Vedanta Resources Plc, the mining and energy group focused on India, plans to operate in Zambia for 50 years even as that unit is making a loss and “some challenges remain,” Chief Executive Officer Tom Albanese said.
First Quantum Minerals Ltd., Zambia’s biggest copper producer, said it has slowed down or postponed more than $1 billion of capital expenditure in the country as a tax dispute with the government escalates.
When Rafael Moonga started fishing on Lake Kariba six years ago, he would return at sunrise with as many as 15 crates of kapenta, also known as the Tanganyika sardine. Now he’s lucky to catch a quarter of that.
Zambian President Michael Sata fired the governor of the central bank and its board, reversed a foreign takeover of a local lender and temporarily halted metal exports within two weeks of taking office. Investors in Africa’s biggest copper producer aren’t panicking.
Michael Sata, president of Zambia, Africa’s biggest copper producer, ordered that all exports need to be cleared by the central bank and called for investigations into the sales of Finance Bank Zambia and the state-owned phone company.