Anglo American Considers Return to Zambia
President Hakainde Hichilema has announced that British mining giant Anglo American is strongly considering a return to Zambia, twenty years after the company stopped operating in the country.
Writing on Facebook, President Hichilema said he had hosted a delegation from Anglo American at State House, including the company’s CEO Duncan Wanblad.
“We are glad to note the renewed interest by Anglo American Corporation to invest in our mining sector after close of 20 years of their exit,” the President wrote.
“The 3 million tons annual copper production target we have set for ourselves will require partnerships with reputable mining companies like Anglo American corporation.”
President Hakainde Hichilema speaking with Anglo American CEO Duncan Wanblad.
Since President Hichilema took office in 2021 there has been an influx of foreign investments into the mining sector. In 2022, Canadian mining company First Quantum Minerals announced plans for a $1.25 billion expansion to its Kansanshi copper mine in North Western Province, as well as $100 million to operationalise its Enterprise nickel project.
These investments were followed by an announcement that the Bill Gates-backed Kobold Metals could spend $2.3 billion to build a new mine at Mingomba, Copperbelt Province, which is thought to be the largest copper discovery in Zambia for more than a century. Then, in October, Barrick Gold declared its decision to invest a further $2 billion at its Lumwana mine facility.
Increasing Zambia’s copper output is a cornerstone of President Hichilema’s plan for economic development, with ambitious targets to expand production to 3 million tons per year in the next decade.
It is currently unclear where Anglo American is likely to resume its operations however, they might partner with the Hichilema administration on one of the 40 government-reserved permits in which the state retains a 30% share in future critical mineral mines. This share, which was announced over the summer, will not affect current mining operations in the country and is intended to increase the benefit of Zambia’s mining sector to ordinary citizens.
Since President Hichilema took office, Zambia’s mining sector has become a highly sought after investment opportunity. His administration abolished the so-called ‘double tax trap’ on mining royalties and has normalised relationships with key players including Vedanta Resources, which soured under the previous administration. The country is now seen as a key player in the shift to green energy, with abundant supplies of copper, cobalt and other critical minerals needed for electric batteries and transmission cables.
Congo Trade Mission Nets US$12.22 Million In Trade
Lusaka, 11th November, 2024 — The Zambia Development Agency (ZDA) has recorded business volumes amounting to US$12.22 Million from the recent Trade Mission to the Democratic Republic of Congo (DRC). The breakdown comprised spot sales amounting to US$23.36 thousand, confirmed orders of US$998.3 thousand and trade leads worth US$11.20 Million.
The orders include the supply of cooking oil, tea, cleaning chemicals, treated poles, cereals, honey, groundnuts, fertilizer, cigarettes, engineering equipment, Personal Protective Equipment (PPEs) and services such as mining consultancy to DRC from 40 Zambian companies that participated in the 2024 Trade Mission.
In addition, the Trade Mission recorded leads for Zambian Companies to partner with DRC companies as a strategy to promote and sustain entry into the DRC market.
Commenting on the results of the Trade Mission, ZDA Director General Albert Halwampa emphasised that the DRC and Hauti Katanga Province, in particular, are an important market for Zambia.
Mr. Halwampa commended businesses that participated in the trade mission and urged them to ensure that they fulfill the orders and pursue leads to convert them into actual transactions and partnerships.
“The DRC continues to be a lucrative and accessible market for Zambian products including supermarket products, mining supplies, assorted agricultural inputs and PPE supplies,” noted Mr. Halwampa.
The objectives of the Trade Mission were to enhance Zambia‘s presence in the DRC; increase the number of companies with an understanding of the size and dynamics of the DRC Market; support companies to showcase their products, maintain the current foothold in the DRC market and establish new and future business relations; It was also an opportunity to undertake B2B meetings between Zambian companies and their Congolese counterparts.
The trade mission was held in Lubumbashi at the Hypnos Mall from the 16th to the 18th of October 2024 in the DRC.
AfDB loan of USD 8m to help advance 25-MW solar project in Zambia
The African Development Bank Group (AfDB) on Wednesday said it has approved an USD-8-million (EUR 7.4m) concessional loan to back the construction of a 25-MW solar project in Zambia, which has faced rising costs due to the COVID-19 pandemic and other challenges.
The financing comes from the Sustainable Energy Fund for Africa (SEFA), a multi-donor special fund managed by the bank.
The solar project, called Ilute, is being developed in Zambia's Sesheke District by Serengeti Energy Ltd and Western Solar Power Ltd. GreenCo Power Services Ltd has competitively selected the project as a pilot for its energy aggregator model under Zambia’s open grid access framework. GreenCo will act as an intermediary off-taker, buying the plant’s generation under a 25-year power purchase agreement and selling it to the Southern African Power Pool Day-Ahead Market.
"SEFA’s support has been instrumental in bridging the financing gap and will pave the way for future projects that contribute to Southern Africa’s energy transition,” said Daniel Schroth, AfDB director for renewable energy and energy efficiency.
Anton-Louis Olivier, CEO of Serengeti Energy, said SEFA’s support will help move the Ilute project forward. “This loan addresses the financial challenges we’ve faced due to the pandemic and rising costs. The Ilute project is a testament to innovative collaboration and serves as a pioneering model for future renewable energy initiatives in Zambia as well as the wider region,” Olivier added.
This article originally appeared on Renewables Now
Zambia Pursues Deals With Investors to Develop Mining Permits
Zambia plans to develop dozens of mining licenses together with investors to boost copper output in Africa’s second-biggest producer.
The nation has an ambitious plan to more than quadruple production by early next decade. The increase would require companies to spend billions of dollars to transform early stage projects into operating mines.
More than 40 permits reserved by the nation’s Mines Ministry will be transferred to a state company, which will then negotiate agreements with partners, Jito Kayumba, President Hakainde Hichilema’s special assistant for finance and investment, said in an interview. The government firm will hold significant minority but non-operational stakes in the ventures, he said.
“The appetite is illustrated in the numerous unsolicited offers we receive,” Kayumba said by phone.
Subsidiaries of miners First Quantum Minerals Ltd. and Barrick Gold Corp. accounted for about two-thirds of output last year. Those firms are already working on increasing production in the years ahead. Units of Abu Dhabi’s International Resources Holding, Vedanta Resources Ltd. and China Nonferrous Mining Corp. also operate mines in the country.
The state company, which will be owned by Zambia’s Industrial Development Corp., will contribute with the licenses and the results of a government-funded aerial geophysical survey, according to Kayumba.
The nation is also urging investors seeking minority interests in mining assets – such as Saudi Arabia’s Manara Minerals Investment Co. – to team up with an operating partner and the state to develop the available greenfield projects, Kayumba said.
Read the original article on Bloomberg
HH on mining sector reform “I am not allowing this process to happen until we have consensus”
President Hakainde Hichilema has reassured investors that his government will not embark on a controversial reform of Zambia’s mining sector until it has reached a consensus with the country’s mining companies.
In August, the government had announced plans to establish a state-owned firm to control at least 30% of future mines’ production of critical minerals, including copper. The draft legislation would also grant the government advanced mining rights to an area before an exploration licence was granted.
Speaking at the inaugural Zambia Mining and Investment Insaka in Lusaka on Wednesday, President Hichilema said he realised that the policy had spooked investors and he therefore called a meeting of Zambia’s Chamber of Mines, which represents major mining houses, to reassure them that the legislation would not go ahead without their cooperation.
“Invite everybody, even those mine houses that are not represented in the chamber. I said bring them to the table,” Hichilema told delegates at Lusaka’s Mulungushi Conference Centre.
“And I said to the Mines Minister [Paul Kabuswe], to the PS [Permanent Secretary], I am not moving here. I am not allowing this process to happen until we achieve consensus.”
President Hakainde Hichilema: "the government doesn't work in isolation; it must work with investors, its own investors in its own mines".
The comments come following a meeting between the Ministry of Mines and representatives from the Chamber of Mines last month. In a joint statement the chamber and government said they had “developed a roadmap for the resolution of the matter within the shortest period of time.”
President Hichilema’s comments at Zambia’s first ever Mining Insaka reiterate his support for public-private sector cooperation. In his speech he added, “the government doesn’t work in isolation; it must work with investors, its own investors in its own mines. These are our mines you run, Zambian mines. We want them to succeed commercially. Not many countries would do what we did. I think that’s where the value lies.”
The Insaka, which means ‘a place to gather’ in Zambia’s Bemba language, was held to coincide with the 100th anniversary of the first formal mining activity in Zambia.
Writing on Facebook, President Hichilema explained that the event was “a crucial dialogue aimed at shaping the future of the mining sector. It provides a platform or sharing experiences and fostering conversations as equal partners on how to maximize the industry's potential for the benefit of all stakeholders, especially the Zambian people.”
The inaugural Zambia Mining and Investment Insaka coincided with the 100th anniversary of the first formal mining activity in Zambia.
Zambia Investor Briefing: September 2024
OVERVIEW
MINING: Canadian mining firm Ivanhoe Mines has signed a Memorandum of Understanding (MoU) with the Zambian Government for exploration projects. Meanwhile, Barrick Gold plans to complete the feasibility study for its Lumwana mine expansion by year-end, with construction set for 2025.
RAIL: Africa Finance Corporation (AFC) has signed concession agreements with Angola and Zambia for the Zambia Lobito Rail Project. Also this month, President Hakainde Hichilema oversaw the signing of an MoU between China Railway Construction Limited, Zambia, and Tanzania to revitalise the Tanzania-Zambia Railway Authority (TAZARA) railway.
FDI: President Hichilema attended the 2024 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC). His trip focused on addressing Zambia's energy challenges, attracting investment, and strengthening Sino-Zambian relations.
WATCH: Sir Paul Collier, Professor of Economics and Public Policy at Oxford University’s Blavatnik School of Government, spoke to ZIB’s Choolwe Chibomba about investment opportunities in Zambia and what a potential second term for President Hichilema would mean for the Zambian economy. Chibomba also spoke to Renew Capital’s Lucas Robinson about his excitement regarding the vast opportunities available to invest within Zambia and the positive impact which government reforms are having on the investment climate.
COMING UP: ZDA Director General Albert Halwampa will be speaking at the Africa’s Financial Services Investment Conference (AFSIC) 2024 in London 7-9 October 2024. Halwampa will discuss investment opportunities available in Zambia including energy, agriculture, infrastructure development and manufacturing among others.
A CLOSER LOOK
Mining Developments
Canadian mining firm Ivanhoe Mines has signed a Memorandum of Understanding (MoU) with the Zambian Government, securing commitments for information sharing, identification of prospective land, access to geological data (including a new 750,000-km2 airborne geophysical survey), and support for new licence applications. The company has applied for a substantial exploration licence package in Zambia, with decisions expected by year-end. Ivanhoe co-chairperson Robert Friedland is confident in the potential for success for this new opportunity in Zambia: “We have high conviction that new discoveries are waiting to be uncovered”.
In other mining news, Barrick Gold plans to complete the feasibility study for its Lumwana mine expansion by year-end, with construction set for 2025. CEO Mark Bristow states this project will transform Lumwana into a top 25 copper producer and tier-one mine, better equipped for market volatility. The expansion aims to increase average copper production from 120,000 to 240,000 tonnes annually.
Elsewhere, Arc Minerals director and executive chairperson Nick von Schirnding praised President Hichilema on his administration’s achievements in implementing positive change in the mining sector since coming into office, which he described as “very impressive”. He said the UPND Government’s efforts to “turn this ship around” included “getting rid of the bad apples and sorting out historical corruption”. Von Schirnding also discussed Arc Minerals’ copper joint venture with Anglo American in Zambia, which he said remains firmly on track. The article was originally published in Miningmx’s The Mining Yearbook 2024.
Finally, Zambian mining companies have met with the government to discuss proposals that would potentially give the state a larger share of its mineral resources. In a joint press release, the Zambia Chamber of Mines said it was “committed to engaging with Government in finding solutions on policy and regulatory matters”. In a promising step for continued dialogue, the two parties have developed “a roadmap for the resolution of the matter within the shortest period of time” to ensure continued stability in the sector.
Rail Development Projects
Africa Finance Corporation (AFC) has signed concession agreements with Angola and Zambia for the Zambia Lobito Rail Project. The agreement was signed in a ceremony hosted by U.S. Secretary of State Antony J. Blinken during the UN General Assembly, and marks a significant step forward for the railway project. These agreements authorise AFC to finance, construct, own, and operate the railway, which involves the construction of about 800km of rail line connecting the Benguela line in Angola to the existing Zambian rail lines in Chingola. According to AFC president and CEO Samaila Zubairu, “The Zambia Lobito rail project represents a game-changing development for the region, unlocking tremendous potential for trade, industrialisation and socioeconomic growth”.
This follows weeks after the US’s announcement at the end of August of its readiness for “phase three” of its Lobito Corridor project, a rail line connecting the mining regions of northwestern Zambia and southern DRC to the Angolan port of Lobito on the Atlantic coast, and thereby to the global export market. Acting Special Coordinator for the Partnership of Global Infrastructure and Investment Helaina Matza announced, “From day one […] we knew that we wanted to continue the work to the Indian Ocean”, revealing President Biden’s administration’s ambitions to extend the line into East Africa.
The Lobito is not the only significant rail development project in the region. Earlier this month President Hichilema oversaw the signing of an MoU between China Railway Construction Limited, Zambia, and Tanzania to revitalise the Tanzania-Zambia Railway Authority (TAZARA) railway. In February, China proposed to spend $1 billion to rehabilitate the rail line through a public-private partnership model.
Forum on China-Africa Cooperation (FOCAC)
President Hichilema attended the 2024 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC). His trip focused on addressing Zambia's energy challenges, attracting investment, and strengthening Sino-Zambian relations. Beijing saw Hichilema engage in bilateral meetings with Chinese firms. China Non-Ferrous Mining Corporation (CNMC) and China Railway Construction Corporation (CRCC) pledged to expand their Zambian investments.
A pivotal meeting with President Xi Jinping reaffirmed the countries' long-standing cooperation. Discussions centred on boosting economic activity and China's support in energy, infrastructure, and mining sectors. The visit also included discussions with Liu Jiachao, Chinese Minister of International Department, about China's 10-point partnership plan with Africa and continued support for Zambia's infrastructure and debt restructuring.
In some good news for Zambia's energy sector three agreements were signed between ZESCO and Power China, including plans for rooftop solar projects and solar photovoltaic plants at Kariba North and Kafue Gorge Lower. An additional MoU between ZESCO and China Datang Corporation aims to diversify Zambia's energy mix beyond hydroelectricity. In another potential boost for Zambian energy, Hichilema met with LONGi Green Energy Technology Company in Xi’an to discuss solutions for Zambia's energy deficit. The company expressed willingness in collaborating on Zambia's short- and long-term energy mix programme.
LONG READS
The mining disruptors that could rock the industry (Investors’ Chronicle, 28.08.24)
China’s Xi Jinping courts African leaders to ward off geopolitical rivals (Financial Times, 04.09.24)
Investors and entrepreneurs collaborate in Zambia for social impact (Forbes, 18.09.24)
Samual Munzele Maimbo: SADC’s candidate for African Development Bank presidency (The Africa Report, 25.09.24)
The Mining Yearbook 2024 (Miningmx)
UPCOMING EVENTS
7-9 October - AFSIC Investing in Africa Conference and Expo London, UK
7-10 October - Green Energy Africa Summit Cape Town, South Africa
7-11 October - Zambia Mining and Investment Insaka Lusaka, Zambia
9-10 October - Zambia Impact Investment Summit Lusaka, Zambia
14-15 October - Brazil Africa Forum Sao Paulo, Brazil
22-24 October - Africa PPP: Infrastructure and Investment Summit Casablanca, Morocco
29-30 October - FT Africa Summit London, UK
Jubilee Metals expands copper operations in Zambia with Project G acquisition
Jubilee Metals Group plc, a diversified metals producer with operations in Zambia and South Africa, has provided a further update on the roll-out of its Copper Strategy in Zambia which is centred around achieving an initial production capacity target of 25 000 tonnes of copper per year.
The Company has successfully concluded its due diligence of Project G, an open pit copper mining operation in Zambia and has elected to acquire a majority interest in Project G under revised terms increasing the Company’s holding to 65% from 51%, as previously announced on 21 August 2024. Project G marks the second open-pit copper operation acquired in Zambia following the implementation of Project Munkoyo.
In addition, the Company is pleased to announce that it has increased the allocation of power under the recently announced (23 September 2024) private power purchase agreement to secure an additional 2MW of power in order to ensure that all of the Zambian operations are fully supplied under the LHPC agreement. The increased power allocation allows the Roan Concentrator to operate at full capacity in respect of its newly commissioned front-end module and its existing milling and floatation plant. The Company’s Zambian operations have now fully transitioned its power requirements onto renewable energy sources.
Additional $500 million to be invested into Lumwana Mine
President Hakainde Hichilema officiated the groundbreaking ceremony for the Lumwana Mine Super Pit in Kalumbila District, marking a pivotal milestone in Zambia’s mining sector. The event, held on a one-day working visit to the North-Western Province, signals a new era for the country, with significant investments poised to strengthen Zambia’s standing in the global copper industry.
The expansion of the Lumwana Mine, spearheaded by Barrick Lumwana, will see an estimated $500 million USD invested in infrastructure development, operational expansion, and advanced mining technologies. This substantial investment is expected to create over 3,000 direct jobs during the construction phase, with an additional 1,500 long-term jobs upon completion.
“This is a momentous occasion that reflects our ongoing progress in building a robust, globally competitive mining industry,” President Hichilema stated. “Copper is rapidly becoming a critical mineral on the world stage, and this project ensures that Zambia remains a key player.”
President Hichilema extended his gratitude to Barrick Lumwana for their dedication to the project and their commitment to collaboration, ensuring the success and impact of the Super Pit expansion.
During his visit, the President also engaged with traditional leaders and addressed a public rally at Manyama in Kalumbila District, where he interacted with local residents.
President Hichilema departed from Solwezi Airport at 17:40 hours, seen off by North-Western Province Minister Robert Lihefu, along with senior government and UPND officials. His visit underscores the government’s commitment to fostering development and economic growth in the region through strategic partnerships in the mining sector.
This article originally appeared on Lusaka Times
Zambia Bonds Rally as Morgan Stanley Praises Budget Restraint
Zambia’s dollar bonds climbed after its 2025 spending plan won praise from Morgan Stanley even as it drew concern from locals battling with the impact of the nation’s worst drought in a century.
The advance on its $1.7 billion in notes due 2033 sent yields tumbling by the most on record, reaching 7.86%. They’ve dropped more than 30 basis points since Finance Minister Situmbeko Musokotwane announced the budget on Sept. 27, reversing a weakening trend that started after the government completed a debt restructuring in June.
The bonds have performed so well that Secretary to the Treasury Felix Nkulukusa on Monday said the window may be closing to exchange them in a potential debt-for-nature swap.
Neville Mandimika, emerging-markets strategist at Morgan Stanley, upgraded his view on Zambia’s bonds to “like” after the spending plan showed a strong fiscal performance, with revenues exceeding expectations and expenditures controlled in the first half of 2024.
The outlook showed room for further consolidation next year, which will be helped by rising output and prices for copper, Zambia’s biggest export, Mandimika said.
Still, Musokotwane’s plan to trim 2025’s fiscal deficit to 3.1% from 6.4% estimated for this year means tighter spending controls.
Read the original piece on Bloomberg here.
BackChat Season 3 Episode 4: Lucas Robinson
Our latest episode of BackChat features Lucas Robinson of Renew Capital.
With a focus on technology, Lucas speaks openly about his excitement regarding the vast opportunities available to invest within Zambia and the positive impact which government reforms are having on the investment climate.
‘You ain’t seen nothing yet’ - Oxford Professor Praises Future of Zambia’s Economy
Oxford University Professor of Economics and Public Policy Paul Collier has praised President Hakainde Hichilema’s record in government, arguing that he inherited a difficult position and has now positioned the country for future economic growth.
Speaking to Zambia Is Back’s ‘BackChat’ program, Professor Collier said, “The change that President Hichilema will achieve in a second term will set a role model for the rest of southern Africa. Reforms will extend beyond minerals - to agriculture and new businesses.”
The British Academic explained that Zambia’s economic history demonstrates the urgent need for President Hichilema’s reforming agenda. Citing Chile as an example of a fellow copper exporter, “neck and neck” with Zambia 50 years ago, Collier highlights the different trajectories of the two nations - Chile’s GDP Per Capita is now over 15 times Zambia’s.
Professor Collier attributes the two countries’ divergent economic fortunes to poor management under a corrupt political class in Lusaka, where political power alternated between the two largest ethnic-based parties. Meanwhile, he says, mining and agriculture were underdeveloped.
Professor Collier said he was particularly impressed by President Hichilema’s commitment to political devolution, saying it “woke me up” to Hichilema when he was still an opposition candidate. The President’s National Decentralization Policy and Zambia Devolution Support Program (ZDSP), launched in May of last year, has now kicked off what Collier calls ‘long overdue’ decentralisation.
The move to devolution signalled the government’s commitment to bringing government services closer to the people and promoting accountability and transparency among local authorities and regions. Ultimately, the aim was to reduce corruption and boost international investment.
President Hichilema greets the local community in Zambezi District, NW Province
Asked if he thought the country was in a stronger position now than under the previous government, Collier responded that whilst Zambia is still in a difficult position, it is “through no fault of President Hichilema.”
The ongoing droughts are a major setback for Zambia, just as the government nears the end of a slow and painful debt-restructuring process after it became Africa’s first pandemic-era sovereign defaulter in 2020. This “double whammy”, as Collier terms it, has made life very difficult for Zambians. Staple corn harvests fell by 54% to a 16-year low, while hydropower generation - which accounts for about 85% of Zambia’s electricity supply- has plunged, leading to rolling blackouts lasting at least 12 hours daily.
Collier contends that the situation would be a lot worse if President Hichilema were not in power. Regarding Hichilema’s ability to secure international support, Collier said, “It’s the very top of international agencies, the very top of America and the very top of Britain, which shows the level of authority and respect that President Hichilema commands in international circles”. President Hichilema has also taken significant action to tackle the energy crisis, accelerating private investment in new energy, expanding the use of solar panels, and increasing the grid supply through new energy providers.
President Hichilema has expanded the use of solar panel within Zambia to help tackle the current energy crisis.
There are significant signs that Zambia is tempting investment back in. In 2023, the Zambia Development Agency (ZDA) reported pledged investments totalling US$39.97 billion, a significant increase from US$8.11 billion in 2022 and US$3.3 billion in 2021. The number of committed jobs also rose sharply from 24,585 in 2021 to 160,280 in 2023.
Last week, Moody’s Ratings upgraded Zambia’s long-term foreign-currency issuer rating to Caa2 from Ca, which is a step in the right direction. Hichilema’s government’s strong performance under its IMF program “anchors the agency’s expectations of continuing gradual institutional improvement,”said Moody’s.
Looking ahead, Professor Collier believes there are two keys to growth and economic development and that President Hichilema’s business acumen and economic reforms are essential to both.
The first key is finding venture capital to catalyse new businesses and sectors; in Collier's words, “It’s not pick a sector, it's pick a process”. The process of experimentation, with risk finance investing in small firms led by young Zambian entrepreneurs, is essential to diversifying the economy and expanding Zambia’s middle class.
The formulation of a new startup bill and community-allocated Constituency Development Funds (CDF) show that Zambia is setting the stage for redefining its economy, focusing on innovation and entrepreneurship, and making capital access easier.
The second key to development according to Collier, is a “gradual struggle to win the battle for productivity across the economy.” In particular, the development expert believes that mining on the Copperbelt, agriculture and Small and Medium-sized Enterprises (SMEs) can all flourish and become more productive in Zambia. “This is the way to make sustainable improvements,” he argues.
Professor Collier says agriculture is e key to developing Zambia's economy
All in all, Professor Collier firmly believes that President Hichilema is in a position to win the next election and that by the end of the extra seven years, “people in Zambia will be materially more prosperous because they will be more productive.”
You can watch the full interview with Professor Collier on the latest episode of BackChat.
BackChat Season 3 Episode 3: Professor Paul Collier
This week Choolwe Chibomba speaks with Professor Paul Collier of the Blavatnik School of Government at the University of Oxford. He specialises in the political, economic and developmental predicaments of low-income countries.
In this episode, Professor Collier speaks on topics including the work that President Hichilema is putting in to resolve current issues within the country, investment opportunities outside of mining, and what a potential second term for President Hichilema would mean for the Zambian economy.
All systems go for Arc’s Zambia copper JV with Anglo
Base metals exploration development company Arc Minerals says its copper JV with Anglo American in Zambia remains firmly on track.
Anglo in May rebuffed an all-share takeover bid from BHP which was focused on its copper assets – and Anglo’s new strategy, unveiled in the heat of that battle, is also drilling down on the red metal.
“It is all about copper, and that is frankly for Anglo and all other majors the No. 1 priority, at least the ones exposed to base metals,” Nick von Schirnding, director and executive chairman of Arc Minerals, said in an interview.
“I think it’s the most exciting prospective copper tenement in the world, certainly in Africa.”
Von Schirnding said the $90m project in the Dome region of the Zambian Copperbelt was fully funded and that drilling was set to resume in June. About $75m of that is “going into the ground” to support exploration.
“We started drilling late last year but the rains caught up with us. We drilled one deep stratigraphic hole down to 950m and that showed all kinds of interesting things including not only copper but also nickel mineralisation,” Von Schirnding said.
“That will help to better inform us about the upcoming drilling campaign. That will be very significant and probably last until late November/early December, depending on when the rains kick in.”
Arc’s tenements span 870km2 and are near First Quantum Minerals’ Sentinel and Kansanshi copper mines and Barrick’s Lumwana mine.
Industrial-scale copper mining started in Zambia almost a century ago, but there is still a lot of unexplored ground there. Exploration activities and capital investment were stymied after the Zambian government nationalised the industry – including Anglo’s assets at the time – in 1969.
The subsequent re-privatisation set the industry on a roller-coaster ride through successive Zambian governments, some of which were far less investor-friendly than others.
But Hakainde Hichilema, who won the 2021 presidential election, has worked hard to woo investors and create an environment more conducive to mining, which remains the lifeblood of the land-locked Southern African country’s economy.
“If you look at what the new administration in Zambia has done to turn this ship around, it’s been very impressive. I have met several senior people in the president’s office who have been tasked with implementing the changes that he wants to implement and that includes getting rid of the bad apples and sorting out historic corruption,” Von Schirnding said.
He pointedly noted that this was “easier said than done, as we see with President Cyril Ramaphosa in South Africa who had dealt with similar issues”.
Von Schirnding also said the Dome region in Zambia had reasonably good infrastructure, given its proximity to existing mines.
“There is no shortage of water and there is power up there that we can access. The road network is mixed but we have graded roads over the period that we have been up there, and the government has said that they are going to put more infrastructure in that north west part of Zambia, and that all can be done,” he said.
“And if you look at what First Quantum has done with their investments around their mines, tarred roads and things like that, that is what mining investment can do to uplift what is a historically poor region of Zambia.”
One open question is funding for the project when it moves beyond the exploration and development stage.
Concerns have been raised about the state of Anglo’s balance sheet and its ability to bring its copper assets – which are mostly in Latin America – to fruition. That is one of the reasons why at least some of Anglo’s shareholders were willing to entertain talks with BHP.
But Anglo plans to sell off its steel-making coal assets in Australia and diamond giant De Beers, and is slowing capital outlay on its fertiliser project in the UK. And it is directing its capital flow to copper. Some of that will conceivably trickle to a country where it was mining copper decades ago.
Von Schirnding won’t be drawn on Anglo’s recent restructuring plans, unveiled in May, in which the group intends to sell its 85% stake in De Beers, unbundle a 79.2% stake in Anglo American Platinum and sell its metallurgical coal assets in Australia.
But he was once high up in Anglo’s pecking order as head of investor relations and corporate affairs. That was in 1999 when the group listed its shares in London, a controversial development at the time because it signalled Anglo’s intention to unmoor itself from its South African base. He ended a 20-year association with Anglo in 2010 before embarking on a varied journey through the Asian, African and South American mining industries. He took his seat at Arc in 2017.
Von Schirnding remains bullish about the company’s prospects. “The excitement starts now,” he said in an October conference call to investors. The deal with Anglo was nothing short of the best exploration earn-in ever drafted, he added. Since then, investors seemed to have cooled on its prospects. At the time of writing, shares in the company had halved.
This article originally appeared on MiningMX
Zambia Investor Briefing: August 2024
OVERVIEW
The Zambian Development Agency (ZDA) recorded an impressive $8.9 billion in actualised investments between 2021-2024. In a statement the ZDA said “The USD$8.9 billion was recorded from 440 companies out of the 1048 companies registered between 2021 and 2024. Data from the 608 companies is still being awaited due to slow responses, once received the final actualised amount will be communicated accordingly”.
ZDA Director General Albert Halwampa will be speaking at the Africa’s Financial Services Investment Conference (AFSIC) 2024 in London 7-9 October. Halwampa will discuss investment opportunities available in Zambia including energy, agriculture, infrastructure development and manufacturing among others. Halwampa wrote in African Business that “Zambia is back in business” with $40 billion in investment committed in 2023 – up from $8.11 billion in 2022 and $3.3 billion in 2021.
President Hakainde Hichilema presided over the revival of Konkola Copper Mines (KCM) where he praised Vedanta Resources, KCM’s operator, for working with the government to get the mine back into operation.
Mopani Copper Mines successfully produced its first 200 tonnes of copper anodes since new equity partner, International Resources Holdings (IRH), took a 51% stake following its $1.1 billion capital injection in April.
Zambia reopened its border with neighbouring DRC, reviving the copper trade route and allowing goods to once more flow between the two nations. Shortly thereafter, the first shipment of US copper from mines in the DRC were loaded for transportation along the Lobito corridor, a key export route connecting mines in both Congo and Zambia to Lobito Port in Angola.
Sir Paul Collier, Professor of Economics and Public Policy at Oxford University’s Blavatnik School of Government, has praised President Hakainde Hichilema for reviving Zambia’s economic prospects. Writing in the Financial Times, Prof. Collier said the President had “built a team of competent ministers and advisers and crafted a programme of deep economic reform”.
A CLOSER LOOK
Mining Developments
President Hakainde Hichilema presided over the revival of Konkola Copper Mines (KCM) which he said will create more jobs for Zambians and increase tax revenues. The President praised Vedanta Resources, KCM’s new operator, for working with the government to get the mine back into operation. This follows Vedanta’s announcement in July that the company had arranged the financing of nearly $250 million needed to start paying off KCM’s creditors after it had secured approval from the High Court to take back control of the asset.
Speaking at Chililabombwe on the Copperbelt at the relaunch, Hichilema said “This mine will move two or three hundred thousand metric tonnes so it can contribute towards three million tonnes of copper – our vision”. The President also reiterated the governments “unwavering commitment […] to ensuring that the mining industry remains a cornerstone of Zambia’s economic development”.
In other mining news, Mopani Copper Mines successfully produced its first 200 tonnes of copper anodes since new equity partner, International Resources Holdings (IRH), took a 51% stake following its $1.1 billion capital injection in March. Mopani CEO Charles Sakanya said full operations at the mines are expected start in October of this year.
Elsewhere, Sinomine Resource Group, a Chinese-based mining services group, has invested $600 million in the Kitumba mine in Mumbwa District. The mine was opened last week by President Hichilema who indicated that this success continues to demonstrate a new era of Zambian mining success under the UPND government.
Finally, Zambia’s Ministry of Mines and Mineral Development signed a Memorandum of Understanding (MoU) with Ivanhoe Mines, which aims to further develop Zambia’s mining sector. At the signing ceremony Minister for Mines Paul Kabuswe spoke of Ivanhoe’s impressive track record when it comes to investment across the continent.
Energy and Technology
President Hichilema opened the inaugural Energy Forum for Africa conference at Mulungushi International Conference Centre in Lusaka, for which the theme was ‘Investment Opportunities in the Energy Sector in Zambia and Africa’. In his address, the President reiterated the “various regulatory and legal reforms we’ve undertaken to attract investment in the energy sector”. One month previously, Zambia officially opened up its electricity market to private industry.
Science and Technology Minister Felix Mutati announced Zambia has completed the construction of a ground receiving station which will pave the way for the launch of the country’s first satellite. The government has invested over $14 million in building the ground receiving station, with future plans to launch an earth-observation satellite to help address the challenges brought about by climate change in agriculture, land use and energy.
The ongoing drought is continuing to have a seriously adverse effect on the country’s energy sector, which is highly reliant on hydroelectric power. As part of efforts to diversify and stabilise Zambia’s energy supply for the future, President Hichilema this month announced the start of construction at Maamba Energy’s new 300MW geothermal plant in Southern Province. The facility is expected to come online in 2026.
LONG READS
Economic reforms are tempting finance back to Ethiopia and Zambia (Financial Times, 15.08.24)
Zambia is back in business (African Business, 19.08.24)
The US-backed railway sparking a battle for African copper (Financial Times, 21.08.24)
Scramble for critical minerals spurs and African rail revival (Bloomberg, 25.08.24)
UPCOMING EVENTS
Nairobi, Kenya 4-6 September
London, UK 26 September
Zambia Impact Investment Summit
Lusaka, Zambia 9-10 October
BackChat Season 3 Episode 2: Mafipe Chunga
Tune in to Mafipe Chunga, Managing Director of MCA Zambia and Co-Founder of OneSquareK, a modern, youth focussed housing development. This week Choolwe discusses the country's investment climate, Mafipe's current work and investments as well as President Hichilema's role in attracting investment into Zambia. #ZambiaisBack #Zambia #InvestinZambia #Investing
China to invest $1 billion in railway linking Zambia, Tanzania
China, Tanzania and Zambia signed an initial agreement to rehabilitate a decades-old railway aimed at improving the rail-sea transportation in resource-rich East Africa, Chinese state media said on Wednesday.
President Xi Jinping witnessed the signing of the memorandum of understanding on refurbishing the 1,860 kms (1,156 mile) Tanzania-Zambia Railway Authority (TAZARA) railway with the Tanzanian and Zambian presidents, who were in Beijing attending the Forum on China-Africa Cooperation, according to the state-run Xinhua news agency.
The single-track TAZARA railway was built between 1970 and 1975 through an interest-free loan from China, offering a cargo transport route from Zambia's copper and cobalt mines to the sea on Tanzania's coast that bypasses South Africa and the former state of Rhodesia.
Commercial operations of the line, derided by some Western governments at the time as the "bamboo railway", began in 1976. The multi-year project had involved the construction of two dozen tunnels and hundreds of bridges by tens of thousands of Chinese and African workers.
"China is willing to take this summit as an opportunity to make new progress in the revitalisation of the Tanzania-Zambia railway, cooperate to improve the rail-sea intermodal transport network in East Africa, and build Tanzania into a demonstration zone for deepening high-quality China-Africa Belt and Road cooperation," said Xi, according to state media.
Earlier this year, the World Bank approved $270 million in financing to help improve connectivity between neighbours Tanzania and Zambia and boost regional trade.
In February, China proposed to spend $1 billion to rehabilitate the rail line through a public-private partnership model.
This article originally appeared on Reuters
$600 million invested into Kitumba mine
Sinomine Resource Group, a Chinese-based mining services group, has invested 600 million United States dollars in the Kitumba mine in Mumbwa district.
The mine was opened last week by President Hakainde Hichilema who indicated that this success continues to demonstrate a new era of Zambian mining success under the UPND government.
“These resources that were here were not attracting investment [under the previous government]. It is because of [previous] leadership.” President Hichilema commented during the opening ceremony. The President added that local residents must take advantage of the project, to reap the benefits of the mine, such as the creation of both direct and indirect jobs related to the mine. It is expected that the mine will contribute to the economic and infrastructure development of the local community.
Kitumba mine is expected to handle 4.5 million tonnes of copper ore annually, and is expected to release 15,000 tonnes of copper per year.
“Now is the time to invest in Zambia’s mining sector, and invest smart”, one officiant commented at the opening ceremony.
The sucess of the investment demonstrates what can be achieved when vision, collaboration, and commitment come together.
ZDA Records US$ 8.9 bn in Actualised Investments (2021-2024)
Statement from the Zambia Development Agency (ZDA) on Friday 23rd August reads as follows:
“As ZDA, we recognise the important role of the media in informing the country of critical messages on Investments, Trade and Business Development.
It is against this backdrop, that the Agency hereby shares highlights for the actualised investments for the past three years as detailed below:
A. Zambia Development Agency Mandate
The Agency under the ZDA Act No 17 of 2022 and Investment, Trade and Business Development Act No 18 of 2022 has the mandate to promote:
1. Both Local and Foreign Direct Investment
2. Trade
3. Business Development for Small Medium Enterprises
B. Performance Overview
The Agency continued to execute its mandate to promote trade and investment through targeted trade and investment missions and by facilitating business development services, all of which were aimed to promote growth and competitiveness of businesses in key sectors of the economy.
1. US$ 8,9 Billion Actualised Investments - 2021 to 2024
The Agency has recorded unprecedented investment promotion activities in the past three years which resulted in US$ 8.9 billion actualised investments out of committed investment of USD 54 billion for the period 2021 – 2024.
The US$ 8.9 billion was recorded from 440 companies out of the 1048 companies registered between 2021 and 2024. Data from the 608 companies is still being awaited due to slow responses, once received the final actualised amount will be communicated accordingly.
The actualised US$ 8.9 billion was against a committed investment value of US$ 7.9 billion, from the 440 companies that responded representing 113% actualisation rate.
Top Ten Investments Actualised
S/N Project name Country of origin Sector Committed Investment (USD) Actualised Investment (USD)
1. FQM Trident Limited British Virgin Islands Mining 1,810,110,000.00 2,248,000,000.00
2. Tuff Boards Limited Zambia Manufacturing 1,381,000.00 906,000,000.00
3. Tim Motors Zambia Limited China Service 4,789,774.00 700,000,000.00
4. United Capital Fertilizer Zambia Company Limited Zambia Manufacturing 1,100,000,000.00 500,000,000.00
5. Shape It Adhesives Zambia Limited Zimbabwe Manufacturing 1,237,500.00 403,000,000.00
6. Sparta Limited Zambia Agriculture 1,755,000.00 350,000,000.00
7. Chenguang Biotech Zambia Agri-Dev Limited China Transport 1,100,000.00 350,000,000.00
8. Konkola Copper Mines PLC India Mining 1,000,000,000.00 312,910,000.00
9. Unified Chemicals Zambia Limited Zambia Manufacturing 220,000,000.00 228,000,000.00
10. Mopani Copper Mines PLC Switzerland Mining 281,000,000 220,000,000.00
11. Others 3,434,415,985.00 2,678,395,601.29
Total 7,855,789,259.00 8,896,305,601.29
Actualisation by Sector
Actualisation rate per sector was as follows:
o Mining recorded the highest with US$ 3.34 billion representing 34.91%,
o Manufacturing was the second highest with US$3.10 billion, representing 34.85%,
o Transport US$1.2 billion, representing 13.2%
o Services US$777 million, representing 8.7%
o Agriculture US$448 million, representing, 5.04%
o Tourism US$80.7 million, representing 0.91%,
o Energy US$77.9 million, representing 0.88%
o Construction US$ 65.2 million, representing 0.73%
Actualised Investment by Province
• Lusaka province recorded the highest value of actualisation of USD 5.3 billion against a committed investment of USD 2.7 billion, representing an actualisation rate of 63.3 percent of the total actualised investment.
• North Western province was the second highest with an actualisation of USD 2.3 billion against a committed investment of USD 1.84 billion, representing an actualisation rate of 27.3 percent.
Jobs actualised
Aside from investments, 36,045 jobs were actualised against committed employment of 29,009 from the 440 companies that responded. This represents an actualisation rate of 124.3 percent from the 440 enterprises monitored. The details are as follows:
• Manufacturing recorded the highest jobs at 12,460 representing 34.5%
• Mining was second with 9,692 representing 26.8%,
• Transport, 6,133,
• Agriculture, 3,049; and
• Services 2,554
Actualised Jobs by Province
• Lusaka province recorded the highest number of jobs with 18,433 jobs created accounting for 51 percent of the total actualised jobs.
• This was followed by Copperbelt province with 10,853 jobs created, representing 30 percent of the total actualised jobs.
Top 10 performing companies monitored by Number of Jobs Created
In terms of the top ten (10) enterprises monitored by jobs created, findings were as follows:
1. Mopani Copper mines PLC ranked highest with 6,010 jobs created
2. First Quantum Minerals (FQM) was second with 3,112 jobs created
3. United Capital Fertilizer Zambia Company Limited, 1,468 jobs created
4. Yalelo Limited - Renewal Quattro Company Limited-Renewal, 1098 jobs created
5. Quattro Company Limited-Renewal, 950 jobs created
6. Mimbula Minerals Limited, 800 jobs created
7. Varun Food and Beverages (Zambia) Limited- Renewal,780 jobs created
8. Yoyo Foods Limited, 700 jobs created
9. A.P.G Milling Limited – Renewal, 640 jobs created
10. Varun Beverages (Zambia) Limited- Renewal, 555 jobs created
Local Business Development Program and Corporate Social Responsibility
• USD 401.8 million was actualized in form of Local Business Development Program and Corporate Social Responsibility.
• In terms of Local Business Development, the enterprises involved in mining and manufacturing, local communities were supported through the subcontracting of various contracts to the enterprises;
• Major CSR activities included building and upgrading of schools. Others were donations, health facilities, grading of gravel roads, support to chiefdoms during traditional ceremonies, provision of transport services during pandemics such as Cholera and Covid-19, prize sponsorship and internship opportunities to deserving students in schools and colleges.
Members of the Press, these are some of the highlights of the actualised investments for the period 2021 – 2024.
The Agency will continue prioritizing monitoring the performance of enterprise registered with regards to actualisation as it provides evidence of accounting for economic benefits accruing to Government for the fiscal and non-fiscal facilitation investments.
C. KEY DRIVERS OF INCREASED INVESTMENT IN ZAMBIA
1. Good Leadership
His Excellency Mr. Hakainde Hichilema President of the Republic of Zambia is providing the good and focused leadership in growing the economy of Zambia as the Country‘s Chief Marketing Officer. He has promoted the country’s untapped investment opportunities far and wide. Investors have responded and they are trooping into Zambia like never before.
2. Robust and consistency policies
President Hakainde Hichilema is providing good leadership across sectors including mining, energy and agriculture sectors, hence providing confidence to the private sector as the drivers of economic growth. The president has established the Public Private Dialogue Forum (PPDF) providing seamless engagement between public and private sector to engage and resolve all red tape and bottlenecks standing in the way of development.
Further the Presidential Delivery Unit has been established to ensure all presidential priorities are delivered on time. This is a game changer in the scheme of doing things and has resonated well with private sector.
3. Stable Macro Economic and Fiscal Policy Fundamentals are now the norm under President Hakainde Hichilema
• Stable inflation,
• Stable Exchange rate
• Restructured debt
• Prudent spending, transparency and accountability
4. Consistent funding to the Zambia Development Agency
The New Dawn government has placed a premium on trade and investment as the means for creating jobs and wealth for the citizens of Zambia. To this effect the government has consistently funded ZDA to ensure execution of trade and investment promotion activities within the country and the rest of the world.
D. ZDA IS APPEALING TO LOCAL INVESTORS TO STEP UP AND TAKE UP OPPORTUNITIES TO INVEST IN OWN COUNTRY
The ZDA Act No 17 has provided for low investment threshold of US$ 50,000.00 to make it easier for local investors to access incentives that include the following:
1. Zero % customs duty on imported equipment and machinery
2. 10 years tax holidays on dividends and profits if set up in the multi facility economic zone and exporting or farming in the farm blocks
3. Extension of incentives to expansion projects- encouraging renewals
4. Opportunities in farm blocks and energy sectors
5. Constituency Development Fund opportunities
I thank you for your attention, God bless you and our great nation Zambia.
Zambia is back in business
Three years ago this month, thousands of Zambians flocked into Lusaka’s National Heroes Stadium to celebrate the inauguration of President Hakainde Hichilema, whose landslide election victory had been built on the promise of growing the economy, creating jobs, and lifting citizens out of poverty.
At the time Zambia’s economy was making headlines for all the wrong reasons. In late 2020 it became Africa’s first coronavirus-era sovereign default. By the time of the 2021 elections, inflation stood at well over 20% and Zambia owed more than $17 billion to foreign lenders, with a large portion of that debt hidden from the public accounts.
The country’s future looked bleak. The mining sector, which accounts for over 70% of total export earnings, 30% of government revenues and 8% of formal employment, was in disarray and the outgoing government’s heavy-handed approach to the industry had seriously spooked investors. While Zambia had long been considered a bastion of stability and progress in the region, its reputation had suffered a serious blow.
Fast forward three years and Zambians once again have good reason to be optimistic about the future. In 2023 the Zambia Development Agency (ZDA) recorded US$39.97 billion in pledged investments – up from US$8.11 billion in 2022 and US$3.3 billion in 2021. The number of jobs committed has also risen dramatically, from 24,585 in 2021 to 160,280 in 2023. As President Hichilema told the European Parliament in 2022, “Zambia is back in business”.
More investors are putting more money in, not just in the mining sector but also agriculture, manufacturing, energy, tourism and infrastructure. Of the US$39.97 billion pledged by investors last year, manufacturing accounted for US$19.72 billion, followed by energy at US$8.9 billion. Investment came from all over the world, from the US to China and from the UK to the UAE.
This turnaround has been achieved through a combination of measures: a mixture of practical reforms and ambitious initiatives designed to drive economic activity and diversify the country’s economic base, while at the same time playing to its strengths and seeking to leverage global trends such as the green energy transition.
President Hichilema has set an ambitious target of increasing copper production to 3 million tonnes annually over the next seven years. This gauntlet that has been picked up by major mining houses such as Mopani Mines and Konkola Copper Mines, who are ramping up production in response to growing demand for copper in industries like electric vehicles.
The President is also seeking to positon Zambia as the breadbasket of southern Africa, transforming more than one million hectares of the country into agricultural land through an innovative farm block program that would help feed the 500 million population of Zambia and her neighbours.
The foundation for everything, however, is good leadership. President Hichilema, who made his name in business before turning his hand to politics, refers to himself as the country’s Chief Marketing Officer. Investors have responded positively to the transparent and consistent policy environment he has fostered, as well as efforts to more actively engage and consult business through initiatives such as the Public Private Dialogue Forum (PPDF) and the Presidential Delivery Unit( PDU).
President Hichilema has been steadfast in prioritising the stabilisation and improvement of the economy so that government can increase spending on public services and raise citizens’ living standards. Over the past three years a huge amount of energy has been channelled into tackling Zambia’s debt – and with good reason. Not only did the 2020 debt default seriously damage Zambia’s reputation among investors but critically between 2018 and 2021 debt repayments increased from 20% to 38% of the national budget, while the allocation to areas such as health and education fell.
In August 2022 the government secured an agreement with the International Monetary Fund (IMF) for a US$ 1.3 billion extended credit facility which has recently been increased to around US$1.7 billion. Government has since restructured US$13.6 billion in debts, cut US$ 900 million from the total and spread payments over a longer time period to ensure the country has a sustainable route forward that gives it the space to invest in public services.
Meanwhile, a robust programme of business reforms and support systems has been rolled out, from boosting market access for local exporters to aboliting double taxation in the mining sector, and launching online applications for both local and international investments through the ZDA.
Hichilema’s government has also positioned the country for long-term, sustainable growth, clamping down on endemic corruption and introducing free education for all primary and secondary school children to become the business leaders and entrepreneurs of tomorrow.
Those who follow Zambia’s progress closely will know that despite all this progress, 2024 has brought unprecedented challenges for the country in the form of an historic drought. This is one of the biggest natural disasters to hit Zambia in modern times, not only threatening food security for more than a million households but also creating challenges in the energy sector, given the prominence of hydropower in our supply.
As the saying goes you should ‘never let a crisis go to waste’ and government has quickly responded by rolling out a raft of measures that are designed to not only alleviate pressure on struggling citizens but also to make the country more resilient against future disasters. These strategies range from promoting early maize cultivation and drought resistant crops, to removing import duty and VAT on solar equipment, as well as fast-tracking large-scale solar plants like the 100MW Chisamba Solar Project in Central Province.
Once again, we are confident that good leadership will see us through this crisis and that the end result will be more sustainable and resilient agriculture and energy sectors that are ready to meet the challenges of tomorrow. There is still much to do in the remaining two years before Zambia’s next general elections and so this momentum must be maintained at all costs. After all, we have a fast-growing population, so strong economic growth and job creation are essential. Today, however, it is worth recognising just how far Zambia has come since we re-opened for business.
This article originally appeared on African Business
Bahrain reaffirms commitment to trade and investment in Zambia
The Kingdom of Bahrain has reaffirmed the country's commitment to fostering cooperation with ZAMBIA in trade, investment, energy and mining.
King of Bahrain HAMAD KHALIFA said this when Zambia's Ambassador to the Kingdom of Saudi Arabia DUNCAN MULIMA presented his letters of credence.
King KHALIFA says the presentation of credentials marks a significant step in Zambia-Bahrain relations, paving the way for a new era of collaboration and cooperation between the two nations.
And Mr. MULIMA has expressed sincere gratitude for Bahrain's steadfast support in various international forums and reaffirmed Zambia's continued commitment to bilateral and multilateral cooperation with Bahrain.
Later, after the presentation of credentials Mr. MULIMA held bilateral meetings with Minister of Municipalities and Agriculture WAEL MUBARAK to explore cooperation in agriculture, municipal development and water resource management sectors.
He also held other meetings with the Chairperson of the Bahrain Chamber of Commerce and Industry KHALID MOAYED and Chief Banking Officer Bahrain Development Bank ALI ARADI.
Mr. MULIMA says the meetings are significant as Bahrain is a key partner for Zambia in the region, offering opportunities for increased cooperation, mutual understanding and benefit.
This article originally appeared on ZNBC