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A shareholders' agreement is being reworked to make the commitments from both shareholders legally binding, Kabuswe added. The legal details of the agreement and reinstatement of the KCM board, would be finalised within the next three months, the minister said. The forced takeover nearly paralysed operations at the KCM and triggered protracted battles, with Vedanta mounting legal battles including approaching an arbitration court in London to recover the copper assets. The government, which seeks to triple copper output over the decade, is also searching for a new investor for Mopani Copper Mines. Reporting by Chris Mfula; Writing by Felix Njini; Editing by Olivia Kumwenda-Mtambo, David Evans, Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Paul Kabuswe, Kabuswe, Anil Agarwal, Edgar Lungu's, Hakainde Hichilema, Vedanta, KCM, ZCCM, Chris Mfula, Felix Njini, Olivia Kumwenda, David Evans, Alexandra Hudson Organizations: Vedanta Resources, IH, Vedanta, Mopani, Mining, Alexandra Hudson Our, Thomson Locations: Zambia, LUSAKA, KCM, ZCCM, London, Lusaka

☆ Zambia frees five Egyptians arrested on plane with guns and fake gold
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

LUSAKA, Sept 1 (Reuters) - A Zambian court freed five Egyptians and one Zambian on Friday, after prosecutors dropped espionage charges against them three weeks after they arrived on a private plane with guns, bullets, cash and fake gold. Two of the Egyptians would be rearrested on unspecified lesser charges and freed on bond, Zambia's Drug Enforcement Commission said. We knew from day one that we were clean," one of the freed Egyptians told journalists outside the court. While the initial charge sheet did not mention the aircraft or seized goods, lawyers for the defendants had said earlier that those arrested were on the plane. Two Egyptian security sources had said the plane seized in Zambia had been inspected by authorities before leaving Cairo, but that one of the arrested Egyptians was able to board with bags that were not searched, which is now under investigation.

Persons: Gracilia Mulenga, Chris Mfula, Bhargav Acharya, Peter Graff Organizations: Drug, Commission, Zambia's Drug, Agency, DPP, Public Prosecutions, Thomson Locations: LUSAKA, Lusaka, Egypt, Zambia, Cairo

☆ Zambia seeks to deny bail to five Egyptians, 6 nationals charged with spying
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

LUSAKA, Aug 29 (Reuters) - Zambia sought to deny bail to five Egyptians and six Zambians charged with espionage for entering a restricted zone of Lusaka airport, two weeks after Zambian authorities said their plane had been seized along with guns, bullets, cash and fake gold. "The state must give reasons as to why accused persons whose liberties to freedom are being taken away must be denied bail," defence lawyer Martha Mushipe told the court. That fuelled speculation in Zambian media that some of the suspects might have sought to swindle gold buyers in a fake bullion scam. Two Egyptian security sources said the plane seized in Zambia had been inspected by authorities before leaving Cairo, but that bags with one of the arrested Egyptians were not searched, and this was currently under investigation. Reporting by Chris Mfula; additional reporting by Cairo Newsroom; writing by Tim Cocks; editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Persons: Davies Chibwili, Martha Mushipe, Zambian Mines Minister Paul Kabuswe, Chris Mfula, Tim Cocks, Mark Heinrich Our Organizations: Drug Enforcement Agency, Zambian Mines Minister, Cairo Newsroom, Thomson Locations: LUSAKA, Zambia, Lusaka, Lusaka's, Cairo, Egyptian

☆ Zamrock legends make comeback with first album in 40 years
▼ + stars: | 2023-08-22 | by ( Chris Mfula | ) www.reuters.com time to read: +2 min

REUTERS/Matt Mills McKnight Acquire Licensing RightsLUSAKA, Aug 22 (Reuters) - After nearly four decades in oblivion, the Zambian psychedelic rock band WITCH that mesmerised audiences in the 1970s are back with a new album. Interest for Zamrock rose in the 2010s in the West, thanks to the internet and crate-digging producers as Los Angeles-based Now-Again Records re-released several albums of WITCH and other Zamrock artists. Following their comeback, WITCH - which stands for We Intend To Cause Havoc - are now introducing their new album "Zango" with concerts in the United States and Europe. "It's a fusion of traditional music, African music, funk, blues, jazz - it's a fusion of many genres," Chanda said. "Can this thing grow to a level where when someone comes to Zambia, says where can I listen to Zamrock?

Persons: Matt Mills McKnight, Emmanuel " Jagari, Chanda, Zamrock, Patrick Mwondela, Michael Linyama, Chris Mfula, Catherine Schenck, Matt McKnight, Bhargav Acharya, Angus MacSwan Organizations: REUTERS, Rights, Thomson Locations: Seattle , Washington , U.S, Rights LUSAKA, Zambian, Los Angeles, America, Europe, Lusaka, United States, Zimbabwe, Botswana, Zambia, Johannesburg, Seattle

☆ Kenyan, Zambian currencies expected to weaken
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +4 min

[1/2] Kenya Central Bank Governor Patrick Njoroge displays Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. One trader at a commercial bank said the currency was expected to float around 141.00 levels. GHANAGhana's cedi is expected to hold steady against the dollar next week on the back of high foreign exchange liquidity following central bank support, traders said. Bid-offer spreads are also expected to tighten further," said Sedem Dornoo, a senior trader at Absa Bank Ghana. UGANDAThe Ugandan shilling is expected to firm in the coming week, drawing support from hard currency inflows from exporters of commodities such as coffee.

Persons: Kenya Central Bank Governor Patrick Njoroge, Baz Ratner, GHANA Ghana's cedi, Sedem Dornoo, Chris Nettey, ZAMBIA Zambia's kwacha, Elias Biryabarema, Chris Mfula, Bhargav Acharya, Elisha Bala, Hereward Organizations: Kenya Central Bank Governor, Central Bank, REUTERS, KENYA, GHANA Ghana's, greenback, Absa Bank, Trading Stanbic Bank, ZAMBIA Zambia's, Access Bank, Bank, Thomson Locations: Nairobi, Kenya, JOHANNESBURG, Ghana, Nigeria, NIGERIA, GHANA, Absa Bank Ghana, Trading Stanbic Bank Ghana, UGANDA, Kampala, ZAMBIA

SummarySummary Companies Mines minister says agreement with Vedanta Resources imminentVedanta says both parties want to sees mines in productionNAIROBI/LUSAKA, July 5 (Reuters) - Zambia is close to resolving a dispute with Vedanta Resources (VEDJB.UL) over its Konkola Copper Mines, with a deal over the future of the partly state-owned unit "imminent", its mines minister said. KCM has battled to attract investment since relations between Zambia and Vedanta broke down several years ago, culminating in the state's take-over of the KCM assets and forced liquidation in May 2019. The move triggering protracted legal battles, with Vedanta approaching an arbitration court in London to fight off the seizure of the copper assets. "The negotiations are advanced and an announcement is imminent," Zambia's Mines Minister Paul Kabuswe told Reuters. "We are concerned with the levels of deterioration of not only the mines but also socio-fabric of the workers," the spokesperson told Reuters.

Persons: KCM, Vedanta, Paul Kabuswe, Kabuswe, Situmbeko Musokotwane, Hakainde Hichilema, Anil Agarwal, Felix Njini, Chris Mfula, Jan Harvey Organizations: Mines, Vedanta, Vedanta Resources, Zambia's Mines, Reuters, Mining, Thomson Locations: NAIROBI, LUSAKA, Zambia, London, Africa's, Nairobi, Lusaka

☆ Zambia's bondholders see debt restructure deal in coming weeks
▼ + stars: | 2023-06-27 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

LONDON, June 27 (Reuters) - Zambia's international bondholders expect to strike a debt restructuring deal with the country "in the coming weeks", a leading member said on Tuesday, a move that would draw a line under the nation's near three-year stint in default. "So I think we (bondholders) can now reach a deal in the coming weeks." Daly said that was something bondholders themselves had called for when restructuring talks became stalled last year over how much debt relief would be required. "The adjustment mechanism provides for an accelerated repayment schedule and higher interest rates if Zambia's debt carrying capacity improves from the current 'weak' classification to 'medium' classification," he said. While China has rejected writing off some of the debt altogether, bondholders could still do that, Daly added.

Persons: Hakainde, Kevin Daly, Daly, Situmbeko Musokotwane, Marc Jones, Chris Mfula, Libby George, Christina Fincher, Ed Osmond, William Maclean Organizations: International Monetary Fund, Zambian Finance, IMF, World Bank, Thomson Locations: China, Zambia, Sri Lanka, Ghana, Lusaka

☆ Zambia poised for debt restructuring deal
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 22 (Reuters) - A deal on Zambia's debt restructuring is expected to be announced later on Thursday at a Paris summit on easing poor countries' debt burdens, four sources familiar with the matter said. “There has been agreement by creditors on the debt restructuring," one of the sources said. The head of the Paris Club of creditor nations Emmanuel Moulin said on Wednesday that Zambia's creditors were close to being able to propose the terms of a debt restructuring deal at the summit. "On debt restructuring, today we will talk about Zambia which I think is a great case of celebration," IMF Managing Director Kristalina Georgieva told a panel at the summit. Zambia is seen as a test case for a 2020 G20 common framework for restructuring poor countries' debt, which has faced much criticism for being two slow.

Persons: Emmanuel Moulin, Kristalina Georgieva, Akinwumi Adesina, Chad, Leigh Thomas, Elizabeth Pineau, Chris Mfula, Susan Fenton Organizations: Paris Club, China, IMF, Development Bank, Thomson Locations: Paris, Zambia, Ethiopia, Ghana, Lusaka

☆ Zambia's official creditors expected to sign debt relief MOU in May - sources
▼ + stars: | 2023-04-19 | by ( Chris Mfula | ) www.reuters.com time to read: +2 min

LUSAKA, April 19 (Reuters) - Zambia's official creditors, which include China, are getting closer to signing a memorandum of understanding on debt relief to the country in May, in what would be a key step needed to pave the way for more IMF funding, sources told Reuters. Zambia's external debt amounted to $18.6 billion by end-2022, according to government data, with China being its biggest bilateral creditor. "Agreement was reached on nearly all the issues that were holding back progress and the MoU is likely to be signed next month," a second source said. Modalities of debt relief could come in various forms, for example maturity extensions, grace periods on payments or reduced interest rates. Reporting by Chris Mfula in Lusaka, writing by Karin Strohecker, editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

LUSAKA, April 12 (Reuters) - Zambia is planning to finish tests that simulate real-world cryptocurrency usage by the end of June to help it create regulations that balance citizens' safety with innovation, science and technology minister Felix Mutati told Reuters. The southern African country also needs digital infrastructure, including digital identities, before cryptocurrencies can be introduced, Mutati said in an interview on Wednesday. "Our main goal in the area of cryptocurrency is to strike a balance between innovation in terms of digital payments ... against citizens' safety, particularly given that cryptocurrency is very volatile," Mutati said. "What we are seeing is increased appetite to invest in Zambia," Mutati said, when asked whether any investments under his purview had been delayed, suspended or cancelled due to Zambia's long-delayed debt restructuring. Mutati said the way Chinese loans were contracted during his tenure as finance minister between 2016 and 2018 depended on the project.

LUSAKA, April 6 (Reuters) - Zambia is being "punished" for a failure to complete debt restructuring that is not its fault, but its two main creditors, China and international bondholders, both want a resolution, the country's finance minister told Reuters. Zambia was the first African country to default in 2020 after the COVID-19 pandemic battered the global economy. Many Western officials have blamed delays in agreeing the debt relief on the largest bilateral creditor, China, something it denies. "The Chinese are asking questions, the bondholders are also asking questions ... but constructive questions, so that's no problem," Musokotwane said. Bondholders say they want a resolution to this, the Chinese say they want a resolution to this."

☆ IMF chief: it's time for creditors to restructure Zambia debt
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

LUSAKA, Jan 24 (Reuters) - International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday during a visit to Zambia that it was the time for the southern African country's creditors to restructure its debt as it was doing its part by implementing economic reforms. Zambia defaulted on its sovereign debt in 2020, becoming the first African country to do so during the COVID-19 pandemic. Georgieva has pushed hard for quicker movement on debt relief for countries like Zambia. On Monday at a meeting with Zambian President Hakainde Hichilema she commended his government for moving away from wasteful expenditure and said the IMF would like to work with Zambia to boost its economic growth. Reporting by Chris Mfula; Writing by Anait Miridzhanian; Editing by Olivia Kumwenda-Mtambo and Alexander WinningOur Standards: The Thomson Reuters Trust Principles.

☆ Zambia extends electricity rationing to mining firms
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

Companies ZESCO Limited FollowLUSAKA, Jan 10 (Reuters) - Zambia has started rationing electricity supply to mining firms following reduced power generation after a big drop in water levels in lake Kariba, the chairman of state-owned power utility Zesco said on Tuesday. Water levels in the lake were down at 1.66% of usable storage on Monday for the Kariba North Bank Power Station in Zambia and the Kariba South Bank Power Station on the Zimbabwean side of the lake, said the Zambezi River Authority, which manages the dam. The north bank power station has an installed capacity of 1,080 megawatts (MW), while the south bank power station in Zimbabwe has a capacity of 1,050 MW. Water levels in the lake have fallen due to reduced inflows from the Zambezi river and its tributaries and heavy use by power generation companies in Zimbabwe and Zambia. Ncube said power rationing was expected to be reduced by the middle of next month as water levels increased and full generation was to likely resume in March.

☆ Twenty-seven men believed to be Ethiopian migrants found dead along road in Zambia
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +1 min

LUSAKA, Dec 11 (Reuters) - Zambian police on Sunday found the bodies of 27 men, believed to be migrants from Ethiopia, dumped in a farming area on the outskirts of the capital after they died from suspected hunger and exhaustion, authorities said. Preliminary police investigations showed the victims were all males aged between 20 and 38 and had been dumped along a road by unknown people. "Police and other security wings have since instituted investigations into the matter," Danny Mwale, police spokesman, said in a statement after police were alerted to the gruesome scene by members of the public. Ethiopian migrants often use Zambia when travelling to countries such as South Africa, though reports of deaths in transit there are rare. Reporting by Chris Mfula Editing by Wendell Roelf and Peter GraffOur Standards: The Thomson Reuters Trust Principles.

It could also negatively impact African nations that produce battery materials. The United States has a Free Trade Agreement in place with only one African country, Morocco. Battery materials and trade are set to be a focus at next week's U.S.-Africa Leaders' Summit in Washington where President Joe Biden will meet presidents of African countries including Congo. Under IRA, U.S. carmakers will get tax credits if they source at least 40% of battery materials domestically or from American free-trade partners. His is one of many projects across sub-Saharan Africa aiming to produce battery materials like lithium, nickel and graphite.

☆ Zambia seeks answers from Russia after national dies in Ukraine war -foreign minister
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

LUSAKA, Nov 14 (Reuters) - Zambia has asked Russia to explain how one of its citizens who had been serving a prison sentence in Moscow ended up on the battlefield in Ukraine where he was killed, Zambia's foreign affairs minister said on Monday. Stanley Kakubo said in a statement that Russia had notified Zambia about the death in September of the 23-year-old, but did not provide details. Russia's defence ministry did not immediately respond to a request for comment on the circumstances of his journey to Ukraine and subsequent death. Kakubo said further details would be provided once official communication was received from the Russian authorities on the circumstances surrounding the Zambian's death. His remains have been transported to the Russian border town of Rostov in readiness for repatriation to Zambia, Kakubo added.

Creditors and investors are closely monitoring how China, the world's largest bilateral lender, is managing debt negotiations around the world. The policy bank has extended to Zambia more than half of Chinese loans while a $982 million loan was made jointly with the Industrial Commercial Bank of China (ICBC). Including commercial lending, Zambia government data showed it owed more than a third of its $17.27 billion external debt to Chinese lenders by end-2021. Reuters GraphicsThe bank also leads China's team in Ethiopia's bilateral debt talks, its state finance minister told Reuters last month. In 2018, EximBank agreed to extend repayment on a loan worth at least $2.5 billion for a railway between Addis Ababa and Djibouti by 20 years.

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