FOLLOWING the ongoing negotiations to revamp operations at Mopani Copper Mines on the Copperbelt, Government has finally secured an equity partner.
The Equity partner being International Resources Holdings (IRH) an affiliate of Abu Dhabi Conglomerate International holding was selected after an extensive process.
The process was undertaken by ZCCM-IH, together with Rose Child and Company, a company based in South Africa.
In carrying out the process of revamping the mine, which started last year in June, the process focussed on assessing Mopani’s balance sheet due to high level indebtedness and also finding a suitable partner for sustainable development.
Announcing the development, Mines and Minerals Development Minister Paul Kabuswe said the selection of an equity partner will help restore life back into Mopani.
“I wish to announce and I am so glad and exited to announce that after extensive and thorough process, Government through the directors of ZCCM-IH have appointed a strategic equity partner for Mopani. The preferred partner selected is International Resource Holding Limited an affiliate of Abu Dhabi Conglomerate International holding company,” he said.
He said the partner selected is expected to inject funds into Mopani to stabilise short term work requirements, completion of the mine projects and unlock its potential.
Mr Kabuswe also stated that the equity partner will also reset the existing relationship with Glencore.
He further added that other details of the development at Mopani will be announced in due course when signing of the deal is being made.
(Mwebantu, Friday, 1st December, 2023)
ERB lowers fuel prices amid Kwacha appreciation
THE Energy Regulation Board (ERB) has announced a downward adjustment in the prices of petrol, diesel, and jet A-I, bringing relief to consumers.
Effective midnight, petrol will be priced at K31.12 per litre, diesel at K28.78 per litre, and jet A-I at K28.23 per litre.
However, the price of kerosene will remain unchanged at K20.44 per litre.
The reduction in the prices have been attributed to the appreciation of the Kwacha which outweighed the increase in international oil prices therefore warranting a reduction in the domestic wholesale and pump prices of petroleum products.
ERB Board chairperson Reynolds Bowa said the price of kerosene has been maintained, adding that the decision on kerosene pricing will be reviewed consistent with the national supply and demand situation.
In a statement, Mr Bowa said over the review period, the Kwacha significantly appreciated against the United States Dollar.
“On average the exchange rate appreciated 14.4 percent. The appreciation was mainly attributed to interest rate hike by the Bank of Zambia (BoZ) and the directive that commercial banks hold back more funds in reserve. Furthermore, BoZ made available additional United States Dollars to the market,” he said.
Mr Bowa said the prices will come into effect at midnight and shall remain in effect until revised by the ERB.
He however said during the month of February the prices of oil on the international market increased.
Mr Bowa said the increase was mainly attributed to supply disruptions arising from geopolitical tensions in the Middle East which led to tightened supply of the commodity.
Meanwhile, the ERB in line with the Energy Policy has developed a bio-fuels pricing framework that will be used on blended fuel.
Mr Bowa said the growth of the biofuel industry will foster security of supply of petroleum products.
“Currently, a pilot phase for bio-ethanol trading has commenced and ERB will give periodic updates on how this programme is unfolding.” he said.
(Mwebantu, Thursday, 29th February, 2024)
ACC nab senior accountant, businessman
A LUSAKA based senior accountant has been arrested by the Anti-Corruption Commission (ACC) alongside a business man for possession of property suspected to be proceeds of crime.
Kasemuka Chiteta, a senior accountant stationed at police headquarters has since been charged with one count of possession of property suspected of being proceeds of crime.
ACC head of corporate communications Timothy Moono said in a statement that Kasemuka Chiteta on dates unknown but between 7th April, 2023 and 12th February 2024 in Lusaka District, concealed possession of a motor vehicle namely Toyota Landcruiser BAD4360 registered under the ownership of Chimuka Chibawe a Lusaka based businessman.
“In a similar development, the ACC has arrested and charged a Lusaka based businessman, Chimuka Chibawe of plot No. 136 C Kalomo road Chilenje” Mr Moono said.
He said Mr Chibawe has been charged with one count of Possession of Property Suspected of Being Proceeds of Crime contrary to Section 71 (1) of the Forfeiture of Proceeds of Crime Act No. 19 of 2010.
“Details of the offence are that, Chimuka Chibawe on dates unknown but between 7th April, 2023 and 12thFebruary 2024 in Lusaka, concealed possession of a motor vehicle namely Toyota Landcruiser BAD4360 registered under his names when the beneficial owner is Mr. Kasemuka Chiteta a Senior Accountant at Police Service Headquarters,” he said.
The pair has since been released on bond pending court appearance.
(Mwebantu, Thursday, 29th February, 2024)
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