Zambia, Finland launch policy framework for investment
By Mutale Kapekele
Sat 22 May 2010, 04:00 CAT
ZAMBIA, with assistance from Finland yesterday launched the policy framework for investment project which is aimed at enhancing investment policy design and implementation.
The project, which will be conducted within the framework of the ‘unlocking investment potential in Southern Africa’ programme, aims to enhance investment policy design and implementation in Zambia and would use the Organisation for Economic Cooperation and Development (OECD)’s Policy Framework for Investment (PFI) as a benchmark to carry out the work.
Speaking at the launch, Finland under secretary of state for policy and development Ritva Koukku-Ronde commended Zambia for consistently strengthening the country’s business climate over the past five years.
“Private investment is a key to achieving sustainable development,” Koukku-Ronde said.
“It plays a crucial role in generating economic growth, job creation and poverty reduction. We commend the Zambian government for consistently strengthening the country’s business climate over the past five years as evidenced by Zambia’s improved ranking on the World Bank’s doing business index.”
She said the use of policy framework for investment offered Zambia a chance to increase the opportunities for attracting investments in the long term.
And commerce minister Felix Mutati said the government would continue working towards making Zambia the investment destination of choice.
Mutati said it was not enough to attract foreign investment to the country but to also be competitive by creating a conducive environment where the private sector thrived.
He said to respond to the need of an integrated approach to boost competiveness, the PFI project would engage “numerous government agencies involved in developing and implementing investment related policies.”
Labels: COBALT, FINLAND, INVESTMENT, OECD
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Copper exports rise for 1st quarter
By Chiwoyu Sinyangwe
Fri 23 Apr. 2010, 04:50 CAT
COPPER production in the country in the first quarter of this year jumped to 174,407 tonnes compared with 170,948 tonnes produced during the same period last year.
According to fortnight statistics by Bank of Zambia (BoZ), copper exports in the first quarter rose to
173,421 tonnes versus
153,306 tonnes exported in the same period last year.
BoZ stated that cobalt production in the three months to March 31, 2010 jumped to 1,921 tonnes from 1,081 tonnes last year.
Correspondingly, exports of cobalt increased to 1,905 tonnes from the 1,251 tonnes exported during the first quarter of 2009.
Copper mining is the country’s economic stay accounting for 63 per cent of the foreign exchange earnings.
With resumption of production at China Nonferrous Metal Mining Group Corporation Luanshya Copper Mines (CLM), commencement of production at the Konkola Deep Mining Project and ramp up at Lumwana Mining Company, copper production in the country is expected to surge.
Labels: BOZ, COBALT, COPPER
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Thieves steal two tonnes of cobalt from Chambishi
Written by Mwila Chansa in Kitwe
Thursday, April 02, 2009 3:22:13 PM
THIEVES have stolen about two tonnes of cobalt from Chambishi Metals Plc in Kalulushi District.
Copperbelt Division commanding officer Antoneil Mutentwa confirmed the development in an interview yesterday. He said police was investigating circumstances under which the theft occurred.
Mutentwa said no arrests had been made so far but police were trying to get to the bottom of the matter.
He said the theft is believed to have happened between Monday and Tuesday this week.
"We are investigating the matter to ascertain whether this was an inside job or whether it was a security lapse," Mutentwa said.
He said police had not yet received the value of the stolen cobalt as the matter was only reported to them on Tuesday evening.
Chambishi Metals Plc was placed under care and maintenance about three months ago following the drop in prices of metals on the international market.
Labels: CHASHIMBI METALS PLC, COBALT
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Caledonia Mining seals cobalt refinery deal with Chinese firm
By Chiwoyu Sinyangwe
Friday February 01, 2008 [03:00]
CALEDONIA Mining has announced that it has signed a six-year off-take agreement with a large Chinese refiner for establishment of a cobalt refinery at the company’s Nama project. Nama Cobalt Project is a wholly owned subsidiary of Caledonia and it is located north west of Konkola Copper Mine and adjoins the extensive holdings of Teal Mining and Exploration Limited near Chililabombwe.
The announcement was made in a statement released in Lusaka by the Toronto based mining giant. The statement did not however disclose the name of Chinesecompany. IAt the Nama Project, Caledonia plans to commence mining using open pit mining methods, pre-concentration and conventional cobalt extractive technology.
The statement also announced that under the terms of agreement, Caledonia would supply a minimum of 21,000 tonnes of cobalt metal equivalent in the form of cobalt hydroxide from its Nama Cobalt Project over the next six years.
“The agreement specifies that the price shall be based on the published monthly average of 99.3 per cent cobalt from the London Metal Exchange, and contains a guaranteed "Take or Pay" minimum cobalt price of US $12 per pound of cobalt metal and that the agreement is renewable,” the statement read in part.
And commenting on the development, Caledonia Mining president and chief executive officer Stefan Hayden said the agreement marked an important milestone for Caledonia as the company commenced with the development of Nama project.
“In the context of current spot prices for cobalt of US $44 per pound and the floor price of US $12 per pound, this contract represents substantial value and confirms Caledonia's potential for Nama, which I expect will prove to be one of the world's largest primary cobalt deposits and also become one of the key primary players in the cobalt market,” said Hayden.
“Negotiations on further agreements with refiners continue. With rising demand from China, India and America, we believe the fundamentals for cobalt remains robust in the near-term."
Caledonia is proceeding with detailed mine planning and is targeting commencement of production by early 2009 at an expected annual production level of 10,000 tonnes of cobalt metal.
A recent internal feasibility study had estimated capital expenditure at US $125 million and production costs below US $10 per pound.
Labels: COBALT
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