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Zambian government repossess Colum Mine from Chinese

172 ViewsGovernment has with immediate effect repossessed the Maamba Colum Coal Mine in Sinazongwe district in Southern Province. Mines Minister, Yamfwa Mukanga, told a briefing in Lusaka today that the decision has been taken after the Chinese owned company failed to address the environmental concerns. The Minister said the Zambia Consolidated Copper Mine-ZCCM-Investment Holdings will […]

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125 ViewsActionAid International Zambia Country Director Pamela Chisanga has maintained that the new investigation carried out by her organization which has exposed Zambia Sugar Company’s tax avoidance is a true reflection of the situation on the ground. Speaking at a public forum in Lusaka this morning, Ms. Chisanga said the report on the avoidance of […]

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Kwacha struggling, copper nose diving

162 ViewsThe  Kwacha is struggling to regain strength after hitting an all time low against the United States (US) dollar, as it continues to be under pressure on the back of robust demand from market players. The local unit opened interbank trading on an intraday day high of between KR5.370 and KR5.390 on the bid […]

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Indian Firm to Invest 150 dollars on Sugar cane project

277 ViewsSterling Agriculture Enterprise Zambia limited (SAEL) intends to invest over US $ 150 million to develop a first ever commercial sugar cane farm project in Solwezi in North Western Province. SAEL, a subsidiary company of SP Group of India, which has already carried out pre feasibility surveys, has proposed to develop and establish an […]

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Bank of Zambia withdraws K2.2 trillion of old notes from circulation

161 ViewsThe Bank of Zambia has withdrawn over K2.2 trillion of the old currency notes from circulation and has introduced KR2.4 billion since the introduction of the new rebased notes on January 1 2013. BoZ manager in charge of Rebasing Morris Molomba told in Media Briefing in Lusaka the capital of Zambia today January 25 […]

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FRA still struggling to pay farmers

162 ViewsThe Food Reserve Agency (FRA) in Zambia’s Eastern province owes farmers and institutions a total sum of KR2,5million for the maize sold to the agency during the 2012/2013 crop purchasing season. Provincial Agricultural Coordinator in the Ministry of Agricultural and Livestock Obvious Kabinda disclosed this  in Chipata today. Kabinda said out of the total […]

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Let FRA produce mealie meal, Government urged

198 ViewsThe Zambia Consumers Association (ZACA) has urged Government to transform the Food Reserve Agency (FRA) from just being a storage organization to institution that will actively participant in mealie meal production. ZACA executive secretary Muyunda Ililonga said such a move would greatly help to mitigate the rising mealie meal prices. Ililonga said in Lusaka […]

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The Kwacha traded on the backfoot against the Dollar

130 ViewsThe  Kwacha traded on the backfoot against the United States (US) dollar at the close of business last week as continued demand for the dollar from inter-bank players saw the local unit lose 25 Ngwee on the day. According to the Zanaco Treasury Newsletter, the local unit opened trading at KR5.265/5.285 on the bid […]

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Zambia to benefit from AfDB’s 350 million dollar

122 ViewsZambia is expected to benefit from the US$350 million set aside by the AfricanDevelopment Bank (AfDB) to fight drought and food insecurity in Africa. AfDB resident representative to Zambia Freddie Kwesiga said the bank would also provide about $100 million for climate change adaptation for African countries. Kwesiga said AfDB the bank had a […]

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Kwacha continues falling against the Dollar

115 ViewsThe Zambian Kwacha has continued to lose ground against the greenback and is expected to be under pressure as continued shortage in supply will leave the Kwacha with very little support against a relatively strong demand. According to the Zanaco daily newsletter, the local unit traded pretty flat around KR5.260/5.280 during much of the […]

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