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KME, a leading European rolled copper supplier, has shifted focus to the booming electronics sector, with over 90% of sales now in rolled copper. The company is enhancing its ESG profile, with 43% of output from recycled copper, while expanding its borrowing base facility to €460m to support growing demand driven by AI and electrification.
Arc Minerals has reported promising assay results from its joint venture with Anglo American in Zambia, revealing 0.6% copper over a 40-meter thickness and high-grade intersects of 1.7% copper. With significant funding of nearly $90 million from Anglo, the company is well-positioned for exploration in a region known for its copper potential. The ongoing rainy season has paused drilling, but plans are in place for a busy year ahead as they review data and prepare for future operations.
Melania Trump's memecoin peaked at a $13 billion valuation before collapsing, while her husband Donald Trump's token, TRUMP, currently trades at $25.77 with a $5.1 billion market cap. Meanwhile, Errol Musk aims to raise up to $200 million for the MUSKIT memecoin, which has seen fluctuating values since its launch.
Zambia is working to address an $80 million erroneous payment made by its power utility, Zesco Ltd., to China. The funds were mistakenly transferred from a securitized account that had been accumulating revenues from electricity sales linked to a power plant financed by Chinese companies. This issue arises as Zambia continues to finalize a prolonged debt restructuring deal with China.
In July 2022, Angola awarded a 30-year railway concession to a European consortium, rejecting a Chinese bid, while the US government announced over $560 million in funding for the Lobito Corridor project, aimed at enhancing mineral transport from Central Africa. President Biden emphasized the project's potential to drive economic growth and create jobs, while regional leaders highlighted the importance of local processing of minerals to benefit their economies. The Lobito railway, historically significant but troubled, is being revitalized to connect Zambia's copper mines to the coast, competing with Chinese infrastructure efforts.
BYD has launched its Sealion 07 EV in Norway, marking the company's seventh model available in the country. Priced at NOK 469,900 ($42,150), the Sealion 07 is the first to utilize BYD's latest e-Platform 3.0 Evo, following its recent debut in Germany.
Standard Chartered Plc is considering the sale of its wealth and retail banking operations in Zambia, Uganda, and Botswana to generate cash for reinvestment in other areas of the business. The bank indicated that any financial impact from these potential exits would be minimal.
Zambia is exploring a $900 million coal-fired power plant proposal from a Chinese-owned company amid severe electricity shortages due to a historic drought. With hydro-electricity generation, which supplies 85% of the country's power, severely impacted, households and businesses face prolonged outages, forcing copper producers like First Quantum Minerals Ltd. to import expensive electricity to sustain operations.
Mitsui & Co. has reportedly become the highest bidder for a stake in First Quantum Minerals Ltd."s Zambian copper mines, surpassing a competing offer from Saudi Arabia"s Manara Minerals Investment Co. The Japanese trading house is considering acquiring approximately a 20% interest in the Sentinel and Kansanshi mines for around $2 billion.
The kwacha has continued its decline, hitting a record low of 27.4604 per dollar, despite the Bank of Zambia's recent 50 basis-point interest rate hike to 14% aimed at stabilizing the currency. This marks the currency's 16th consecutive session of losses, highlighting the challenges posed by a strong dollar and ongoing drought conditions.
ZMB
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kme expands credit facility to support rising copper demand amid ai surge
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