By Nawa Mutumweno – Korean Resources Corporation (Kores), a South Korean parastatal company and a Zambian firm, SD Mining, have signed a Memorandum of Understanding (MoU) for the Asian firm to undertake mineral exploration for gold and other minerals in Kabwe, Central Zambia. Speaking at the signing ceremony in Lusaka on November 2, 2010, Mines and Mineral Development minister Maxwell Mwale reaffirmed Government’s commitment to protect Korean investment in the country, adding that Zambia was one of the best investment destinations of mining in the world. Under the MoU, Kores would fund the exploration costs of the area between Kabwe... Continue Reading
By Nawa Mutumweno – The African Development Bank (AfDB) has finalized a $13.5 million line of credit to Zanaco and Investrust Bank which will be tailored to finance small and medium enterprises (SMEs). Zanaco and Investrust Bank have accesses $10 million and $3.5 million respectively for the five-year SME initiative that will enhance the sector’s access to financing on more favourable terms. Despite the bank investing $1 billion since coming on the Zambian market in 1971 and the current support of $200 million, a deficit in financing the private sector, especially SMEs, still exists, disclosed AfDB resident representative Dr Freddie... Continue Reading
By Bai-Bai Sesay – One of the largest iron ore explorations drilling company in Sierra Leone and Africa in particular, African Minerals Sierra Leone Limited (AML) is now set in its global location to supply global steel markets in both Europe and the Far East come 2011. According to officials of the company, on August this year African Minerals received its license in the Sierra Leone House of Parliament after parliamentary ratification, giving it the right to mine and export mineral deposits in its 227 square kilometer concession area with 45 million tonnes per annum (mtpa) magnetite iron ore production.... Continue Reading
By Nawa Mutumweno – Giant South African mobile phone service provider, MTN Group, through its business wing, MTN Business, has integrated UUNET Zambia into its wings following its 100 percent acquisition of the Zambian internet service provider (ISP). UUNET Zambia will now be called MTN Business, following this integration and re-branding. MTN Business Zambia (formerly UUNET) and MTN Zambia (Mobile) would remain two separate entities, with their synergistic relationship continuing forward, especially as Internet Protocol (IP) and mobile technology head towards convergence, says a statement issued by MTN Business Zambia country manager Patrick Ndegwa recently. The integration was aimed at... Continue Reading
London – As the British Prime Minister and U.S. President broker Chinese and Asian investment deals, Africa is the latest emerging economy to attract Anglo-American attention with the announcement of a landmark joint venture that promises to deliver economic growth across the African continent. British-born Ashish Thakkar of Mara Group and Quintin E. Primo III of Capri Global Capital have signed agreements to form Mara Capri Africa Ltd. with the goal of pursuing high quality commercial and residential African real estate developments. Both Thakkar and Primo have a distinguished track record in the property sector. Mara Group has a $1bn... Continue Reading
