Search Results for: Zambia

BY KEITH NUTHALL
THE WORLD Bank is granting Zambia US$10 million so it can deal with the withdrawal of Anglo American plc (AA) from Konkola Copper Mines (KCM), without the company being wound up and its operations halted. AA acquired majority control of Konkola in 2000 under a World Bank-assisted privatisation, however, in 2002, in announced its abandonment of the mine, threatening to sell, liquidate or transfer the company to the Zambian government.…

BY RICHARD HURST
ZAMBIA’S Konkola Copper Mines (KCM) has announced that has launched an investigation to extend the working of its Nchanga open pit mine beyond its current planned three year lifespan.

Russell Alley, KCM chief executive officer, said that the company was exploring additional adjacent resources within the Nchanga area to replace the tonnage of copper ore mined.…

BY RICHARD HURST
ZAMBIA’S Copperbelt Energy Corporation (CEC), the supplier of electricity to the country’s mining industry, has embarked on a diversification growth programme, aimed at increasing its role in the Zambian and other southern African electricity markets through appropriate investments.…

BY RICHARD HURST
ZAMBIA’S Konkola Copper Mines (KCM) has posted a consolidated loss of US$159-million for the 2002 financial year which saw the exit of its key shareholder, the diversified mining giant Anglo American.

Barry Ireton, KCM chairman, blamed the loss on a continued depressed metal price during the year and a write off, (naming it a “negative impairment adjustment”), of US$104-million, about which he would not give details.…

BY KEITH NUTHALL
AS with many projects inspired by the start of the next 997 years and the last three, the framing of the United Nations’ (UN) Millennium Development Goals was an ambitious enterprise.

Imposing statistically measurable targets for international organisations and national governments in making improvements in global poverty, education, gender equality, health, the environment and education, they have proved tough to attain.…

BY RICHARD HURST
THE WORLD Bank and the Canadian International Development Agency (CIDA) have agreed to fund a US$55.77 million environmental management programme in Zambia’s copper mining region. The Copperbelt Environmental Project (CEP) will try to improve the compliance of Zambian copper producers with the country’s environmental regulations.…

BY RICHARD HURST
THE WORLD Bank and the Canadian International Development Agency (CIDA) have agreed to fund a US$55.77 million environmental management programme in Zambia’s copper mining region; the decision should tackle concerns that the bank – which has long been suggesting the programme – has been dragging its feet over releasing funding.…

BY KEITH NUTHALL
*A supermarket boom in sub-Saharan Africa is raising food production and distribution standards, which many small farmers cannot meet, said the UN’ Food and Agriculture Organisation (FAO). It called for the funding of cooperatives, micro-loans and training, especially in South Africa, Kenya, Zimbabwe, Zambia, Namibia, Botswana and Swaziland.…

BY RICHARD HURST
MONEY laundering is all about fake respectability, transforming the seedy and ill-gotten into the legitimate and well-earned; so in Africa, where better to launder criminal money than through the continent’s most developed economy, South Africa.

Mike Savage, partner at Ernst & Young South Africa, said that the biggest problem facing African governments wanting to seriously tackle money laundering is to pinpoint the movement of funds that are moved across porous borders in a bid to cover tracks and conceal sources.…

BY KEITH NUTHALL
THE EUROPEAN Investment Bank has drawn up plans to lend First Quantum Minerals Ltd up to Euro 14 million to expand the Bwana Mkubwa hydrometallurgical copper production facility in Ndola, in the Zambian copper-belt.

Its aim is to boost its copper production from 10,000 tonnes per annum to 30,000 tonnes per annum, extending the useful life of the plant by at least six years.…