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
Publish Date: Sunday, November 14th 2010 |
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
Publish Date: Sunday, November 14th 2010 |
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
Publish Date: Friday, November 12th 2010 |
By Nawa Mutumweno – Australian electrical and power line contactors KEC has been engaged by the Copperbelt Energy Corporation (CEC) as one of the contractors to put up the over $16 million-second dual circuit power transmission line between Zambia and DRC. Following the signing of agreements between DRC’s SNEL, and its financier, The World Bank, the construction of the second line of the 220kV interconnector is scheduled to be implemented. The project is estimated to cost $16.2 million. CEC managing director for operations Neil Croucher disclosed that two separate tenders have been issued with one looking at the supply and... Continue Reading
Publish Date: Friday, November 12th 2010 |
By Nawa Mutumweno – Copperbelt Energy Corporation (CEC), an independent power company, plans to build a 40-MW hydropower station in North Western Zambia to improve its electricity provision capacity. According to CEC corporate development managing director Michael Tarney, the firm would invest about $120 million on developing the Kabompo hydropower project by 2015. A feasibility study has since been completed and the power utility was negotiating the granting of a concession for the project. Construction was expected to start within the next two years. This power project could offer possible additional power supplies to the nearby mines, in a region... Continue Reading
Publish Date: Friday, November 12th 2010 |
