Gemfields Plc, producer of about a fifth of the world's rough emeralds, says revenues from its February auction in Zambia were a record $36.5 million. The February auction of rough emeralds and beryl was the fourth to be held in Lusaka in the last 12 months. Gemfields has been lobbying GRZ to extend its emerald auctions beyond the country, without success [`Source : Reuters]
Chinese owned Non Ferrous Africa Mining Corporation (NFCA) has committed US$100 million in this year's financial budget towards the development of the South East Ore Body Mine (SEOB) in Chambishi as it seeks to expedite the project. The project when completed, will create more than 5,000 jobs. NFCA's planned investment in the development of the SEOB was US$830 million and that by last year, the company had injected in a total of $123 million [Source : Times of Zambia]
DRC last year probably surpassed Zambian output for the first time since 1988, making it Africa's biggest producer, according to CRU Group. Congo allegedly produced 846,000 metric tons of the metal in 2013, about 2 percent more than its Zambia, according to preliminary figures. Both countries have scope to more than double volumes in the next decade, so the game is on! [Source: Bloomberg]
Lubumber Copper Mines (LCM) in Chingola increased its annual production by more than 7,000 tonnes in 2013 to reach a total capacity of 10,567 tonnes. South Africa's African Rainbow Minerals (ARM) owns Lubambe, alongside Vale who have a 40 per cent stake in the mine, while ZCCM-IH owns 20 per cent shares. [Source : Times of Zambia]
AUTHOR
Chola Mukanga | Economist
Copyright © Zambian Economist 2014