Tag: Zambia

MTN Zambia secures additional spectrum at a cost of US$13.5m

Frank

ZAMBIA – MTN Zambia has been awarded additional spectrum at a cost of US$13.5 million to improve the quality of its voice and data services by the Zambia Information and Communications Technology Authority (ZICTA). The additional spectrum, on the 800MHz frequency band, will reinforce the operator’s existing spectrum resources and utilisation. In a statement, ZICTA said the company has proposed the introduction of a multimedia subsystem (IMS) in the core network to support the intended roll out of voice over long-term evolution (VoLTE). “The IMS is a standard high speed…

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Energy firm GreenCo floats tender for 40MWp solar plant in Zambia

Frank

ZAMBIA – Energy provider GreenCo Power Services, a subsidiary of Africa GreenCo Group, is launching the pre-qualification process for the selection of an independent power producer (IPP) that will build a solar photovoltaic power plant with a capacity ranging from 10 to 40 MWp. Interested IPPs have until March 21st, 2021 to apply. This comes after Africa GreenCo’s subsidiary was given the go-ahead by the Zambian authorities to play a major role in Zambia’s electricity sector, along with the state-owned Zambia Electricity Supply Corporation (ZESCO). Unlike ZESCO, which distributes electricity…

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Galileo Resources exits its Star Zinc project in Zambia

Frank

ZAMBIA – United Kingdom based Galileo Resources has signed an agreement to divest the Star zinc project to local Zambian firm Siege Mining. As per the deal terms, Siege Mining will pay US$200,000 for the large-scale exploration licence in addition to US$550,000 for taking an ownership stake in the project. The Zambian mining firm will also acquire Galileo’s exploration data in relation to the Star Zinc Project. Galileo will also be paid a royalty by Siege Mining on potential zinc sales from the project, based on the zinc grade. Galileo…

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ICT regulator ZICTA awards Beeline Telecoms Zambia’s 4th mobile license

Frank

ZAMBIA – The Zambia Information and Communications Technology Authority (ZICTA) has granted Beeline Telecom Limited a licence to commence mobile phone operations in the country. Beeline Telecom, a Zambian wholly owned company, will be required to commence operation within the next six months failure to which, unless determined otherwise by the Authority, the licence will be revoked. Currently the mobile service operators in Zambia include South African telecoms giant MTN, Airtel and local telecoms firm Zamtel. The local company has been offered the international network and national services licences with…

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Access Bank completes acquisition of Cavmont Bank Zambia

Frank

ZAMBIA – The management of Access Bank Plc has announced that its Zambian subsidiary has completed the acquisition of Cavmont Bank Limited. The bank said the acquisition followed the fulfilment of key conditions, including regulatory approvals. Access bank made this known in a disclosure notice sent to the Nigerian Stock Exchange (NSE). In July 2020, Access Bank in Nigeria announced plans by its Zambian subsidiary to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital. The bank said at the time that it had “entered into exclusive discussions” with Cavmont…

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Microfinance entity Xtenda Finance Ltd to acquire 45% stake in MyBucks Zambia for US$2.7m

Frank

ZAMBIA – Fintech company MyBucks Group has entered into an agreement with Xtenda Finance Limited, a Zambia microfinance entity founded by former BancABC Group executives for the sale of 45 percent of its Zambian subsidiary for US$2.7 million after Dr Rajan Mahtani, an indirect shareholder reportedly failed to meet the deadline for payment of a call option. Xtenda is owned by DBF Capital Partners and other shareholders. The deal would give Xtenda, 100 percent shareholding in MyBucks Zambia after an earlier agreement which was entered into in June 2020 to…

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Zambia to buy majority stake in Glencore copper mine for US$1.5b

Frank

ZAMBIA – State mining investment arm ZCCM-IH has agreed to buy Glencore’s majority stake in Mopani Copper Mines in a US$1.5 billion deal funded by debt and will seek a new investor, the government said in press statement. The copper mine sale follows Glencore’s attempt to suspend operations at Mopani last year because of low copper prices and COVID-19 disruptions, prompting a government threat to revoke the company’s mining licences. Zambia defaulted on a debt payment in November, becoming Africa’s first pandemic-era sovereign default, but will take on more debt…

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Bank of Zambia plans to build US$36m worth of gold reserves in 2021 to support local currency

Frank

ZAMBIA – Bank of Zambia (BOZ) has revealed plans to buy up about 600 kilograms of Gold from the Zambia Gold Company in 2021, having so far bought 47 kilograms of gold from ZCCM IH subsidiary, Zambia Gold company. The US$36 million gold reserves value excludes gold that will be purchased via its second gold buying agreement with First Quantum Minerals – FQMs Kanshanshi Mine of Solwezi. In an exclusive response to the Zambian Business Times, Bank of Zambia stated that that they target to buy 600kgs of gold from…

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Zambia secures US$27.9m grant from EU to boost electricity access

Frank

ZAMBIA – The government of Zambia has received US$27.9 million grant from the European Union towards the US$75.9 million Increased Access to Electricity and Renewable Energy Production (IAEREP) project under the Rural Electrification Authority (REA). Zambian Secretary to the Treasurer Fredson Yamba signed on behalf of the Zambia government while the ambassador of the European Union delegation to Zambia and COMESA, Jacek Jankwoski signed on behalf of the EU during the virtual grant signing and launch of the project held in Lusaka today. Energy Minister Mathew Nkhuwa, while speaking at…

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World Bank lends US$65m for sanitation around mining sites in Zambia

Frank

ZAMBIA – The World Bank is committing US$65 million to finance an environmental remediation and restoration project around several mining sites in Zambia. Mining which benefits the Zambian economy has many impacts on the environment, including pollution that affects people’s health. Initiated by the Zambian government, the Zambia Mining and Environmental Remediation and Improvement Project (ZMERIP) aims to clean up the environment around mining sites. It will now benefit from financial support of US$65 million from the World Bank. The funds granted to the Zambian government will be used to…

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