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Load shedding hits businesses hard

1,575 ViewsCopperbelt residents have bemoaned the recently implemented load shedding schedule by ZESCO saying it is impacting negatively on business. Many traders talked to complained of low income after the implementation of the program by the power utility company. Recently, ZESCO Public Relations Manager Henry Kapata announced that effective June 1, all households and business […]

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Vedanta ‘drags’ Govt to International Court over KCM

1,369 ViewsVedanta Resources Limited has started the process of suing Zambia at the International Permanent Court of Arbitration in The Hague. However the proceedings will be held in South Africa. According to Press Statement by Vedanta notifying the general public of its move, the company said Zambia, using ZCCM breached the law when instead of […]

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Chinese firms eyeing KCM

996 ViewsBloomberg Africa has reported that Chinese firms including China Non Ferrous Metal are eyeing to take over the now liquidated Konkola Copper Mines (KCM) once the ‘divorce’ is finalized by the courts. Other rumoured firms includes Eurasian Resources Group who has  expressed interest, should the Government succeed in getting it from Vedanta Resources. According […]

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Agricultural Show still on

945 ViewsThe Agricultural and Commercial Society of Zambia (ACSZ) has refuted some claims in the media that the the 93rd Zambia Agricultural and Commercial Show has been been cancelled. Instead, the management of ACSZ has assured the nation that the show will go ahead as planned. The reaction comes in a wake of a statement […]

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KCM, contractors’ employees in salary delay

1,528 ViewsEmployees at the now liquidated Konkola Copper Mines (KCM) have had their salaries for the month of May delayed. The mining company, which is now in the hands of provisional liquidator Milingo Lungu, usually pays its employees before the 25th day of every month. Some KCM employees confirmed receiving their salaries only later on […]

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Liquidator assures KCM shareholders

1,477 ViewsKonkola Copper Mines Plc (KCM) has urged all stakeholders to remain calm as the Company continues to operate as a going concern. On Tuesday May 21, 2019, ZCCM-IH Plc, in its capacity as member of the Company, presented a petition for the winding up of the Company and the Court appointed Milingo Lungu (pictured) […]

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695 ViewsAccess Bank (Zambia) Limited, one of Zambia’s emerging banks on Wednesday launched “Access WhatsApp Banking” as part of our digital strategy to keep the pace in the digital banking revolution in Zambia and across the continent. This platform allows customers to carry out transactions like check balance, buy electricity (Zesco), buy airtime, block card […]

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work permits remain valid, Govt assures expatriates at KCM

817 ViewsGovernment through the Ministry of Home Affairs has assured all expatriates at Konkola Copper Mines that their work permits remain valid. Announcing the development Tuesday evening, Home Affairs Minister Stephen Kampyongo said the workers including expatriates should cooperate and ensure that the liquidators do their work. “we would like to assure all the expatriates […]

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Inter market Bank goes under liquidation

1,198 ViewsThe Intermarket Banking Corporation Limited has been placed under liquidation. This was announced barely few hours after ZCCM-IH was granted an order to appoint a liquidator for Zambians biggest Mine, Konkola Copper Mine (KCM) According to the Bank of Zambia Communique addressing Depositors, Creditors, Directors and interested shareholders, the bank has been dissolved following […]

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Zambia’s Eurobond yields shoot up following govt’s KCM takeover

853 ViewsZambia’s Eurobond yields rose to record highs after the government of the cash-strapped copper producer said it’s planning to seize Vedanta Resources Ltd.’s mining assets, reports Bloomberg. The yield on the southern African nation’s $750 million of securities maturing in September 2022 climbed 81 basis points to 19.74% as of 10:43 a.m. in London. […]

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