MCM INVESTS 1.3 BILLION DOLLARS IN NEW OPERATIONS.

Mopani Copper Mines has invested US$ 1.3 billion investment in its new mining operations in Zambia.

Company Board Chairman Moses Chilangwa says the investment will go towards capital projects that include sinking and equipping three new shafts.

The news shaft are Synclinorium and Mindolo deep in Kitwe, and the Mufulira deep shaft.

Speaking at a media briefing this morning, Mr Chilangwa says the new shafts are expected to come online by the end of 2018 and will double Mopani’s output from the current 3.8 million tons of copper ore hoisted per annum to 9 million tons by 2020.

He has however, acknowledged that the past three years have been challenging for Mopani and all stakeholders in the industry as a result of low commodity prices on the international market coupled with the energy deficit.

Mr. Chilangwa has however, stated that despite the challenges being faced, Mopani remains resolute and fully committed to all its social responsibility programmes in communities around the country.

He adds that over the past three years Mopani has invested more than 1 billion United States dollars in its operations to recapitalize its mining operations and extend the lifespan of its mines by a further 25 to 30 years.

Meanwhile Zambia Chamber of Mines says it is negatively impacted with the introduction of the SI 76 which had led to the mining firms delay in collecting raw materials such as copper concentrates.

Chamber of Mines President Nathan Chishimba says restricting transportation hours impacting on commercial production as mines will not get their concentrates on time.

Mr Chishimba explained that in town like Solwezi truck drivers are being subjected to the heavy traffic of the day which the industry had been avoiding by scheduling their program.

Mr Chishimba said the mining industry was waiting for feedback from the minister.

ZAMBIAN BREWERIES SLASHES BEER PRICES OF MOSI AND CASTLE

Zambian Breweries has reduced the price of its Mosi and Castle lager amid growing confidence in economic stability.

The recommended retail price of a 375ml bottle of both lagers is now K7, reduced from K7.50.

Zambian Breweries Country Director Annabelle Degroot says the cut in price of the nation’s favourite beers was a response to the improved inflation rate and several months of a stable exchange rate.

Ms. Degroot has thanked and commended the government for implementing measures to allow this level of stability.

“In response to government’s efforts to maintain a stable business environment, we are committed to retaining the affordability of our products,” she said.

Zambian Breweries expects the price reduction to encourage drinkers to move away from cheap illegally brewed high-alcohol beverages that pose a danger to public safety as well as denying government tax revenue.

The Country Director explained that when beer prices drop, overall alcohol consumption does not increase but rather consumers tend to move away from cheaper higher alcohol options with an average ABV (alcohol by volume) of 43 percent, back into clear beer with an average ABV of 4.5 percent. This is an important driver of responsible alcohol consumption and government revenue collection.

The decision is also aimed at stimulating volume growth, tax revenue growth and its associated positive impact on investment, agriculture and employment.