Zambia’s inflation for August has eased on account of decreases in food prices, its statistics agency said on Thursday.
The annual rate of inflation slowed down to 19.6 percent in August from 20.2 percent in July, according to the Central Statistical Office.
John Kalumbi, the statistics agency’s director attributed the decrease in food prices and the gains recorded by the country’s currency in recent months.
Source: News Ghana
Nava Bharat Ventures Limited is an India-based company, which is engaged in the business of power generation, mining, ferro alloys and agri-business. The Company’s segments include Ferro Alloys, Power and Sugar. The Company operates in geographies regions across India, South-East Asia and Africa. The Company’s domestic operations include power, ferro alloys and sugar. The Company’s power plants in Andhra Pradesh, Telangana and Odisha have a total installed capacity of approximately 440 megawatt.
The Company manufactures Manganese Alloys and Chromium Alloys with a production capacity of approximately 200,000 tons per annum. The Company’s sugar plant, distillery, ethanol plant and co-gen plant is located in Samalkot, Andhra Pradesh. The Company’s international operations include power, mining and agri-business. In Zambia, the Company is engaged in the commercial production of coal and has around two units of 150 megawatt power plant under construction.
Nava Bharat Ventures reported a 32% drop in net profit to Rs. 29.2 Cr in Q1, as against Rs. 43 Cr in the same period last year. The Income from Operations went down by 9.3% to Rs. 313.7 Cr, from Rs. 346 Cr previously. Shares tanked by 6% during the day’s trade.
Balance all updates about the stock will be given under this post in the comments form. So, do remember to read the comments below.
Source: Indian Share Tips
CHIBULUMA Mines Plc says the company has allocated US$ 4.4 million under the rehabilitation programme aimed at restoring the landscape to its original state after the projected closure of the mines in 2022.
Although, the mines accounts for less than two percent (13, 300 tonnes of copper in 2015 out of the country’s output of 711, 000 tonnes of annual Copper production), Chibuluma Mine, is one of Zambia’s most successful mines in safety, productivity and profitability.
The company has had only one fatality in eight years, and it has paid corporate tax every year since 2007, with a total of US$ 112 million paid to date, according to the latest Mining for Zambia report.
Chibuluma Mines head of finance Eustus Munsaka said the biggest challenge is that the current mineral deposit will be mined out within the next few years.
“Unless our ongoing exploration finds a new copper deposit worth exploiting soon, Chibuluma will probably close sometime between 2020 and 2022. All mines have a natural lifespan, and we are about to reach the end of ours,” he said.
He said the company has a multi-million rehabilitation programme that is under way to restore the landscape to its original state.
“Some 33, 000 trees have been planted, carpet grass has been laid, and firebreaks have been built.
“Once the mine stops operating, various structures and buildings will be demolished, roads will be scraped, more land will be replanted with vegetation, and any contaminated land will be neutralised with lime. The entrance to the mine will be sealed to reduce the risk of acid mine drainage,” he said.
After closure, the shareholder Metorex and its parent company Jinchuan will shift their focus to the larger copper-mining investments in the neighbouring Democratic Republic of the Congo.
He said even though closure is still a few years off, Chibuluma has developed a good track record in its contribution to Zambia since it was privatised in 1998.
“The mine has paid taxes to Government, uplifted the community through its corporate social responsibility programme, and stimulated the local economy and job creation through the spending power of its employees,” Mr Munsaka said.
And Chibuluma Mine chief geologist Narendra Shekhawat said small quantities of silver are recovered as a by-product during the copper smelting process and it amounts to about US$16,000 a month.
Source: Daily Mail
The Bidder named below has been evaluated as the best bidder for the procurement requirement detailed below. In accordance with the requirement of clause 121 of the Public Procurement Regulations, 2011, it is the intention of ZCCM Investments Holdings Plc (ZCCM-IH), the procuring entity, to award the contract to the bidder named after ten (10) working days from the display given below.
| Procurement Reference Number | ZCCM-IH/030/2016 |
| Procurement Description | Office Partitioning at Trinity Park Office Complex, Mass Media Area, Alick Nkhata Road, Lusaka |
| Method of Procurement | Open National Bidding |
| Names and Addresses of Best Evaluated Bidder | BL Consulting and Construction Limited Plot No. 10, 817 Mubanga Road Chelston Lusaka, Zambia |
| Proposed Contract Price | ZMW3,625,832.53 This amount is inclusive of Value Added Tax |
| Date of Display | 23rd August 2016 |
| Date of Removal | 6th September 2016 |
The display of the notice does not constitute an award of the contract to the Bidder mentioned above.
Bid acceptance and contract placement shall be in accordance with the Public Procurement Regulations. Bidders have the right to appeal, in accordance with the Public Procurement Regulations, 2011, within ten (10) working days from the date of publication of this notice…
Related download
| Correction to the Notice of the best evaluated bidder |
MAAMBA Collieries Limited is ready to double its thermal-generated power at the newly-commissioned plant to 600 megawatts (MW) once tariffs are increased to reflect actual cost of producing electricity.
Currently, the Maamba coal-fired power plant has an installed capacity of 300MW but only 150MW was commissioned last week and connected to the national grid through Zesco Limited, which signed a memorandum of understanding with the company to start supplying electricity to the latter.
Zambian electricity tarrifs are said to be the lowest in the region and cost below US$0.6 cents per kilowatt hour for domestic consumers while the regional average is between US$10 and 20 cents.
Maamba Collieries Limited chairman Ashok Devineni said the company is ready to increase the generation capacity of the thermal power plant from the current 300MW to 600MW if tariffs are increased to reflect actual cost of electricity.
The coal-fired power plant was commissioned last week with 150MW connected to the national grid while the other 150MW will be connected this month-end and it is expected to help reduce the power cuts, which have affected the country recently.
Mr Devineni said the planned increase in electricity generation has to happen to keep pace with the growing demand in the country.
“Maamba can contribute by expanding the capacity of the power plant by an additional 300MW to ensure a total of 600MW if Zesco can guarantee the off-take. Our expansion will be time, cost and resource efficient. It can be set up in 24 months.
“We must, however, acknowledge the fact that creating new generation capacity will be an uphill task unless and until the electricity tariffs are revised to reflect the true cost of procurement for Zesco. Actually, sustaining the present 300MW generation will itself be difficult, given the present miss-match of tariff and cost of supply,” he said.
The plant, whose investment is US$738 million, will help diversify the power generation sources in the country, which is heavily dependent on hydro power, thereby insulating Zambia from energy shortage during the years of low rainfall.
And Zesco Limited managing director Victor Mundende said there is need to migrate and start charging cost-reflective tariffs.
“Once we have cost-reflective tariffs in place, Maamba or any other independent power producer can sell anywhere while Zesco can help by providing its transmission network,” he said.
Source: Lusaka Times
MAAMBA Collieries Limited is ready to double its thermal-generated power at the newly-commissioned plant to 600 megawatts (MW) once tariffs are increased to reflect actual cost of producing electricity.
Currently, the Maamba coal-fired power plant has an installed capacity of 300MW but only 150MW was commissioned last week and connected to the national grid through Zesco Limited, which signed a memorandum of understanding with the company to start supplying electricity to the latter.
Zambian electricity tarrifs are said to be the lowest in the region and cost below US$0.6 cents per kilowatt hour for domestic consumers while the regional average is between US$10 and 20 cents.
Maamba Collieries Limited chairman Ashok Devineni said the company is ready to increase the generation capacity of the thermal power plant from the current 300MW to 600MW if tariffs are increased to reflect actual cost of electricity.
The coal-fired power plant was commissioned last week with 150MW connected to the national grid while the other 150MW will be connected this month-end and it is expected to help reduce the power cuts, which have affected the country recently.
Mr Devineni said the planned increase in electricity generation has to happen to keep pace with the growing demand in the country.
“Maamba can contribute by expanding the capacity of the power plant by an additional 300MW to ensure a total of 600MW if Zesco can guarantee the off-take. Our expansion will be time, cost and resource efficient. It can be set up in 24 months.
“We must, however, acknowledge the fact that creating new generation capacity will be an uphill task unless and until the electricity tariffs are revised to reflect the true cost of procurement for Zesco. Actually, sustaining the present 300MW generation will itself be difficult, given the present miss-match of tariff and cost of supply,” he said.
The plant, whose investment is US$738 million, will help diversify the power generation sources in the country, which is heavily dependent on hydro power, thereby insulating Zambia from energy shortage during the years of low rainfall.
And Zesco Limited managing director Victor Mundende said there is need to migrate and start charging cost-reflective tariffs.
“Once we have cost-reflective tariffs in place, Maamba or any other independent power producer can sell anywhere while Zesco can help by providing its transmission network,” he said.
Source: Daily Mail
In compliance with the requirements of the Listing Rules of the Lusaka Securities Exchange, ZCCM Investments Holdings Plc (ZCCM-IH) announces a change in its Board membership.
The Company, on behalf of its majority shareholder, the Industrial Development Corporation Limited, wishes to announce that the membership of the following Directors expired from the ZCCM-IH Board with effect from 27 July 2016:
| Mr C K Mwananshiku | – Non Executive Director |
| Ms S M Mutemba | – Non Executive Director |
| Dr B K Ng’andu | – Non Executive Director |
| Mr P M Chanda | – Non Executive Director |
| Mrs P C Kabamba | – Non Executive Director |
The Company thanks the named Directors for the service rendered to ZCCM-IH and wishes them the best in their future endeavours.
The new directors are expected to be appointed on or before 31 August 2016.
Company announcement issued by
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on 18 August 2016
Download the full notice below:
“Chingobe Village receives borehole for the first time since 1964”
The ZCCM Investments Holdings Plc (ZCCM-IH) in this financial year (2016-2017) has planned to undertake a project dubbed “Clean Water for Zambia”, where it will focus on sinking 10 boreholes, as its core sustainable social investment.
This project was officially launched on Friday, 05 August 2016, in Chingobe Village, situated 60 kilometers from Sinda District Boma. The village with over 240 residents, and surrounded by 3 other villages, has had no access to clean water since 1964. Women and children, have been going to fetch for clean water from as early as 04:00 hours in the morning, from a hand dug well situated 3 kilometers away. The residents have also been using a nearby well, which was also hand dug, however, the water has not been fit for human consumption.
Headman Chingobe for the village stated that waterborne diseases have been recurrent amongst his people, and that the new borehole, will certainly help reduce cases of these diseases.
Speaking during the launch and handover ceremony of the borehole, ZCCM-IH Chief Executive Officer, Dr. Pius Kasolo said that this project is one way of ZCCM-IH ploughing back to society by sinking a number of boreholes in remote areas of the country with little or no access to clean and safe water such as Chingobe Village. “Chingobe Village is the first to receive this borehole, and we will spread the remaining 9 boreholes to other parts of the country”, said Dr. Kasolo.
He further reiterated that ZCCM-IH coupled with the “Clean Water for Zambia” project will help transform society’s livelihoods by encouraging horticulture farming at small scale by providing irrigation treadle pumps in areas where boreholes will be sunk. Families already into this enterprise with be given a boost, instead of using buckets for watering, they will use treadle pumps which will help increase their productivity. In executing this project, ZCCM-IH is working with NGOs who are currently on the ground working with various horticultural communities. These NGOs are Kickstart (Zambia) (the makers and promoters of the treadle pumps) and Profit+ (who will offer training to the selected potential farmers).
In this regard, 10 women clubs representing more than 280 horticulture farmers received irrigation treadle pumps. In order to make this project sustainable, Profit+ also received 5 treadle pumps which will be given to five lead farmers, who will help train the 10 clubs. Apart from this, the organization will guide these farmers to grow horticultural products that are on demand on the market such as red onion, which is currently being imported. Profit+ will also help in linking these farmers to off-takers on the market. The farmers thanked ZCCM-IH for the noble gesture, stating that the treadle pumps would go a long way in changing their livelihoods.
Eastern Province Permanent Secretary, Chanda Kasolo expressed gratitude to ZCCM-IH for sinking of a borehole and donating the 25 money maker irrigation treadle pumps. Mr Kasolo said all these efforts would go a long way in changing the lives of communities in a sustainable manner.
THE commissioning of 150 megawatts of the 300MW coal-fired power plant at Maamba Collieries Limited is a milestone in the country’s diversification of energy production.
Like President Lungu said during the commissioning of the 150 megawatts yesterday, Zambia is on course to becoming a net exporter of electricity and energy-related products.
We are delighted that commissioning of the plant in Sinazongwe district represents the diversification of the country’s mix which now includes solar, wind, thermal, coal and many others.
Zambia had for a long time depended heavily on hydro energy but the dry spell in the last few years, especially during the 2014- 2015 rainy season, has taught the country lessons in electricity diversification.
The dry spell had a devastating impact on hydro power. The reduction on water levels in our reservoir translated into reduced energy use because power plants operate for fewer hours.
That is why President Lungu said yesterday that the country’s dependence on hydro-power has consequences when we experience low rains, which has justified the diversification towards other forms of energy.
However, diversification should be attractive to the private sector to make their business profitable.
President Lungu hinted yesterday at Government considering cost-effective tariffs in the power sector.
Zambia has the lowest tariffs in the Southern African Development Community and should the status quo continue, the country will continue experiencing power deficits as power developers will continue to shun the country.
So far, Zambia is on course towards power diversification going by the various efforts being made by the government which has provided a conducive environment, as well as its partners and the private sector.
The Industrial Development Corporation (IDC) is in the process of developing at least 600 MW of solar power to help mitigate the country’s electricity shortage.
This is part of Government’s determination to finding a lasting solution to the power crisis.
The International Finance Corporation (IFC) of the World Bank and IDC Zambia have signed a memorandum of understanding to explore the development of two independent 50MW solar power projects in Zambia through the scaling solar programme.
Zambia Sugar Plc, on the other hand, is pondering expanding thermal power generation capacity from the current 30MW to 50MW.
This is in response to the current power reduction on the national electricity grid caused by low water levels in major hydro stations in Zambia.
The sugar company currently produces 30MW of electricity from sugar factory residues.
Through interventions such as Maamba Collieries, the IDC and Ndola Energy Company Limited, which intends to expand its power generation capacity to over 100MW, Zambia is indeed on course to reducing its dependence on hydro energy.
Credit should go to the Patriotic Front government and President Lungu in particular for ensuring that the country diversifies its sources of power.
Power drives the main economic sectors and it is gratifying that the mining, agricultural and manufacturing sectors will now be supplied with the power they need.
That will undoubtedly increase production, which will in turn improve the country’s forex earning and ultimately spur economic development.
The rationing of power has now been effectively ended.
Source: Zambia Daily Mail
Lusaka – Glencore’s Zambian Mopani Copper Mines unit has lifted its suspension of production at an underground mine that followed the death of three miners in an accident, a labour union official said on Saturday.
“The suspension of output across all Mopani Copper Mines operations was lifted at midnight after all employees involved in production were briefed on the importance of following safety rules,” the official from the Mine Workers’ Union of Zambia told Reuters. He declined to be named.
– Reuters
Source: News 24 Zambia