WEEKLY ECONOMIC RECAP - 18TH EDITION
ZCAS Economics & Business Association (ZCASEBA)
Empowering Tomorrow's Leaders: Nurturing Excellence in Economics and Business
1. IRH Offers $1 Billion for KCM Stake?
Following the acquisition of a 51% stake in Mopani Copper Mines Plc ,the unit of @International Holdings Company (IHC) of Dubai has submitted an unsolicited bid to acquire majority shareholding in Konkola Copper Mines plc (KCM).
2. ZAFFICO Plans $30 Million Wood Processing Plant
Zambia Forestry and Forest Industries Corporation Plc (ZAFFICO) says it will set up a $30 million integrated wood processing plant in Kalulushi on the Copperbelt to add value to its timber. The establishment of the integrated wood processing plant will be done in phases.?
3. K2.6bn released for roads
national road fund agency nrfa received K2.6 billion from the @Ministry of Finance and National Planning as part of project budget support for the financing of road projects and related activities across the country in the first quarter of 2024.?
4. Significant Investment in MCM
MINISTER of Mines and Minerals Development Paul Kabuswe says International Resources Holding (IRH) has so far pumped US$210 million cash into Mopani Copper Mines Plc while Glencore has been paid US$400 million cash.?
5. MCM Awards 13% Salary Increase
Mopani Copper Mines Plc has awarded workers a 13% salary increment while another 441 new employees are to soon be added to its workforce. The firm is also expected to introduce an incentive bonus for the miners which is expected to start running this year.
6. Zesco signs 1,000MW Solar Power Purchase Agreement
Zesco Limited has signed a landmark 1,000MW solar power purchase agreement with SkyPower Global, a world leader in large-scale solar energy solutions. The deal was announced yesterday, with President Hakainde Hichilema emphasising the strategic importance of the agreement.?
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7. BoZ's Payment to Investrust Bank Deposit Accounts
Bank of Zambia (BoZ)? announced that an initial payment of up to K500,000 per deposit account will be made from April 26 through to May 10 for depositors of @Investrust Bank Plc (in possession
8. Annual loss due to Road Traffic Accidents
Zambia is losing $700 million equivalent to 4.7% of the country’s Gross Domestic Product (GDP) annually to road traffic accidents. Further, about 2,000 people lose their lives every year to fatalities.
9.? Zambia Sugar Plc's Revenue Increase
Zambia Sugar Plc revenue in the six-month period ending February 28 grew by five percent to K2.35 billion, largely driven by strong domestic and export sales performance.?
10.? President Hichilema Aims for 6.5 Million Cattle to Boost Beef Exports
PRESIDENT Hakainde Hichilema says the New Dawn administration is looking to increase the cattle population to 6.5 million in the next two years as that could enable the country to generate US$1 billion each year through export of beef.?
Overall, the week saw significant developments in various sectors, including the acquisition and management of major mining and energy projects, investment in infrastructure, and an effort to improve the safety of roadways and increasing beef exports. There was also growth in the agricultural sector, particularly in the sugar industry, and measures to support depositors in the banking sector.
Written By David Sikapizye & Robson Kofi