ZAMBIA HAS MORE THAN COPPER, AND OFFERS UNEXPLORED POTENTIAL

With billions of dollars worth of African gas, gold, copper and cobalt to hit the markets in 2022, industry players are focused on the next big deals. The election of a new government in Zambia in August 2021 has led to optimism that the country is the stand-out player in African minerals exploration for 2022.

“All eyes are on Zambia,” says Peter Major, director of mining at Mergence Corporate Solutions in South Africa. Major spoke in Cape Town in October as he prepared for a mining investment trip to Zambia. In the new president, Hakainde Hichilema, he says, the country has “a real businessman” in charge.

As well as copper, whose industrial mining in Zambia dates back to the 1930s, the country has significant potential in gold, manganese, emeralds and coal, Major says. There has been a historic lack of exploration since the post-independence nationalisation of the mines, he says. Over the past five years, in particular, there has been “no motivation to prospect”.

A working cadastral system gives Zambia a crucial advantage over Ghana and the Democratic Republic of Congo, Major points out. But the question mark over the Hichilema administration is how it will handle its review of existing mining licences. “We need to see some people coming out of the other side of the pipeline,” Major says. Once that starts happening, he predicts, there will be a “stampede” to explore and mine in Zambia.

According to Irmgard Erasmus, a senior financial economist at Oxford Economics in Cape Town, Hichilema and his minister of mines, Paul Kabuswe, are likely to take a “more pragmatic, market-orientated approach” in dealing with mining companies, in contrast to the “hard-handed and interventionist stance” under the former president, Edgar Lungu. The Zambia Chamber of Mines has welcomed plans to reform the tax code, saying this will mark a break from the old “cash-grab mentality”.

Strike while the copper is hot

Mining was the only sector of the Zambian economy to decline in the second quarter of 2021, when copper production dropped 9%, hurt by the impact of Covid-19 and the first-quarter rainy season. This meant the country was unable to fully capitalise on the high copper prices, which peaked in May, according to economist Yvonne Mhango at Renaissance Capital.

Erasmus predicts that copper prices going forward will see a moderate but sustained decline, amplified by monetary policy normalisation in the US and the risk of a Chinese slowdown driven by stresses in the country’s property sector. These headwinds, Erasmus argues, will ensure that Hichilema will remain “mindful of the urgency to strengthen copper output”.

Major contrasts the Zambian outlook with that in South Africa. He is critical of President Cyril Ramaphosa’s cautious approach. Hichilema has shown a willingness to purge figures associated with the old regime, Major says: “Purging is necessary. But Ramaphosa does not purge. He promotes. South Africa needs a radical change in governance. Zambia is showing South Africa the way.”

Ghana overtook South Africa as the continent’s largest gold producer in 2019. Major sees little chance of that being reversed. Ghana’s government “acknowledges the problems and takes steps to help the industry,” Major says, citing its efforts to keep AngloGold Ashanti in the country.

In 2016, AngloGold’s head of corporate affairs, John Owusu, was killed during a riot by artisanal miners at the company’s Obuasi mine, but AngloGold has stuck with the project. “There is not more gold in Ghana than in South Africa, but there is a better legal framework,” Major says.

Ghana is scored 69 out of 100 in a 2021 ranking from the Natural Resource Governance Institute (NGRI) – an improvement of 13 points since 2017. Governance of taxation has improved, mostly due to the power of the Ghana Revenue Authority to audit all businesses, including mining companies. On adherence to environmental and social impacts, Ghana scored a maximum 100 on the NGRI index, with all gold-­mining companies now disclosing environmental and social impact assessments and environmental mitigation plans for new projects.

Refining for mining

National budgeting governance has improved due to the adoption of, and adherence to, fiscal rules, the NGRI says. Still, the report claims the extractives sector is being held back by a lack of online data portals, and weak adherence to open data standards. The government currently has no policy in place to publicly disclose mining sector contracts, though there are mandatory contract disclosures in the oil and gas sector.

Sulemanu Koney, CEO of the Ghana Chamber of Mines, is confident that Ghana’s mining sector can drive the country’s industrial development. For that, he argues, Ghana needs to move up the value chain and start to refine its raw materials. He wants to end the use of imported rubber for mining components and is in discussions with a multinational company to refine Ghanaian rubber.

“Extractive industries can’t be a silo or an enclave,” says Koney, a chemical engineer by training. “Deliberate thinking is needed to link themes up.” An example, Koney says, is the extraction of caustic soda from brine, which is used by the mining industry as well as in aluminium production and in detergents.

Mozambique’s progress

Ghana, Koney argues, needs a “minerals-based industrialisation strategy”. The challenge, he says, is to “leverage the presence of the mining industry for the good of the country” by promoting training and investment in technology. “That’s my raison d’être. Otherwise I would have given up a long time ago.”

The US is trying desperately not to buy rare earth from China.

In Mozambique, the coming year will be crucial in consolidating progress against the radical Islamic insurgency in the north of the country, which has delayed plans to develop the region’s natural gas resources. Progress in combating the insurgency means that “sentiment has changed quite drastically” for the better in recent months, says Hermano Juvane, head of oil, gas and value-­chain banking at Absa Bank in  Mozambique.

Support for Mozambique’s army, including from Rwanda and the Southern African Development Community, has contributed to the improvement, Juvane says. People have been able to return home to Palma in the northern Cabo  Delgado province.

TotalEnergies in September announced a two-year delay to the first onshore production of liquefied natural gas in Mozambique, with the first output now scheduled for 2026. TotalEnergies declared force majeure at its $15bn project in April, but project activity is now expected to restart in 2022. Juvane sees the new timetable as realistic. “There is about four years of work left,” he says.

Absa in Mozambique is focusing on financing subcontractors of the extractive industries, Juvane says. He sees opportunities for Mozambique in heavy sands, titanium, coal, lithium, graphite, aluminium and rubies.

Extracting the rare earth minerals, a set of 17 metallic elements used for high-tech applications such as cell phones, computer hard drives and electric vehicles, maybe an African industry of the future. China dominates the global supply of rare earths with an estimated share of 85%-90%, but Covid-19 and US-China tensions have sharpened the need for the world to find non-Chinese sources.

A rare-earth opportunity

“The US is trying desperately not to buy rare earth from China,” Simon Gardner-Bond, chief technical officer at Dublin-based TechMet, told a briefing in October. “The whole world is becoming increasingly nervous about China controlling the supply chain.”

TechMet invests in projects to develop critical metals for the transition to renewable energy and counts Rainbow Rare Earths among its investments. Rainbow, which is listed on London’s alternative investment market AIM, holds Africa’s only working rare earths mine at Gakara in Burundi.

But Burundi’s government in April halted production because it wants to renegotiate the mining convention, and meetings between Rainbow CEO George Bennett and President Évariste Ndayishimiye have so far not resolved the issue.

Rainbow is also planning to produce rare earths from gypsum stacks generated by hard-rock phosphate mining near Phalaborwa in South Africa’s Limpopo province and is exploring the economic viability of possible rare-earth deposits in northern Zimbabwe. Bennett is still confident agreement with Burundi can be reached. “There will be some give and take,” he says. “We will come up with a win-win solution.”

 

Source: https://www.theafricareport.com/168452/zambia-has-more-than-copper-and-offers-unexplored-potential/

NOTICE OF BEST EVALUATED BIDDER

Tender for the Provision of Common Leasehold Certificates of Title Deeds for ZCCM-IH Property Assets in Lusaka, Kabwe and Chililabombwe

 

The Bidders named below have been evaluated as the best bidders for the procurement requirements detailed below. In accordance with the requirement of clause 121 of the Public Procurement Regulations, 2011, it is the intention of ZCCM-IH, the procuring entity, to award contracts to the bidders named after ten (10) working days from the display given below.

 

Procurement Reference     Number ZCCM-IH/127/2021
Procurement   Description Provision of Common Leasehold Certificates of Title Deeds for ZCCM-IH Property Assets in Lusaka, Kabwe and Chililabombwe
Method of Procurement

 

Open National Bidding
Name and Address of Best Evaluated Bidder Noel Muleya Investments Limited & Wamuba Construction Limited, 3A Indeco Flats, Jambo Drive, Parklands, P.O. Box 23163, Kitwe
Proposed Contract Prices ZMW 1,489,627.20, Inclusive of VAT and Withholding Tax
Date of Display

 

20th January 2022
Date of      Removal

 

3rd February 2022

The display of this notice does not constitute an award of contract to the selected Bidders.  

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.

 

Read the full document here: Notice of Best Evaluated Bidder – Provision of Common Leasehold Certificates of Title Deeds for ZCCM-IH Property Assets in Lusaka Kabwe and Chililabombwe – Januar (002)

NOTICE OF BEST EVALUATED BIDDER

The Bidder named below has been evaluated as the best evaluated bidder for the procurement requirements 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 contracts to the bidder named after ten (10) working days from the display given below.

 

Table 1.

Procurement Reference     Number ZCCM-IH/016/2021
Procurement Description Design, Print, Supply and Delivery of Various ZCCM-IH Branded Collaterals
Method of Procurement Open National Bidding
Names and Addresses of Best Evaluated Bidders Lot 1& 2. Retro International Zambia Limited, Plot No. 6282 Mapepe Road, Lusaka, Zambia.

Lot 2. Central Clothing Factory Limited, Plot No. 12627, Chinika Industrial Area, P.O. Box 30522, Lusaka Zambia.

Proposed Contract Prices Lot 1- ZMW360,760.00 VAT Inclusive, with a Delivery Period of; Three (03) weeks from Contract Date

Lot 2- ZMW251,975.00 VAT Inclusive, with a Delivery Period of; Three (03) weeks from Contract Date 

Date of Display 20th January 2022
Date of Removal 3rd February 2022

The display of this notice does not constitute an award of contract to the Bidders 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.

 

Read the full document here: Notice of Best Evaluated Bidder for Design Print Supply and Delivery of Various ZCCM-IH Branded Collaterals (1)

MCM HAS SHOWN POTENTIAL FOR RETURN ON INVESTMENT

THAT Mopani Copper Mines (MCM) produced 87, 618 metric tonnes of copper last year from which it raised US$853 million compared to 2020 when it mined 93,106 tonnes and made US$558 million, is testimony that copper mining will continue being the hen which lays the country’s golden eggs. From the disclosure by MCM chief executive officer Charles Sakanya on Thursday, copper is an asset promising this country huge returns considering the technological advancements in terms of the motor industry and information and communications technology developments. Increasing revenue by 53 percent against a reduced output of six percent points to the viability of the mining sector. Better still, MCM has used these funds prudently in empowering the local economy via settling local debt of US$40 million against a long-standing balance of US$68 million.
Most businesses were initially shunning working with MCM after Glencore left because they all thought it was the end of the mine. MCM has demonstrated the potential for return on investment. It is also a sure sign that mining is still attractive in Zambia and a lot can be done to make extractive industries contribute much more meaningfully to economic development.
The country must position itself to exploit high demand and attractive prices of copper, particularly in view of the automotive industry transitioning to electric vehicles (EVs). Glencore ended its involvement in copper mining in Zambia by agreeing to the sale of its interests in MCM in 2021 for just US$1 to mining company ZCCM Investment Holdings. The transaction was regarded as a reputational damage for Zambia, which lost a blue-chip mining company as an investor in the country.
But MCM’s performance since the departure of Swiss-based Glencore has been outstanding. In 2021, the company exceeded its target of producing 75,000 tonnes of copper and instead excavated 87,618 tonnes of the mineral. By exceeding, MCM has demonstrated that there are enough skill sets among Zambians to run mines efficiently and profitably. The Zambianisation of 48 senior jobs by MCM is not a mean achievement. Expatriates contribute to pressure on the country’s exchange market as they externalise most of their earnings, thereby increasing forex demand and eroding the value of the Zambian Kwacha. Mr Sakanya said this year, MCM needs US$160 million to complete some of its projects, which are key to increasing copper production.
The US$160 million offers local banks to contribute to the success story of MCM, a wholly-owned ZCCM-IH mining firm.
The previous owners, Glencore, were seemingly denying Zambians and the local banking financial system of the much-needed liquidity for investment. Multinationals engage in a lot of transfer pricing and other tax avoidance schemes. The fact that Mopani plans to raise finances for projects from the local banking system also goes to confirm several benefits which will accrue to our financial markets. If so much money can be made available by local banks to syndicate financing at a single mine, banks must be encouraged to also innovatively finance other economic undertakings, especially where competitive advantages exist, in order to diversify the economy from extractive and wasting sectors. The K2 billion Zambia Revenue Authority owes MCM in Value Added Tax (VAT) refunds is a source of worry. Tax reforms should be speeded up to avoid productive companies being out of pocket for extended periods of time and stifling their production and eventually the contributions to economic development Given the favourable copper prices and the Government’s fragile cash-flow situation, it might be an opportunity for capable Zambians to organise a consortium or joint venture and take over the running of the mine. Indeed, Mopani appears to be driving at becoming a success story. All it needs is Government’s support But the US$1.5 billion debt to Glencore has to be reviewed or renegotiated, if legally possible, so that the mine can redirect resources to is operations. The author is editorials editor at the Zambia Daily Mail.

 

Source: http://www.daily-mail.co.zm/mcm-has-shown-potential-for-return-on-investment/

KARIBA MINERALS LTD EXCEEDS EXCEED OUTPUT TARGET

Easing of COVID restrictions sees firm producing 1, 600 tonnes of amethyst

Kariba Minerals Limited (KML) produced 1, 600 tonnes of amethyst last year against a target of 1,200 tonnes following relaxation of coronavirus restrictions in China and India.

The company, which is a subsidiary of ZCCM- Investments Holdings (ZCCM-IH) has been operating for over 60 years, producing over 90% of amethyst in Mapatizya and Sinazongwe in Southern Province.

ZCCM-IH corporate affairs manager, Loisa Mbatha said in a statement of Friday that COVID-19 affected the company’s sales, which fell by 50% in 2020.

“However, by 2021, markets in Asia, in particular China and India, started opening up and the company started exporting in the fourth quarter of 2021 resulting in an increase of production last year,” Ms Mbatha said.

KML recently expanded its value-addition projects to include gemstone cutting and polishing such as cabochon, facets, carvings, beads and gemstone trading.

Ms Mbatha said plans are in the pipeline to open a jewellery retail store and firm has secured an outlet at Kenneth Kaunda International Airport in Lusaka.

KML is also manufacturing amethyst stone tops such as kitchen tops, tabletops, tiles, and tombstones, among others.

It has commenced local sales for low-grade amethyst which has created over 150 jobs.

Ms Mbatha said KML is also creating opportunities by partnering with local mine licence owners to increase production and supply to international markets.

 

 

 

 

BOZ BUYS GOLD WORTH K345M FROM KANSANSHI COPPER MINES

THE Bank of Zambia (BoZ) has procured 282.79 kilogrammes (kg) of gold at a cost of K345.6 million from December 2020. Gold weighing 195.95 kg was bought from Kansanshi Copper Mines at the cost of K241.8 million, while 86.84 kg was purchased from Zambia Gold Company, a subsidiary of ZCCM-IH at the cost of K103.8 million.
This is according to the Ministry of Finance and National Planning in its response to online questions on gold purchasing released recently.

ZCCM-IH SHAREHOLDERS ENDORSE 90% ACQUISITION IN ZAMBIA’S MOPANI

LUSAKA (Reuters) – Shareholders in Zambia’s ZCCM-IH have overwhelmingly supported its acquisition of a 90% stake in Mopani Copper Mines (MCM), the state-owned mining investment firm said on Wednesday.

Glencore agreed the sale of its majority stake in Mopani to ZCCM-IH in a $1.5 billion deal, the miner and trader said in January.

The extraordinary general meeting vote on the resolution was the last condition towards the completion of the transaction and ZCCM-IH now holds 100% ownership of Mopani, ZCCM-IH said in a statement.

The deal is funded by borrowings from Carlisa Investments Corp – a British Virgin Islands-based company through which Glencore holds its stake – and other members of the Glencore group.

With increased ownership, ZCCM-IH would now be an active participant in the global industry as copper becomes a critical metal, ZCCM-IH Chief Executive Mabvuto Chipata said.

“Mopani will repay the remaining debt of $1.5 billion from its own cashflows and the repayment is expected to happen well within the remaining life of mine,” Chipata said.

Glencore said in a separate statement it would continue to retain offtake rights in respect of Mopani’s production.

ZCCM-IH has said it expects to find a new investor for Mopani by the end of the year as it looks to boost copper output from a little more than 34,000 tonnes to 150,000 tonnes.

 

Source: https://www.reuters.com/article/uk-mopani-copper-m-a-zccm-ih-idUSKBN2BN1UZ

NEW ZCCM-IH CHAIR SETS INVESTMENT AGENDA

NEWLY appointed ZCCM- Investment Holding (ZCCM-IH) board chairperson Dolika Banda (left) says she will ensure that the institution’s agenda on investment remains top priority in creating and maximising economic transformation across the mining value chain.
She said this in her new year message to ZCCM-IH shareholders posted by the Lusaka Securities Exchange Commission(LuSE) yesterday.

 

Source: https://www.times.co.zm/?p=114120

DOLIKA ASCENDS TO THE ZCCM IH BOARD CHAIRPERSONSHIP

Towards the end of Q4 2021, Zambia’s investment house announced the appointment of seasoned Banker and Investment Professional Dolika Banda as its new Board Chairperson, according to statement from ZCCM IH.

Lady Dolika Banda ZCCM IH’s First Woman Board Chair
In a statement issued by the Head of Corporate Affairs Loisa Mbatha on 15th December 2021, ZCCM-IH’s new Board Chair is an investment and financial with a wealth of over 36 years of experience from various local and international organisations across the globe.

“Over a 36-year career, she has held senior positions with Citibank Zambia, Barclays Bank Zambia, the World Bank Group’s International Finance Corporation (IFC), the UK government’s development finance institution (CDC Group Plc) and the African Union’s African Risk Capacity Insurance Company (ARC Ltd)”, read the issued statement. “With a focus on banking and finance, her international experience combines operational investments as well as policy advice. She has worked across the globe, including Africa, Latin America and the Caribbean, Europe, Central Asia and the United States of America”.

Lady Dolika ascends to one of the most influential boards whose impact extends over a mining sector in transition. With souring copper prices and a need for a firm position regarding the way forward on two mines in her company’s portfolio (Konkola Copper Mine and Mopani Copper Mine), Dolika’s board will be making the decisions that will shape the destiny of the mining competitive landscape in Zambia.

According to an article published by Bloomberg on 29th October 2021, “Mining royalties will be deductible from income taxes, Finance Minister Situmbeko Musokotwane told lawmakers Friday in his first budget speech since his party won power in August elections. However, the Minister didn’t announce changes to the royalty rates. In 2019, the nation implemented the 10th change to the tax regime in 16 years”.

Lady Dolika’s Board will have comfort in a fiscal regime that is on record and poised to bring stability in a sector desperate for predictability due the capital-intensive nature of the industry.

In a statement issued by Head of Corporate Affairs at ZCCM IH Loisa Mbatha issued on 15th December 2021, commenting on her appointment, Ms. Banda said “she was honoured to be awarded an opportunity to serve the country through this position. she did not underestimate the challenges that lie ahead – yet therein lies the opportunity. Working together for a common goal, as I know we will do, I see a ZCCM-IH that will fly high, just as the eagle on our flag soars against all odds”.

All the members of the Dolika led board has been fully constituted with eight-members including Directors representing NAPSA, the minority shareholders and the IDC. “Ms. Banda has assured ZCCM-IH shareholders that she will endeavour to lead the Board such that the decisions will always be in the best interest of the Company. She further states that despite the many challenges faced by the Company in the past “there is now a wave of a positive confluence of key influencing factors such as political goodwill, coupled with international confidence, shareholder optimism and patience, and positive demographic dynamics” to spur the Company to growth”.

 

Source: https://fizambia.com/dolika-ascends-to-the-zccm-ih-board-chairpersonship/

CEC BACK TO BEING PROFITABLE

THE Copperbelt Energy Corporation Plc says it remains hopeful its 2021 net profits could almost double that achieved in the half-year period ending June 30 on account of a continued strong financial performance.

Since announcing its half-year results in September this year, where the utility earned a huge profit of around US $25.5 million in the period ending June 30, 2021, coming from a loss of $32.5 million in the prior period, CEC’s share price jumped from K1.40 per share in early September to K1.80 in trading sessions on the Lusaka Securities Exchange (LuSE) by the end of that same month.

Analysis from data made available on the company’s share chart shows that its share price peaked to an all-time high of K2.65 per share this month since going public on the local bourse back in
January, 2008, opening at K0.45 per share.

Market data availed by the LuSE revealed that the power utility’s share price has soared to K2.65 per share as at December 28, 2021, compared to just K0.96 per share 12 months ago. Commenting
on the strong share price performance posted by the utility this year, CEC chief financial officer Mutale Mukuka expressed confidence that the company’s performance on the local bourse would
continue in view of major developments that have occurred this year, such as the shift in segmentation of its biggest customer Konkola Copper Mines Plc, triggering significantly reduced
receivable impairment losses.

“I think that the share price or investors are essentially looking at the value that the business has posted to date. Secondly, they are also valuing the business and looking at the outlook. We are
coming from a situation where the business was posting impairment losses as a result of the KCM non-payment and to a larger extent, that was then tied to the SI Common Carrier status that the
business was given,” Mukuka said in an interview. “Now, with a change in segmentation from supplying power to transmission, use of system provision to that mine, that meant that we are not
taking the full credit risk for KCM and from a numbers point of view, it significantly reduced the level of impairment. So, with those levels of impairment coming off and reducing significantly to numbers below US $10 million, it meant that the business was back to being profitable just from an earnings perspective. So, moving from a loss position to being profitable once again. We hope that as we are getting to year-end, we could get to a number that probably is very close to double what we had at half-year. If you look at it from that perspective, then you are essentially looking at a very profitable business.”

He added that CEC’s consistent rewarding of dividends to its shareholders positively impacted investor sentiment in the company.

CEC declared a dividend to its shareholders amounting to 2.1 US cents per share for the 2020 financial year following an improved performance during the second-half of last year.

This was followed-up with an interim dividend of 2.3 US cents per ordinary share this year, which translated to K0.3727 per share following its half-year profits.

“The second issue is that the business itself is a dollar business. Most of the businesses that we see around have a kwacha exposure. If you look at it from a dollar perspective, their income is not
dollar-based. Now, in this instance, the income itself is dollar-based, which means that when you are valuing this business, it’s a business that is valued in dollars, then you apply the exchange rate.
So, to some extent, the valuation that investors are applying also have some assumptions around the effects; what sort of exchange rate are they applying?” Mukuka said. “The third issue when you
look at it from a performance perspective is the fact that this is a business that has consistently rewarded its shareholders with a return in form of dividend. And if you look at the dividend payments over the years, it’s something that has been growing over the years, and the growth has been reasonably okay if you compare to what other investment options that investors are looking at. So, just based on that, I think these are the sort of drivers that have impacted on the share price.”

And Mukuka explained that Zambia’s mining sector, which now has a positive policy direction and outlook, also influenced the company’s share price performance.

“…The business is largely linked to mining in Zambia. If you look at the policy direction of the mines that the government has put up, it is an ambitious plan to get to three million tonnes (of copper) in the next decade. If that is growing, it means that most of the suppliers to the mines, CEC included, they have to grow with that ambitious plan. So, if you are looking from outside, you are essentially looking at all these factors: the current things that have happened and then, going forward, what are the things that will happen that will impact positively on the business,” he said. “I think for most of the businesses, not just CEC alone, the environment is right, and the policy direction is that we need to push and grow the economy. Now, as the economy is growing, which sectors are contributing to the growth? My expectation is that if mining is growing, then all the suppliers are growing, CEC will grow. So there is quite a lot of optimism in that area.”

Meanwhile, Mukuka welcomed the recent appointment of renowned energy expert and proprietor of Petrotech Oil Corporation Limited, Reynolds Bowa, as the Energy Regulation Board (ERB) board chairperson.

Bowa, up until last year, was a non-executive director on the board of Copperbelt Energy Corporation Plc, representing ZCCM-IH.

“Mr Bowa was our vice-chair. He has a lot of expertise in the energy sector having been part of the Oil Marketing Companies (OMCs). Subsequently, he owned his own. And his expertise where he worked with CEC and others, I have no doubt that he’s got what it takes to be part of the team that regulates this sector. So, we can only wish him well and look forward to them pushing the sector forward. Overall, it’s a very good competent team, which we look forward to working with,” said Mukuka.