Zambian President pledges government support for Lubambe mine expansion

Zambian President Edgar Lungu has assured ZCCM Investments that the country’s government will support the miner’s expansion of its Lubambe copper mine.

In visiting the Chililabombwe-based ZCCM Investments on January 7, Lungu said the Lubambe extension was “too much good news to be ignored” and directed State House Minister Freedom Sikazwe and his office technocrats to ensure the mine gets all the support and necessary approvals required to ensure the project is a success.

Lungu was accompanied by Zambia Mines and Minerals Development Minister Richard Musukwa and other Cabinet Ministers, permanent secretaries and local government leaders.

As such, Lungu directed Lubambe operations director Tony Davis to provide details of the help that the mine required to expedite all pending processes.

He added that the future of the Lubambe project lies in the extension project, which is located 6 km south of the existing mine.

In July 2020, the Lubambe mine completed an advanced concept study confirming the potential of the Lubambe extension project at 247-million tonnes at a grade of 3.64% copper.

Davis also revealed that the mine had increased production by 70%, from one-million tonnes of copper in 2017 to 1.7-million tonnes in 2020.

However, Lungu also emphasised that all processes required for the project to take off must be followed to the letter to ensure the project is executed appropriately.

“You have my support on this project, but I wish to emphasise that all processes and requirements must be fulfilled so that everything is done according to book and within legal requirements and provisions,” he said.

In turn, Davis pledged the mine’s commitment to doing its part to provide the details and information required by government.

While at the mine, Lungu urged Lubambe employees and labour unions at the mine to increase production. “I want to tell you that nothing succeeds like hard work. We all need to work hard and sustain production so that no job is lost. Produce more and demand more.”

He also thanked the mine’s management for being one of the outstanding mines in Zambia in terms of health and safety discipline, despite tragedy that occurred in November 2020 when a miner died.

Lubambe generally has a good safety record, said Lungu.

 

Source : https://www.miningweekly.com/article/zambian-president-pledges-government-support-for-lubambe-mine-expansion-2021-01-11

Zambian President pledges government support for Lubambe mine expansion

Zambian President Edgar Lungu has assured ZCCM Investments that the country’s government will support the miner’s expansion of its Lubambe copper mine.

In visiting the Chililabombwe-based ZCCM Investments on January 7, Lungu said the Lubambe extension was “too much good news to be ignored” and directed State House Minister Freedom Sikazwe and his office technocrats to ensure the mine gets all the support and necessary approvals required to ensure the project is a success.

Lungu was accompanied by Zambia Mines and Minerals Development Minister Richard Musukwa and other Cabinet Ministers, permanent secretaries and local government leaders.

As such, Lungu directed Lubambe operations director Tony Davis to provide details of the help that the mine required to expedite all pending processes.

He added that the future of the Lubambe project lies in the extension project, which is located 6 km south of the existing mine.

In July 2020, the Lubambe mine completed an advanced concept study confirming the potential of the Lubambe extension project at 247-million tonnes at a grade of 3.64% copper.

Davis also revealed that the mine had increased production by 70%, from one-million tonnes of copper in 2017 to 1.7-million tonnes in 2020.

However, Lungu also emphasised that all processes required for the project to take off must be followed to the letter to ensure the project is executed appropriately.

“You have my support on this project, but I wish to emphasise that all processes and requirements must be fulfilled so that everything is done according to book and within legal requirements and provisions,” he said.

In turn, Davis pledged the mine’s commitment to doing its part to provide the details and information required by government.

While at the mine, Lungu urged Lubambe employees and labour unions at the mine to increase production. “I want to tell you that nothing succeeds like hard work. We all need to work hard and sustain production so that no job is lost. Produce more and demand more.”

He also thanked the mine’s management for being one of the outstanding mines in Zambia in terms of health and safety discipline, despite tragedy that occurred in November 2020 when a miner died.

Lubambe generally has a good safety record, said Lungu.

Source: https://www.miningweekly.com/article/zambian-president-pledges-government-support-for-lubambe-mine-expansion-2021-01-11

Zambia concludes talks with Glencore on mine operations

Zambian President Edgar Lungu on Friday said the government has concluded talks with Glencore, the Anglo-Swiss multinational commodity trading and mining company, regarding its desire to increase its stake in its mining operations in the country.

The government, through its investment agency, the Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) currently holds 10 percent in Mopani Copper Mine while Glencore owns 73.1 percent with the other 16.9 percent owned by First Quantum Minerals.

The Zambian president said the conclusion of talks will bring certainty to the workers and the industry.

The Zambian president was speaking when he addressed workers at the mining firm in Kitwe city on the Copperbelt Province, according to the state broadcaster, the Zambia National Broadcasting Corporation.

The government, he said, will next week sign an agreement with Glencore following the conclusion of the talks and that the government will do its part to ensure the mining firm remains afloat.

The government recently expressed its desire to increase its stake in some of the mining operations in the country.

Minister of Mines and Minerals Development Richard Musukwa said recently that the 10 percent stake held in some mining firms was not sufficient. Enditem

Source: https://newsghana.com.gh/zambia-concludes-talks-with-glencore-on-mine-operations/

Zambia concludes talks with Glencore on mine operations

Zambian President Edgar Lungu on Friday said the government has concluded talks with Glencore, the Anglo-Swiss multinational commodity trading and mining company, regarding its desire to increase its stake in its mining operations in the country.

The government, through its investment agency, the Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) currently holds 10 percent in Mopani Copper Mine while Glencore owns 73.1 percent with the other 16.9 percent owned by First Quantum Minerals.

The Zambian president said the conclusion of talks will bring certainty to the workers and the industry.

The Zambian president was speaking when he addressed workers at the mining firm in Kitwe city on the Copperbelt Province, according to the state broadcaster, the Zambia National Broadcasting Corporation.

The government, he said, will next week sign an agreement with Glencore following the conclusion of the talks and that the government will do its part to ensure the mining firm remains afloat.

The government recently expressed its desire to increase its stake in some of the mining operations in the country.

Minister of Mines and Minerals Development Richard Musukwa said recently that the 10 percent stake held in some mining firms was not sufficient.

 

Source : https://newsghana.com.gh/zambia-concludes-talks-with-glencore-on-mine-operations/

Glencore to conclude sale of Mopani stake to Zambian govt this week – state media

Glencore has concluded discussions with the Zambian government about the sale of a majority stake in the Mopani copper mine, state media reported on Friday, January 8.

An agreement will be signed this week, according to a report by the Zambian National Broadcasting Corp, citing President Edgar Lungu.
“Glencore confirms that it is in final-stage negotiations relating to a possible sale of Carlisa’s 90% stake in Mopani to ZCCM, Glencore said in a statement.

Source: https://www.metalbulletin.com/Article/3969975/Glencore-to-conclude-sale-of-Mopani-stake-to-Zambian-govt-this-week-state-media.html

Glencore to conclude sale of Mopani stake to Zambian govt this week – state media

Glencore has concluded discussions with the Zambian government about the sale of a majority stake in the Mopani copper mine, state media reported on Friday January 8.

An agreement will be signed this week, according to a report by the Zambian National Broadcasting Corp, citing President Edgar Lungu.
“Glencore confirms that it is in final-stage negotiations relating to a possible sale of Carlisa’s 90% stake in Mopani to ZCCM,” Glencore said in a statement.

 

Source : https://www.metalbulletin.com/Article/3969975/Glencore-to-conclude-sale-of-Mopani-stake-to-Zambian-govt-this-week-state-media.html

PRESIDENT EDGAR LUNGU TOURS LUBAMBE MINE

By Brightwell Chabusha

President Edgar Lungu has toured Lubambe Copper Mine on the Copperbelt.

Lubambe Copper Mine is an underground mining operation situated on the Zambian Copperbelt close to the town of Chllilabombwe.

The Lubambe Copper Mine is 80% owned by EMR Capital Resources, while 20% is held by ZCCM Investments Holdings Plc.

The tour of the Mine is part of the Head of State’s three-day working visit on the Copperbelt Province.

The Head of State will proceed on a tour of projects in the province.

President Lungu will on Saturday congregate with Christians at one of the Seventh Day Adventist Churches in Kitwe before departure for Lusaka later in the afternoon.

 

Source: https://zambiareports.com/2021/01/07/president-edgar-lungu-tours-lubambe-mine/

PRESIDENT EDGAR LUNGU TOURS LUBAMBE MINE

President Edgar Lungu has toured Lubambe Copper Mine on the Copperbelt.

Lubambe Copper Mine is an underground mining operation situated on the Zambian Copperbelt close to the town of Chllilabombwe.

The Lubambe Copper Mine is 80% owned by EMR Capital Resources, while 20% is held by ZCCM Investments Holdings Plc.

The tour of the Mine is part of the Head of State’s three-day working visit on the Copperbelt Province.

The Head of State will proceed on a tour of projects in the province.

President Lungu will on Saturday congregate with Christians at one of the Seventh Day Adventist Churches in Kitwe before departure for Lusaka later in the afternoon.

Source : https://zambiareports.com/2021/01/07/president-edgar-lungu-tours-lubambe-mine/

BoZ cashes in on gold

Bank of Zambia (BoZ) has bought 47 kilograms of gold from Zambia Gold Company Limited, a subsidiary of ZCCM Investments Holdings (IH.
This is the first time that the central bank is acquiring and holding gold as a reserve asset since 1995.
According to Zambia National Broadcasting Corporation news, BoZ Governor Christopher Mvunga said the recently bought gold is currently sitting in the central bank’s vault.
Mr. Mvunga, however, could not disclose the value of the gold.
He said in an interview that the move will help to build the country’s gold reserves.
“The investment will also build and enhance the market’s confidence in the bank’s ability to fulfill its mandate of price and financial system stability CLICK TO READ MORE

Source: http://www.daily-mail.co.zm/boz-cashes-in-on-gold/

BoZ starts gold accumulation in quest to bolster reserves

THE Bank of Zambia (BoZ) has commenced accumulation of gold as part of the official international reserves assets following the purchase of 47 kilogrammes of Dore gold from Zambia Gold Company Limited.

In a statement, Tuesday, the BoZ announced that following its formal commencement of gold purchases, it was now expecting Kansanshi Mining Company Plc, the First Quantum Minerals (FQM) subsidiary, to also start supplying the central bank with gold bullion during this quarter to bolster its reserves.

“…The Bank is also expecting Kansanshi Mine to supply gold bullion within the first quarter of 2021. The local purchase of gold follows the signing, on December 11, 2020, of the Gold Purchase Agreement with Zambia Gold Company Limited and Kansanshi Mine. Gold purchases is a strategic decision made by the Bank to broaden the composition and diversification of international reserves portfolio. The addition of gold as a reserve asset will augment the country’s international reserves. Reserves are an essential part of the Bank’s toolkit in providing protection against adverse economic shocks, and in achieving the monetary policy objectives of price and financial system stability,” stated BoZ.

“Purchasing gold locally using local currency provides a sustainable avenue of international reserves accumulation, provides a long-term store of value, and further enhances investor confidence. It also provides the necessary liquidity for the Bank’s foreign market operations. This is consistent with the broad objectives of government’s Economic Recovery Programme (ERP), which was launched on December 7, 2020.”

Zambia’s burgeoning gold market is gathering momentum, especially after the establishment of the state-of-the art US $250,000 Consolidated Gold Company laboratory in Lusaka last year, designed to ascertain the quantity and quality of gold mineral held by local traders.

ZCCM-IH, who have a projected national target of 40,000Kgs of gold, pegged its starting offer price for gold from the local market at a competitive price of K550 per gramme.

Kansanshi’s 2020 gold output is projected at nearly 3,700Kgs, the highest out of all of FQM’s other gold-producing mine sites globally, making Zambia an outstanding gold investment destination and potentially lucrative market.

Source : https://diggers.news/business/2021/01/06/boz-starts-gold-accumulation-in-quest-to-bolster-reserves/