Zambia | - Part 3

Copper Trumps Politics as Investors Take Shine to Zambian Assets

LUSAKA (Capital Markets in Africa) Investors are overlooking Zambia’s political risk and buying the nation’s assets as the price of copper, its biggest export, rises. The yield on Zambia’s $1 billion Eurobonds due April 2024 have fallen 135 basis points this year to 7.55 percent on Wednesday. The southern African nation’s currency has appreciated 12 percent against the dollar in 2017, making the kwacha the continent’s best performer after Mozambique’s metical. Copper prices are at…

Zambia Took On More Than $3 Billion in External Debt in 2016

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LUSAKA (Capital Markets in Africa) – Zambia committed to $3.5 billion of new loans last year, 56 percent more than in 2015, the Finance Ministry said. Of the $3.1 billion in loans the government of Africa’s second-biggest copper producer contracted in 2016, as opposed to just committing to, $1.8 billion came from Chinese lenders, the ministry said in its annual economic report for last year. Despite the new loans, the government’s external debt position increased by…

First Quantum Asks Zambian Attorney General to Block Charges

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LUZAKA (Capital Markets in Africa) – First Quantum Minerals Ltd. has asked Zambia’s attorney general to block criminal proceedings that may be brought against its directors by the state-controlled mining-investment company. The copper producer, based in Vancouver, said it’s been “reliably informed” that ZCCM Investments Holdings Plc is considering charging its directors, Matt Pascall, operations director at First Quantum, said in a letter to the attorney general, a copy of which was sent to Bloomberg and confirmed by…

Zambia Seeks IMF Deal of as Much as $1.6 Billion This Month

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LUSAKA (Capital Markets in Africa) – Zambia, Africa’s second-largest copper producer, plans to reach an aid deal for as much as $1.6 billion with the International Monetary Fund by the end of April, Finance Minister Felix Mutati said. Bond yields fell. “At the moment we know that we can get up to $1.6 billion — if you ask me, I’d go for the maximum,” he said in an interview Monday in the capital, Lusaka. “Hopefully the program…

February’s Inflation Trends Across the African Continent

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LAGOS (Capital Markets in Africa) – Angola’s consumer inflation edged down to 39.45% year-on-year in February from 40.39% in January, data from the statistics office showed. On a monthly basis, consumer prices increased 2.59% compared to 2.25% in January. Botswana’s consumer inflation quickened to 3.4% year-on-year in February from 3.1% in January. Prices rose 0.2% month-on-month compared to 0.4% previously, Statistics Botswana stated. Burundi’s year-on-year inflation rate climbed to 20.7% year-on-year in February from 12.9% in…

IFC and OFID Invest in Metalco to Boost Manufacturing in Zambia

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LUSAKA (Capital Markets in Africa) — International Finance Corporation, a member of the World Bank Group, and the OPEC Fund for International Development (OFID) today announced an investment of $10 million each in Metalco Industries Company Limited, a Zambian company that recycles metal scrap to manufacture copper cables, lead-acid batteries, aluminum sheets and utensils. Metalco will use the new capital to upgrade environmental standards, expand operations, create over 250 new jobs and support the local…

Zambia, Zimbabwe to Sell $440 Million Stake in Hydro Project

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LUSAKA (Capital Markets in Africa) – Zambia and Zimbabwe plan on selling $440 million in equity stakes in the hydropower plants that form the centerpiece of the proposed $4 billion dam that will straddle their border. This is according to a document published by Ernst & Young Advisory Services Pty Ltd., the countries’ adviser. The Batoka Gorge hydropower project on the Zambezi river between the Kariba dam and Victoria Falls, will produce 2,400 megawatts of power once complete…

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