By Own Correspondent – ThisDay – Nigerian banks may be compelled to stop operations in The Gambia as opportunities and revenue thin down, exacerbated by rising competition and negative impact of the global meltdown. At the end of the 2009 financial year, the country’s banking industry comprising 13 banks recorded total loss of about 45 million Dalasis (about $1.5million). Ten of the banks declared losses as against three banks with the bottom-line on the positive territory. Managing Director of Guaranty Trust Bank Gambia, Mr Lekan Sanusi, told journalists in The Gambia last weekend that the country could only take a... Continue Reading
By Nawa Mutumweno – First Quantum Minerals (FQM) has projected to spend between $600 million to $800 million as capital cost to develop its Sentinel deposit in North-Western Zambian. The company which owns Kansanshi gold and copper mines have announced that the development of Sentinel deposit, formerly Kalumbila, was scheduled to begin in the second quarter of 2011. The Trident Project comprises five prospecting licences totaling 2 300 square kilometers containing a number of attractive base metal prospects including the Sentinel deposit. Approximately 150 km the provincial capital, Solwezi, the Trident Project was obtained through the acquisition of the Kiwara... Continue Reading
By Nawa Mutumweno – The new Konkola North copper mine has opened in Chililabombwe on the Zambian Copperbelt with an investment of $380 million. The mine is owned by Konnoco, a joint venture (JV) between South Africa’s African Rainbow Minerals (ARM) and Brazilian mining giant, Vale. It was inaugurated by President Rupiah Banda recently, the fifth mine he has opened since taking office in 2008. On completion in two years time, the mine is expected to produce 45 000 tonnes of copper per annum, contributing to a nationwide copper output target of one million tonnes by 2013. The project will... Continue Reading
By Nawa Mutumweno – Zambia’s predicted 6.8% growth this year reflects the performance of the economy, stability in foreign direct investment (FDI) inflows, the resurgence of local industries through SMEs and threefold growth in the non-traditional sector. According to the Zambia Development Agency (ZDA) director general Andrew Chipwende, job creation, FDI inflows and diversification of exports were benefits from the reforms that were upheld by the country’s democratic institutions. Outlining the promotion of the SME sector as one of the priorities of the ZDA, Mr Chipwende said the sector contributes significantly to the country’s gross domestic product 9GDP) “Our success... Continue Reading
By Nawa Mutumweno – The Board of Directors of the African Development Fund (ADF), the concessional window of the African Development Bank (AfDB) Group has approved a UA 63.369 million (USSD 95.6 million) loan to fund the Nacala Corridor Phase II Road Project (NCRP) in Zambia. The NCRP aims at promoting economic growth and regional integration within the Southern African Development Community (SADC) through a reliable and efficient transport infrastructure to improve sub-regional trade and the region’s overall competitiveness. The NCRP covers approximately 1 033 km of roads in Zambia, Malawi and Mozambique and two border posts. The project involves... Continue Reading
