By Nawa Mutumweno – The Zambia-China Trade and Economic Cooperation Zone (ZCCZ) is to attract 15 companies with a total investment of $2 billion to operate in the Chambishi Multi-facility Economic Zone (MFEZ) on the Zambian Copperbelt in the next five years. In order to entice investors to plough money into the zone, ZCCZ plans to invest another $50 million in the MFEZ in the next five years to further develop infrastructure in the area. So far 21 firms have invested over $1 billion since the establishment of the zone five years ago. Companies that have already pledged investment in... Continue Reading
By Emeka Umejei – Correspondent, Lagos: Transparency in the fisheries sector regarding both the use of the funds designated for the sector and the licensing conditions, is a crucial issue to sustainable fishery, Sid’Ahmed Abeid,President of the artisanal section of Mauritania National Federation of Fisheries said at the Hearing on the EU-Mauritania fishing agreement protocol in Brussels recently. “With respect to the financial compensation, for us, the most important thing is not whether we have 1 million, or 10 million, or 100 million Euros. It is that the money should be well spent, transparently, to promote development,” Abeid said. Abeid... Continue Reading
17th January 2013; The Ghana National Petroleum Corporation (GNPC) have officially confirmed their support for the upcoming Offshore West Africa 2013 Conference & Exhibition by agreeing to Host the event taking place at the International Conference Centre, Accra, Ghana on 19‐21 March. Offshore West Africa, the premier conference and exhibition for the offshore oil and gas exploration & production industry within West Africa, is pleased to once again work closely with the Ghana National Petroleum Corporation in this exciting and growing offshore market within West Africa. Under the Patronage of the Ministry of Energy, Republic of Ghana, and Endorsed by... Continue Reading
By Nawa Mutumweno – The mining sector is expected to account for 3.8% of the gross domestic product (GDP) in 2012 despite a slump in output, the World Bank has revealed. According to the Zambia’s Economic Brief produced by the Bretton Woods institution, although there was a decline in mining output, revenues from the sector were expected to hit 3.8% of GDP partly due to increase in royalty taxes. Launched on December 10, 2012 in Lusaka, the report states that from 2008 to 2011, mining revenues averaged around 2.6% of GDP, a sharp increase from the previous range of 1.0... Continue Reading
By Nawa Mutumweno – The Zambia Consolidated Copper Mines – Investments Holdings posted an operating profit of ZMK530 billion in 2011 from ZMK47 billion in 2010 as a result of a favourable economic environment and high commodity prices. The group also recorded a profit before tax of ZMK1 530 billion during the same year as opposed to ZMK855 billion in 2010. According to the group executive chairman Wila Mung’omba, the company’s performance benefitted from a stable business environment and a favourable business condition in China and globally, thus influencing commodity prices. “For the group, the increase in copper prices encouraged... Continue Reading
