Thursday, April 3, 2025
Home Blog Page 4952

First Quantum seems closer to naming and shaming certain “unspecified third parties”

5

First Quantum chairman and CEO Philip Pascall was diplomatic, as always, for the duration of a conference call on Monday to discuss the announcement that two (more) of the group’s interests in the Democratic Republic of the Congo (DRC) have again been the subjects of special mention. “We are extremely concerned with the orchestrated attack on the company’s Frontier and Lonshi operations”, said First Quantum.

More to the point, perhaps, First Quantum appears to be nearing the day when it will “name and shame” the individuals that, under increasingly fragile disguises, are waging a relentless campaign against it in the DRC.

First Quantum, one of the world’s top ten copper miners, has long been insistent that it is compliant with the DRC’s Mining Code, but in a September 2009 announcement, it confirmed suspension of work at the 75%-complete KMT project, after it was shuttered by government agents, cutting 700 jobs loose. Today First Quantum put its investment, so far, in KMT, at USD 750m.

Where will this go? Unlike KMT, no “direct action” has been taken by the DRC authorities (so far) against either Frontier or Lonshi as a result of a Supreme Court “decision”.

Questions put by investment analysts to Pascall on Monday pussyfooted around the background to the attacks on First Quantum in the DRC, which First Quantum solidly alluded to in its statement on Monday, when it referred to: “our refusal to resolve this dispute by agreeing to submit to arrangements with unspecified third parties”.

Proverbial napalm was further poured out, when First Quantum later added: “We will also take all necessary legal measures to protect our mining rights and property and pursue damages against any third party interfering with our legal rights”.

The names of the “third parties” are hardly secret, and could well become public within a month, when arbitration proceedings commence over the KMT debacle. On 1 February 2010 First Quantum announced an international arbitration by First Quantum and its partners in KMT, under the facilities of the International Chamber of Commerce, International Court of Arbitration, in Paris.

So far, courts of law, Congolese style, have been used as the main weapon against First Quantum. On 30 March, First Quantum announced that it “believes” that a DRC appeal court had upheld a USD 12bn “damages” claim against First Quantum, in respect of KMT.

The classic “third party” technique applied in the DRC is simple, starting with placing an entity such as First Quantum under extreme pressure. In the case of mining companies, the target s then approached to buy additional “valuable” mining properties. Whether paid by the victim in cash or shares, or both, the hustlers (diplomatically, “third parties”) cash in on millions and millions of dollars. First Quantum is unyielding, having apparently adopted a stance of “never give an inch, never yield an atom”.

“Orchestrated attack” intensifies on First Quantum, which seems closer to naming and shaming certain “unspecified third parties” as another court-supported potential asset confiscation looms.

Author: Barry Sergeant

[http://www.first-quantum.com/s/NewsReleases.asp]

Pardoned Mukuka hails RB

34

DARIUS Mukuka, the man who was sentenced to 18 months imprisonment with hard labour for insulting and defaming the
President, has thanked President Banda for pardoning him, describing the gesture as fatherly.

Mr Mukuka has advised people against insulting President Banda because he holds the highest office in the land and deserves respect. Mr Mukuka, 36, a driver of Ndola’s Chifubu Township, said this in an interview yesterday.

“I would like to thank His Excellency the President of the Republic of Zambia, Rupiah Bwezani Banda, for the fatherly act he has shown and done for me because my conviction has greatly affected my family,” Mr Mukuka said.

He said his family would have suffered if he had served his entire sentence. “I have been praying ever since I went to prison and God has finally answered my prayers, I am grateful that the President has helped me in this matter. I knew that God would answer my prayers, praise be to God.”

Mr Mukuka said it was a joyous moment for him, especially that being a husband and a father of four, his family would have suffered if he had served the entire sentence.

“It is not good to insult the President because he holds the highest office of the land. Whatever political differences you have or if you are bitter with the President, it is better to use the right channels to be heard instead of insulting,” Mr. Mukuka said.

He said people should refrain from insulting leaders because life in jail is not good.

Mr. Mukuka is one of the 350 prisoners President Banda has pardoned by remitting the remainder of their sentences. Mr Banda ordered Minister of Home Affairs Mkhondo Lungu to remit the sentence slapped on Mukuka by Ndola Chief Resident Magistrate Kelvin Limbani on March 17, 2010.

This was in a matter in which Mukuka was charged for defaming the President. Facts of the case were that Mukuka, on March 22, 2009, uttered words with intent to bring the name of the President into ridicule.

ZANIS

Chipata tobacco farmers storm DC’s office for payment

2

Over 100 tobacco farmers stormed the office of Chipata District Commissioner demanding for payments for the sale of tobacco to Alliance one-Zambia.

The farmers brought up several concerns, among them, delayed payments of their produce, council levy deduction and floor price.

And speaking to ZANIS in separate interviews in Chipata today, the aggrieved farmers said that Alliance One did not honour the agreement of paying 48 hours after the sale of the produce.

The farmers who were represented by Sam Mbewe and Masiye Jere, said the delay has caused misery among farmers as they had to board buses on pay forward basis hoping to pay after getting the money from one of the financial institutions since last month when they sold their produce.

The duo also said parents had failed to pay school fees because the tobacco company has not paid them their dues after selling the produce.

They said farmers traveled from as far as Chipangali where they were charged K30, 000 for transport to go Chipata town where they were to access the money.

They have since appealed to government to monitor the operations of companies if the poverty alleviation is to be achieved at house hold levels.

They claimed that tobacco vending was still an issue in the district, which happened with the full knowledge of the companies that purchase the commodity

And Addressing the farmers in the presence of the Company’s regional Accountant, Stern Juliasi, Chipata District Commissioner Moses Nyirenda said the company had already transferred over 500,000 United States Dollars towards the transaction adding that it could not fulfill the agreement to pay them after 48 hours because of money transaction.

Mr. Nyirenda stated that he was assured by the company management that farmers will start receiving their money from today until Friday this week.

Mr. Nyirenda told the farmers that the company was paying according to the floor price and to the exchange rate of that particular day the farmers sold their tobacco to the floors.

“The price displayed on the chart is the one to be paid to all farmers that brought tobacco on that particular day,” he said.

Mr. Nyirenda said issues of council levy raised by the farmers would be investigated and refunds would be paid if the issue turns to be true.

He said government has slashed the council levy adding that it would be unfair for Alliance one to enforce deductions towards farmers.

Mr. Nyirenda told the farmers that he would ensure that farmers start getting their money’s before the end of the day.

[ZANIS]

SMEs urged to learn new business techniques

3

ZAMBIA Development Agency (ZDA) Regional Entrepreneurship Development Officer Shental Siajunza has called on Small and Medium Entrepreneur (SME ) business organisations to develop interest in learning new techniques in running their businesses.

ZDA Regional Entrepreneurship Development Officer made his call at a one day workshop organised by COMESA at Kasama Lodge on Monday this week.

Mr. Siajunza said SMEs should take advantage of the workshop and advance in running their business profitably and effectively through joining relevant trade organisations.

He pointed out that by linking with relevant organisations like COMESA they could avoid paying trade taxes to councils and exorbitant border charges.

Mr. Siajunza thanked Zambia national Commercial bank for sponsoring the workshop to expose the SMEs in Kasama to modern trade techniques and enhance the development of the district.

He further praised COMESA for offering free a free training kit to SMEs in Kasama which would go a long way in enhancing smooth business operations.

Mr. Siajunza pointed out that SMEs should making joint trips when importing items abroad to cut down on costs which could result into economic growth of their businesses.

Meanwhile Zambia National Commercial Bank (ZANACO) Head Business Banking SME Manager at Head office Chibamba Lopa said his Bank is proud to sponsor SME workshop to empower local businesses in national.

Mr. Lopa said ZANACO is aiming at promoting and empowering Small and Medium Business Entrepreneurship by providing conducive business climate to it clients and achieve economic growth.

The Head Business Banking SME Manager disclosed that his bank has reduced Bank interest rate to 20 Per cent from 32 with effect from May 1 this year.

Mr. Lopa added that ZANACO is also geared in offering short tern loans, credit facilities in overdrafts and make their customers comfortable by spending shorter times at their branches national wide.

[ZANIS]

Don’t frustrate investors,Mutati tells Zambians

Commerce,Trade and Industry Minister Felix Mutati has urged Zambians not to frustrate investors coming into the country

Mr. Mutati said government has worked hard to bring investors in the country warning that if frustrated investors can leave the country for other countries.

He also noted that there is need to address the bureaucracy that seems to be having a negative impact on investment.
Mr. Mutati pointed out that certain government ministries should ensure that bureaucratic tendencies that surround investment are well sorted out.

Speaking in Lusaka this morning when he met a Japanese business delegation, Mr. Mutati states that government would keep on working hard to attract more investment into the country for the benefit of the Zambians.
Mr. Mutati has since thanked Japan for choosing Zambia to explore investment opportunities in the various sectors.
He said Japanese investment would further attract other countries to invest in Zambia because of its global dominance.
Mr Mutati said government welcomes such investment because it is aimed at creating jobs for Zambians
And Japanese ambassador to Zambia Hideto Mitamura has praised Zambia’s steady progress in economic growth.
Mr. Mitamura said Japan remains committed to help Zambia to attract investment from Japan.

He has further praised Zambia for the way it managed the effects of the global economic downturn last year.

And Japanese business delegation leader George Hara said the team is in the country to help contribute to infrastructure development.
He noted that once settled, the business delegation will help the country achieve economic growth.
[QFM]

Katele convicted of corruption

Katele Kalumba

A Lusaka magistrate Court has convicted former Finance Minister Katele Kalumba together with six of his co-accused on corruption charges.

Lusaka High Court deputy director of court operations Edward Musona sitting as magistrate convicted Dr Kalumba together with his co-accused today when he delivered judgment in the long running corruption trial.

Those convicted together with the MMD national secretary are former finance permanent secretary Stella Chibanda, former finance chief economist Bede Mphande, former finance director of budget Boniface Nonde, former secretary to the treasury Professor Benjamin Mweene, former Access Financial Services Limited (AFSL) directors Faustin Kabwe and Aaron Chungu.

The corruption charges relate to the payments made to US security companies Systems Innovation and Wilbain Incorporation involving US$20 million during the time he served as Finance minister in former president Fredrick Chiluba’s Government.
[ QFM ]

Duda Arrives To Face Esther

13

Duda Yankovich has said she had little to say about how much she rates Esther Phiri in their looming World title clash showdown set for Lusaka this Saturday.

WIBA light welterweight champion Yankovich and Esther will battle on Saturday at Mulunsughi Conference Centre for the world title.

“I have seen Esther Phiri’s fights but it will be ridiculous for me to tell you how I rate her,” The Serbian-born Brazilian boxer said on Wednesday in Lusaka upon arrival.

“All will be seen in the ring. I’m a boxer my job is to fight.”

Yankovich has lost only once from 12 professional fights  with her first loss incidentally in her last bout, and first fight outside Brazil, after suffering fourth-round technical knockout to America Holly Holms in WIBA welterweight title fight on June 5 last year.

Midweek Scorecard

3

George Lwandamina has drafted three more players to his CHAN team ahead of next weekend’s CHAN qualifier against South Africa.

The trio includes the Zanaco duo of striker Ignatius Lwipa and goalkeeper Racha Kola.

Lwandamina has also called Red Arrows defender Jimmy Chisenga.

The team regroups in Lusaka on Thursday at the Faz Technical Centre ahead of Zambia’s must-win match on June 5.

Zambia lost the match 1-0 away in South Africa last Sunday and must beat the latter 2-0 in a week’s time to book their place at the second edition of the CHAN finals in Sudan next year.

Division 1

Week 5

North
Konkola Mine Police 1-Mufulira Blackpool 0
Mufulira Wanderers 0-Kitwe United 0
Mining Rangers 0-Mufulira Police 0
Chambishi 1-Ndola United 1
Indeni 1-Chingola Leopards 1
Kalulushi Modern Stars 3 -Prison Leopards 0
Mansa Health Stars 0 -Lime Hotspurs 0
Chindwin 2 -Medical Stars 0
Kalewa-Zamtel (Not played)
 
South
Communite 2 -Mazabuka United 1
Nakambala Leopards 2 -Young Green Eagles 1
Kafue Celtic 1 -Green Eagles 1
Nampundwe 0- Profund Warriors 0
Riflemen 1 -Kalomo Jetters 1
TP Rangers 0- Paramilitary 1
Lusaka City Council 2 -Lusaka Tigers 2
Zesco Shockers-Livingstone Pirates (Not played)
Kum’mawa Vs Luena (Not played)

Zambia to Exceed 2010 Growth Forecast, Seek First Credit Rating

51
Bank of Zambia of Zambia governor Caleb fundanga and his deputy Denny Kalyalya

Zambia’s economy may grow faster than the government forecast this year on higher copper prices and a bumper grain crop, putting the country in a good position to seek its first credit rating, central bank Governor Caleb Fundanga said.

The government may sign an agreement with JPMorgan Chase & Co. as early as this week to advise it on proceeding with the credit rating, Fundanga said in an interview yesterday in Abidjan, the commercial capital of Ivory Coast.

Zambia, Africa’s biggest copper producer, shelved plans for a credit rating in the second half of 2008 after the global financial crisis hit. Copper prices have more than doubled since the beginning of last year, while the government estimated a 42 percent surge in grain output in 2010. That could push economic growth to between 7 percent and 8 percent in 2010, compared with 6.3 percent forecast in December, Fundanga said.

“There are reasons why one should be optimistic,” the governor said. “I don’t see why in a year when we have fewer problems we should do less than a year when we had more problems.”

Zambia will probably produce a grain surplus of 1 million metric tons this year, which will be exported, boosting foreign currency earnings, Fundanga said.

Credit Rating

A credit rating will allow local companies to borrow at more favorable rates abroad, the governor said. The government hasn’t decided whether it will also use the rating to sell an international bond, he said.

“If there’s an opportunity for the government to borrow to finance critical investment in infrastructure, for example hydropower generation, roads and so forth, there’s no reason why the government can’t borrow,” Fundanga said. “Debt sustainability ratios are good right now, and our capacity to repay is very good.” Still the primary purpose of the rating is to “assist our private sector,” he said.

Angola, which vies with Nigeria as Africa’s biggest oil producer, was awarded its first credit rating of B+ by Standard & Poors and Fitch Ratings last week, paving the way for the sale of an international bond. Ghana, the world’s second-biggest cocoa producer, is also considering selling its second dollar bond next year, Deputy Finance Minister Fifi Kwetey said in an interview yesterday.

China and Copper

Zambia’s economy is benefiting from Chinese investment in its copper industry. China Development Bank Corp. will provide $5 billion of loans to companies involved in Zambia’s mining sector under an accord signed this month, the official Zambia News & Information Services reported on May 13.

Copper production is forecast to reach 1 million metric tons in 2012 from 700,000 tons this year, Fundanga said. Output was 697,860 tons last year.

[pullquote]“If there’s an opportunity for the government to borrow to finance critical investment in infrastructure, for example hydropower generation, roads and so forth, there’s no reason why the government can’t borrow,” Fundanga said. “Debt sustainability ratios are good right now, and our capacity to repay is very good.” Still the primary purpose of the rating is to “assist our private sector,” he said.[/pullquote]

The price of copper climbed to as high as $7,960.25 a ton in April, compared with $2,809.50 in December 2008.

“The key to maintaining a high price depends on growth in the key copper-consuming countries, such as China,” Fundanga said. “If China continues to grow, if India continues to grow, and countries in the euro zone can sort out their problems and start growing, that will help. They are also major consumers of our copper.”

Zambia’s Kwacha has slumped 6.6 percent this month as investors sold riskier, emerging market assets on concern the European debt crisis may stall the global recovery. The currency was trading at 5,065 per dollar late yesterday.

The inflation impact from the Kwacha’s depreciation may be limited, while exports may benefit, Fundanga said. The government is still on track to meet its goal of bringing inflation rate down to 8 percent by the end of the year, from 9.2 percent in April, he added.

“With a food surplus like that, prices will come down,” the governor said. “The trend is towards lower levels of inflation. Our target can easily be attained.”

[Bloomberg BusinessWeek]
==================================================================
–Editors: Philip Sanders, Heather Langan

To contact the reporters on this story: Nasreen Seria in Abidjan at [email protected].

To contact the editor responsible for this story: Peter Hirschberg at [email protected].

Zambia face Chile

15

Zambia makes their first visit to the America’s in 11 years when they face hosts Chile in Calama in a friendly match.

The match is part of Chiles 2010 World Cup warm-up ahead of next months tournament in South Africa.

On Zambia’s last visit to the continent in 1999, they lost 7-1 to Honduras in another friendly match.

This evening match against Chile will mark caretaker trainers Wedson Nyirenda and Honor Janza’s first senior match in charge for Zambia and also the two teams first ever meeting at senior level.

Meanwhile, missing from the side will be key goalkeeper Kennedy Mweene due to a shin injury and so his longtime number two Kalililo Kakonje of Amazulu in South Africa will step in for the friendly.

Midfielder Rainford Kalaba who has been club-less since returning from the Africa Cup is set to return to high profile action since last playing for Zambia in Angola.

Jonas Sakuwaha will also play his first match for Zambia this year after pulling out of the Africa Cup to concentrate on cementing a place at French club Lorient.

In attack, Given Singuluma and Christopher Katongo should lead in attack while Hichani Himoonde, Francis Kasonde and Stophila Sunzu will be in defence.

NRP calls for tribunal to investigate Mwanawasa’s death

55
Late President Levy Mwanawasa

The National Revolution Party (NRP) has called on President Rupiah Banda to set up a tribunal to investigate the death of late President Levy Mwanawasa.

Party Secretary General Kelly Walubita Jr told Q fm that Zambians would be interested in knowing the circumstances that led to the death of the late President.

Mr. Walubita was backing former first lady Maureen Mwanawasa that there is need to investigate the death of her husband. He said there are a lot of speculations concerning the death of Dr. Mwanawasa, adding it is incumbent upon the government to help respond to these speculations.

Mr. Walubita said there have been a lot of suspicious deaths of prominent politicians in the history of the country. He named some politicians whom he says died suspiciously as late Paul Tembo, Ronald Penza, Peter Lishika, Major Wezi Kaunda, among others who died during the Chiluba regime.

He said the death of the late President also might have been a planned one, urging the government to take seriously, the former first lady’s concerns.
[Q fm]

State censures opposition’s cold shoulder

38
President Rupiah Banda cuts the African Freedom Day cake

THE Government has criticised some opposition political parties who have continued to stay away from national celebrations even after being invited to the events.

Chief Government spokesperson Ronnie Shikapwasha said it was sad that some opposition leaders had continued to stay away and called on them to separate their differences from national activities.

Lieutenant-General Shikapwasha, who is Information and Broadcasting Services Minister, was speaking in an interview during the Africa Freedom Day celebrations held at the showgrounds in Lusaka yesterday.

Gen Shikapwasha wondered why some opposition leaders who were so vocal had failed to differentiate between political functions and national events.

“We are not bothered by the opposition staying away from national events but if they claim to be popular why have they continued to ignore such important gatherings and what assurance is there that they are not capable of cancelling such important events given a chance to govern the affairs of the nation,” he asked?
[pullquote]
Gen Shikapwasha wondered why some opposition leaders who were so vocal had failed to differentiate between political functions and national events.[/pullquote]

He said it was clear that some opposition leaders were ignorant and did not understand events such as the Africa Freedom Day, which had brought about freedom not only in Zambia but Africa as a whole.

The minister urged the opposition leaders to reflect on their action and that the MMD Government remained committed to dialogue with every person despite their status or political affiliation.

The Government would continue to embrace the peace and unity which the country had enjoyed over the years.

Tribute was also paid to political parties in the country which had showed leadership and continued to attend such events each time they were invited.

Among some notable people who attended the celebrations were former secretary-general of UNIP Grey Zulu, freedom fighter Sikota Wina and his wife Princess Nakatindi.

[Times of Zambia]

Don’t impose President Banda on MMD- Kabanda

The Citizen’s Forum has challenged the ruling Movement for Multi party Democracy (MMD) it would be democratically incorrect to force president Rupiah Banda on the MMD members as their representative for the next tripartite election set for 2011.

Forum executive director, Simon Kabanda said that the MMD has a responsibility to ensure that democratic values are advocated for at every level of governance.

He urged MMD to take the leading role in upholding democracy and tolerance in Zambian politics.

Mr. Kabanda noted that ruling MMD currently has no choice but to enhance democracy in the country in oto create sanity in national politics.

He has challenged the MMD national executive committee NEC to give Zambians a chance to elect a person of their own liking rather than to impose President Banda as the party’s sole candidature for the 2011 elections.

Mr Kabanda has also noted that there is need to ensure that the ruling party takes on board observations of those holding divergent views by giving them the space to express themselves.

He has therefore called on the MMD leadership to ensure that the national convention goes on as requested by the party members and that people chose a party representative of their own.

[ QFM ]

Good leadership paying off for Zambia, says FJT

Former Republican President Dr Fredrick Chiluba

Former Republican president Frederick Chiluba has said the increased level of investment in the country is a result of the international community’s confidence in Zambia’s economic management and political leadership.

And veteran politician and freedom fighter Sikota Wina says Ghana’s founding president Kwame Nkrumah has been vindicated that Africans can manage and govern themselves given the development on the continent.

In an interview in Lusaka yesterday, during the commemoration of the Africa Freedom Day, Dr Chiluba said Zambia’s economy had continued to grow.

“The economy has continued to grow. I took a casual walk this morning at Manda Hill and I was impressed with what is happening there because that will change the face of Lusaka.

“What it means is that the economic policies that were launched in 1991 are very good and now the investors and the international community are expressing their confidence in our economy by coming to invest more and more,” he said.
[pullquote]“They are enjoying the freedoms we introduced in our new Constitution, the freedom of conscience and association. When they like to celebrate they do, when they don’t want they stay away,” he said.[/pullquote]

Dr Chiluba commended President Rupiah Banda for uniting Zambians.
He said the construction works and new shops being built were a sign of progress in the economy.

Asked to comment on the political parties that boycotted the celebrations, Dr Chiluba jokingly said the opposition leaders were enjoying the fruits of democracy.

“They are enjoying the freedoms we introduced in our new Constitution, the freedom of conscience and association. When they like to celebrate they do, when they don’t want they stay away,” he said.

Mr Wina said the achievements in the country and on the continent were testimony to the fact that Africans could govern themselves.

“The white man said Africans couldn’t govern themselves. The achievements in this country and all over the continent despite the few mishaps proved that Nkrumah (Kwame) was right when he said Africans could govern themselves,” he said.

He said the struggle for independence was worthwhile.

Mr Wina commended President Banda for undertaking various initiatives to grow the economy.

[ Times of Zambia ]

Muzungu petitions Mufumbwe by-election results

LOSING MMD candidate in the Mufumbwe Constituency by-election Mulondwe Muzungu has petitioned the election result of United Party for National Development (UPND)’s Eliot Kamondo, arguing that the polls were marred by violence.

According to the petition lodged in the Lusaka High Court on Monday, Mr Muzungu stated that it was his prayer that it should be determined that Mr Kamondo was not duly elected and that the election was null and void.

In the affidavit verifying the election petition obtained by the Times of Zambia, Mr Muzungu said the elections were characterised by undue influence that resulted from violence and threats to life and property.

He further stated that there were rampant physical attacks on the members of the MMD and members of the general public, resulting in severe injuries to people and damage to property.

“I verily believe that as a result of the acts of violence that characterised the parliamentary by-election, members of the MMD and the general public feared for their safety while others chose to leave their residences and fled the area without participating in the said elections,” he said.

He said at a rally held on April 30, 2010, UPND president Hakainde Hichilema offered and promised to deliver 20 head of cattle to the voters in Mufumbwe as an earlier promise made to them that he would deliver the said animals if they voted for Mr Kamondo.

He said the said promise was designed to unlawfully induce the members of the public to vote for Mr Kamondo and alter their independent and voluntary decision at the polls.

Mr Muzungu in his petition also stated that on April 14, this year, Vice-President George Kunda was addressing a rally at Matushi area when a riot broke out in the area and that a 10km stretch of the Mutanda-Chavuma Road was blocked with stones and logs by UPND cadres.

Mr Muzungu said UPND cadres who were throwing stones at motor vehicles surrounded several MMD members and threatened people who were to attend the vice-president’s rally.

During the polls, Mr Kamondo polled 5,313 votes; Mr Muzungu got 5,009 votes while Steven Kamwendo of UNIP got 180 votes.