Solwezi Municipal Council has received a donation of 2, 838 books from Kansanshi Mine Plc.

Speaking when he received the donation, Solwezi Mayor Nicholas Mukumbi said books still remain the most popular source of information and knowledge for academics

Mr Mukumbi said despite the advent of Information Communication Technologies (ICT), the books helps to improve the reading and writing skills of people.

He said the Council is in the process of establishing a Library at the Kimasala Community Centre and planned to set up one preferably at the Civic Centre and others in each ward in order to reduce on movement of people from distant places to access books.

The Mayor encouraged members of the community to read the books once the Library is opened.

He expressed gratitude to the mining company for the gesture indicating that it will go a long way in improving the literacy levels of many in the district.

And Kansanshi Mining Plc Education Advisor Onward Mandevu said that Solwezi district and Zambia at large cannot develop with low literacy levels hence the donation of the novels, early childhood and senior school textbooks will help develop a culture of reading within the district because people that read, keep learning.

Kimasala Ward Councilor Nephan Kamwandi thanked the Council for being equal to the task by implementing provisions of the Local Government Act No. 2 of 2019 and bringing education services closer to the people as this guarantees improved literacy levels in Solwezi district.

Mr Kamwandi said the community will be enlightened about the donation and the importance of reading because this is for their benefit.

This is according to a media statement made available to The Independent Observer by Solwezi Council Assistant Public Relations Manager Esther Chirwa

Maamba Collieries Ltd (MCL), the largest thermal power producer in Zambia has scaled-up efforts to stop the spread of COVID-19, by implementing stringent preventive safety measures.

Maamba Collieries Manager Yotham Phiri said MCL is treating the global pandemic with utmost seriousness, and taking all measures to ensure the health and safety of its staff, while also sensitising the community.

“We are alive to the gravity of the situation and are taking every possible precaution to prevent the COVID-19 infecting our people. Measures we have implemented include daily fumigation of all MCL buildings, equipment and vehicles to minimise contamination, as well as stopping all visitors. Our safety team is working hard to ensure every entry point to the mine and all buildings have sanitising equipment for our staff to use.” He said

And HR and Administration Manager Bwali Ndau highlighted measures to minimise person-to-person contact and ensuring social distancing and personal hygiene have been put in place.

In a statement made available to the Zamvian Business Times – ZBT on April 7, 2020 MCL has advised all employees who had travelled abroad on vacation, not to return to Zambia or if they return, to adhere to strict health guidelines and has stopped non-essential travel within the country, until the situation returns to normal.

MCL interventions against COVID-19 have also extended to the sensitisation of the local community, special sessions for school children on hygiene, helping the community with materials to ensure hygiene, as well as donating a critical care ventilator for treatment of infected personnel.

Meanwhile, in support of the request of the Sinazongwe Council, MCL has donated the much-need materials for the COVID-19 Isolation Site – including N95 masks, disposable overalls, gumboots, gloves as well as hand-washing facilities and personal hygiene items including liquid hand wash soap, detergent and much-needed fuel for vehicles.

Maamba Collieries is a key player in Zambia’s energy sector feeding 300MW into the national grid. Since the start of COVID-19 pandemic, MCL has ensured it remains at the forefront in the fight against the deadly virus in the country, through a strong demonstration of commitment to stringent safet

Source: Zambian Busines Times

The tribunal appointed in the arbitration proceedings in the matter of Vedanta versus ZCCH-IH which were commenced by the former, has rejected the application for the withdrawal of the matter as well as the removal of the liquidator, according to a statement from ZCCM-IH.

“Shareholders of ZCCM Investments Holdings Plc (“ZCCM-IH”) are referred to the announcements dated 23 May 2019, concerning the filing by ZCCM-IH of a petition in the High Court of Zambia for the winding up of Konkola Copper Mines PLC (“KCM”) on 21 May 2019 (the “Petition”), the appointment by the Court of Mr. Milingo Lungu as provisional liquidator of KCM (the “Provisional Liquidator”) and the legal proceedings commenced in the High Court of South Africa and applications made to the Zambian High Court by Vedanta Resources Limited and Vedanta Resources Holdings Limited (together “Vedanta”)”, read a statement authorized by order of the Board issued by Company Secretary Chabby Chabala on 1^st April 2020. “In compliance with the requirements of the Securities Act No. 41 of 2016, shareholders are informed that on 23 March 2020, the tribunal appointed in arbitration proceedings commenced by Vedanta against ZCCM-IH dismissed an application by Vedanta for an interim measure requiring ZCCM-IH to withdraw the Petition and procure the removal of the Provisional Liquidator from office”.

ZCCM-IH has indicated it will provide details of these proceedings in due course. KCM is currently under provisional liquidation, a process that was initiated by ZCCM-IH, a minority shareholder, which presented a petition for compulsory liquidation in the High Court on 21st May, 2019.

A comprehensive Ministerial statement on the petition was provided by Minister of Mines and Minerals Development, Richard Musukwa to Zambia’s parliament following the appointment of the liquidator.

“The petition included an application for the appointment of a provisional liquidator”, read the Minister’s statement. “The appointment of a provisional liquidator was necessitated by the need to protect assets in the interim period between the presentation of the petition and the determination of the matter”.

Prior to the petition application, the Minister stated that there was a technical audit that was conducted on the mine by a multifaceted team of professionals. “The audit was conducted by a technical audit committee appointed by the Government comprising experts in mineral resources management, mineral processing, governance, labour issues, mining engineers and business administrators including lawyers from various institutions such as the Government, academia, the legal profession, industry and various universities in our country”.

The technical team revealed the following areas of concern regarding the financial and operational health of Zambia’s wettest mine:

• High Indebtedness and Threat of Insolvency
• Non-Compliance to the Commitment to Bring In Foreign Direct Investment (FDI)
• Lack of Investment to Develop New Ore Sources
• Failure to Adopt Cost-Effective Means of Production
• Lack of a Strategic Plan to Improve Operations at KCM

As the matter continues to play out, the Mines Minister’s message remains consistent. In February 2020, at the annual Cape Town Mining Indaba, he reiterated some of the challenges the country had faced with investor. “Zambia is a victim and it needs support. Vedanta Resources pledged to put in $300 million (R4.44 billion) they further pledged $500m and another $250m they did not bring that money”, read an extract from his response regarding the KCM debacle.

Source: Financial Insight Zambia

FQM’s Kansanshi Mine today unveiled 61,650 books made up of textbooks and leisure reading books to be distributed to school children in Solwezi. North Western Provincial minister Hon. Mubukwanu commended the mine for uplifting education standards in Solwezi and said the books would keep our children busy while their schools remain closed due to the COVID-19 pandemic. #FQMinvestsineducation.

Shares of First Quantum Minerals Limited (TSE:FM) have been given an average rating of “Hold” by the seventeen ratings firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is C$14.48.

Several brokerages have recently issued reports on FM. CIBC upped their target price on shares of First Quantum Minerals from C$14.00 to C$18.00 in a research note on Thursday, January 23rd. Credit Suisse Group reduced their price target on shares of First Quantum Minerals from C$13.00 to C$12.00 in a research report on Tuesday, January 14th. Raymond James set a C$15.00 price target on shares of First Quantum Minerals and gave the stock an “outperform” rating in a research report on Tuesday, February 18th. BMO Capital Markets reduced their price target on shares of First Quantum Minerals from C$16.00 to C$15.50 in a research report on Tuesday, December 17th. Finally, National Bank Financial raised shares of First Quantum Minerals from a “sector perform spec overwgt” rating to an “outperform spec overweight” rating in a research report on Thursday, February 6th.

FM traded down C$1.99 on Friday, hitting C$6.97. The company’s stock had a trading volume of 3,850,591 shares, compared to its average volume of 2,727,114. The company’s 50 day simple moving average is C$11.33 and its 200-day simple moving average is C$11.34. The firm has a market cap of $4.67 billion and a P/E ratio of -83.98. First Quantum Minerals has a 12 month low of C$6.60 and a 12 month high of C$16.63. The company has a quick ratio of 0.65, a current ratio of 1.25 and a debt-to-equity ratio of 94.61.

The firm also recently declared a Semi-Annual dividend, which will be paid on Thursday, May 7th. Shareholders of record on Thursday, April 16th will be given a dividend of $0.005 per share. The ex-dividend date is Wednesday, April 15th. First Quantum Minerals’s dividend payout ratio is presently -8.98%.

First Quantum Minerals Company Profile

First Quantum Minerals Ltd. engages in the exploration, development, and production of mineral properties. It primarily explores for copper, nickel, gold, and zinc ores, as well as produces acid. The company operates seven mines, including the Ravensthorpe nickel mine in Australia; the Kansanshi copper-gold mine and copper smelter in Zambia; the Sentinel copper operation in North Western Province of Zambia; the Guelb Moghrein copper-gold mine in Mauritania; the Çayeli copper-zinc mine in Turkey; the Las Cruces copper mine in Spain; and the Pyhäsalmi copper-zinc mine in Finland.

Featured Story: Penny Stocks

Source: Redmond Register

First Quantum Minerals has delivered 5,000 stoves to communities in a new initiative to minimise deforestation and pollution.

The Village Stoves programme involves FQM, in line with its environmental policy, teaming up with Zambia-based carbon credit and environmental company, The African Stove Company, and local small-scale manufacturers to develop a low-cost stove that is about 60% more efficient than conventional open-fire stoves used in Zambia’s remote areas.
TASC has over 20 years’ experience in international energy innovation and environmental projects.

The pilot programme, which was launched last year, involves installation of 5,000 United Nations-accredited twig-burning stoves in the communities surrounding the company’s Kansanshi mine in Solwezi.

On average, the new stoves have a UN-tested water boiling efficiency of 40% as opposed to 10% on an open fire; by comparison a kettle is 80% efficient – and is estimated to save 2.5 tonnes of carbon emissions per stove each year.

This means that over the seven-year lifetime of the project each stove – provided it is being used daily as a replacement for traditional fires – will save 17.5 tonnes of carbon.

The pilot phase therefore has a potential carbon saving of 87 500 tonnes of carbon, equivalent to about 3,000, 30-tonne trucks of firewood.

Kansanshi Foundation co-ordinator Guy Hammond said the nature of the fuel used by the stove lends itself to normal tree mortality rates and sustainable twig harvesting of forests, which naturally shed dead branches.

“This project has been over two years in the pipeline, but we are delighted that FQM is leading the way in doing our part to combat climate change and deforestation in North-Western Province,” he said.

“The exponential growth of Solwezi and Kalumbila towns due to our mining operations has seen an explosion of charcoal production to feed an ever-growing market, exacerbated now by the power crisis we are facing as a country. With the Village Stove programme, FQM has taken a proactive approach to saving our forests.”

What’s more, the upgraded traditional cooking stoves also make use of cutting-edge technology. Each stove is tagged by GPS transmitter and its fixed location is uploaded onto the UN carbon credit platform database. Annual random inspections by UN-accredited officers ensure the stoves are being used and are where they are supposed to be, and then carbon credits are awarded for sale on the open market.

Kansanshi Foundation Manager Bruce Lewis says: “Aside from the improved efficiency that dramatically reduces the amount of charcoal and wood needed to cook; the stove’s design also helps significantly reduce the risk of excessive smoke inhalation for the user by diverting the minimal amount of smoke the stove may produce safely away from the cooking area.”

Smoke inhalation is one of the leading causes of respiratory problems among village dwellers especially women who do most of the cooking.
He added that lower smoke levels not only mean lower risk of smoke-related illnesses among members of the local communities but also lower carbon emissions, thereby helping Zambia combat climate change.

The Village Stove makes use of unique thermofluidic flows created by a specially designed metal frame to minimise energy loss and ensure the highest possible amount of heat energy is directed to the base of the cooking pot.

The frame is bricked in to the kitchen wall for maximum safety and convenience.

Some 50 local manufacturers have been engaged to manufacture the frames.

The mine will lead the distribution exercise and train officers to carry out installation, maintenance and community training on their use.

And TASC founder Alick MacIntosh said he was happy to be working with FQM and was looking forward to seeing more stoves installed at the end of the pilot phase.

Source: Lusaka Times