The news has rattled foreign investors already nervous governments in central African countries are seeking a much bigger share of resource revenues.
Zambia Mining News
Zambia’s Eurobond yields rose to record highs after the government of the cash-strapped copper producer said it’s planning to seize Vedanta’s mining assets.
London-listed Vedanta said in a statement that it was seeking an urgent meeting with Lungu over the future of KCM.
Copper is slumping toward a three-month low even after Zambia moved closer to nationalizing some of its mines.
The threat marks an escalation in tensions between the mining industry in Africa’s second-biggest copper producer and the state, after an increase in royalties and plans to introduce new taxes.
The world's second largest bullion miner is preparing its Zambian copper mine Lumwana for sale in the second half of 2019, looking to target Chinese buyers.
Zambia's Mopani Copper Mines Plc plans to close two shafts and focus on essential capital projects, the Glencore-owned company said on Friday.
The proposed tax change in Africa's second biggest copper producing nation has upset the mining community.
The restart of operations follows a refurbishing process designed by new operator CNM back in 2014.
The latest ruling raises the prospect that other companies could face legal action in England related to their activities abroad.
A mix of political populism, higher commodity prices and the expectation electrification will spur demand for raw materials has led governments to change the rules for miners operating in their countries.
Vedanta has appointed Christopher Sheppard as the new chief executive officer for its Zambian unit Konkola Copper Mines.
The company has suspended production pending investigations.
The current supply turbulence, however, promises more volatility ahead for cobalt as well as copper.
Ghanaian President Nana Akufo-Addo issued a firm warning: stop expecting supercharged profits from Africa’s mineral riches.
Mopani is one the biggest mining companies in Zambia -- Africa's No. 2 copper producer.
Company has signed a new $2.7-billion term loan and revolving credit facility, replacing the existing $1.5 billion one.
“There is no renegotiation taking place because a law has been passed in parliament to change the tax regime."
The offers relate to the ministry's 17% holding in ZCCM-IH and a sale would be subject to cabinet approval.
The deal would also include ZCCM-IH dropping a $1.4 billion legal claim against First Quantum over a loan the company received from Kansanshi.
Executives, investors and government officials met in Cape Town at the African Mining Indaba, the continent’s biggest gathering of one of its most essential industries.
Zambia, Africa's No.2 copper producer, introduced a new 10 percent tax when the price of copper exceeds $7,500 per tonne.
“Our actions are designed to sustain and create jobs, grow the economy, and contribute more to the treasury.”
The precious gemstones miner has agreed, on a no-admission-of-liability basis, to settle claims brought against it by a group of 273 Mozambicans related to its ruby mine in northern Mozambique.
“We don’t believe that threatening one’s partner is a constructive way to go about solving problems.”