’s largest copper mines, comes after Shanghai-listed JCHX (603979.SS), a mine servicing and contracting firm, entered into a deal to buy EMR’s 80% stake in Lubambe in January.

The sale process requires approval from the Zambian government, which is pending and unclear at the moment, one of the sources said.

A source at JCHX, who was in contact with Reuters after publication of the article, said the company was still confident that the deal would be closed. The source declined to be named due to sensitivity around the matter.

The Zambian government owns a 20% stake in Lubambe through state-firm ZCCM-IH (ZCCM.LZ).
The IHC unit’s interest is spurred by an aggressive push by cash-rich oil majors United Arab Emirates and Saudi Arabia to secure critical metal supply in Africa, as they bid to diversify their economies and engage with energy transition.
Middle East investors are pitted against Chinese companies in Africa, including state backed firms, also aggressively pursuing deals in Africa to strengthen China’s grip on minerals required to power a rapidly expanding domestic electric vehicle manufacturing sector.EMR Capital’s binding deal agreed directly with JCHX technically precludes it from entertaining any new offers, one of the sources said. Still, EMR is aware that IRH is interested in buying the assets and that the UAE firm has officially informed the Zambian government and ZCCM-IH of its interest, two sources said.

While its interest is now widely known within the Zambian government circles, the UAE firm hasn’t presented a formal offer to EMR on the Lubambe stake, one source said.EMR declined to comment. IRH and IHC didn’t immediately respond to emailed questions.
IRH has gatecrashed once before. It staged a last minute buyout of a 51% stake in Zambia’s Mopani Copper Mines last month, its first mining deal in Africa’s second-largest producer of the metal that is key to products from power lines and industrial machinery to electric vehicles.

The Abu Dhabi firm became the Zambian government’s preferred investor for Mopani mines ahead of Sibanye Stillwater (SSWJ.J)and China’s Zijin Mining Group (601899.SS), which had been short listed for the assets after a protracted selection process.

CASHING OUT

EMR, which has owned the Lubambe mine since 2017, wants to exit the project as its funds mature, after COVID delayed its development, the sources said. It also sold a 51% stake in adjacent Mingomba copper project for a sizeable amount to California-based start up KoBold Metals. EMR still holds a 28% stake Mingomba, alongside Zambia’s ZCCM.

Lubambe, previously owned by African Rainbow Minerals (ARIJ.J), and Vale S.A. (VALE3.SA), produced about 15,000 tons of copper last year but needs to raise output to about 2,500 tons a month to become sustainable, it says on its website.
JCHX in January said it proposed to pay, $1 for EMR’s 80% stake, and another $1 to take over the project’s $857 million debt.
Zambia’s ministry of mines did not immediately respond to emailed questions.

Source:Reuters

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