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Vedanta Resources reportedly engages Worley to raise $1 billion capital injection into KCM
Trump threatens extra 10% tariff on nations siding with Brics
Copper price soars to record as Trump announces 50% tariff
In Local Business and Finance News
In a groundbreaking shift toward energy independence and economic self-determination, Zambia has secured a 26% equity stake in Angola’s Benguela (Lobito) oil refinery, signaling a new chapter in intra-African collaboration. The deal, announced by energy ministers from both countries, marks Zambia’s bold transition from a fuel-importing nation to a strategic co-owner in one of the continent’s most promising energy projects. The refinery, located in Angola's Benguela province, is expected to be operational by 2026. The Lobito refinery, currently under construction in Benguela Province, is set to become one of Africa’s largest oil processing refineries, with a projected capacity of 200,000 barrels per day. Once completed, the facility will refine crude oil for both international and domestic export, including exports to Zambia and the Democratic Republic of Congo. Zambia becomes a shareholder alongside Angola’s state oil company Sonangol, which holds a 30% stake, while the remaining shares are allocated to other regional and private investors. As part of the agreement, Angola will supply Zambia with refined petroleum products. Read more: Lusaka Times
Mining mogul Anil Agarwal’s Vedanta Resources – the UK-based company – has roped in global EPCM major Worley for project management as it eyes expansion of mining and processing operations of critical minerals like copper, cobalt at its Konkola Copper Mines (KCM) in Zambia. Worley, an Australia-based engineering, procurement and construction management player, will also “engage with international experts” for backward integration and identifying partners for critical mineral extraction projects. Plans are also underway to build an additional tailings processing plant to enhance copper recovery from tailings, marking a strategic step towards improved resource efficiency and environmental sustainability, those in the know said. Vedanta intends to scale up production at KCM and is planning an investment of $1 billion. Sources said the company could look at a possible US public listing for its Zambian unit (KCM), among “other financing options”, as it looks to raise approximately $1 billion for mine development. Talks are on with a couple of investment bankers too, these sources said, adding that New York is amongst the probable listing options. Read more: Business Line
The Bank of Zambia (BoZ) says it remains vigilant to the growing risks posed by digitalisation, particularly the increasing threat of cybercrime targeting the country’s financial sector. This comes in the wake of a recent service disruption at Access Bank Zambia, which was prompted by a suspected external threat detected within its banking infrastructure. In response, the bank temporarily suspended certain digital services as a precautionary measure to safeguard customer accounts, systems, and data. BoZ Governor, Denny Kalyalya, noted that while digitalisation has brought immense benefits to the financial industry and wider society, it has also exposed institutions to a new wave of cyber-attacks. He called for heightened vigilance and collaboration among stakeholders, warning that cybercriminals often operate from within local communities. Read more: Zambia Monitor
The Zambia Environmental Management Agency (ZEMA) has announced that during its June Environmental Assessment Committee meeting, it approved 115 development projects with a total investment value of US$627 million. ZEMA says among the approved projects are the proposed construction of a ZAMMSA Regional Medical Warehouse in Kabwe District, as well as the upgrade of critical airport infrastructure at Mansa Airport, valued at over K739 million. In a statement, Monday, ZEMA Corporate Affairs Manager Ruth Kamwi said the approved projects represent various sectors, including mining, energy, infrastructure, manufacturing and agriculture. Read more: News Diggers
In International News
Copper prices jumped by double digits on Tuesday after US President Donald Trump announced plans to implement a 50% tariff on the industrial metal. “I believe the tariff on copper we’re going to make it 50%,” Trump said when asked by a reporter what the rate on those products would be. In New York, the most-traded copper futures soared to a record $5.9535/lb. following Trump’s announcement, for an intraday gain of nearly 17%. By 2 p.m., the contracts had settled to around $5.5495/lb. The copper levy is part of a set of looming sectoral tariffs the US President has planned on select industries. Other sectors that may be impacted include drugs and semiconductors. In late February, Trump directed the Commerce Secretary to open an investigation into foreign copper imports under Section 232 of the Trade Expansion act. Read more: Mining
US President Donald Trump has warned that countries which side with the policies of the BRICS alliance that go against US interests will be hit with an extra 10% tariff." Any country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% tariff. There will be no exceptions to this policy," Trump wrote on social media. Trump has long criticised BRICS, an organisation whose members include China, Russia and India. The US had set a 9 July deadline for countries to agree a trade deal, but US officials now say tariffs will begin on 1 August. Trump said he would send letters to countries telling them what the tariff rate will be if an agreement is not reached. Read more: BBC News
Namibia has officially been downgraded from an upper-middle-income economy to a lower-middle-income country in the World Bank’s latest income classification, effective 1 July 2025. This change, detailed in the World Bank’s FY26 Updated Country Income Classification report, is primarily due to a decline in the country’s Atlas Gross National Income (GNI) per capita, from US$4,870 in 2023 to US$4,240 in 2024. The figure falls below the new threshold of US$4,495 required to maintain upper-middle-income status. The World Bank's Atlas method factors in inflation, exchange rates, population changes, and overall economic performance. For Namibia, slower GDP growth, a decline in diamond output, and a significant population revision were cited as major contributors to the downgrade. Read more: Business Insider
Cash-strapped Mozambique is considering approaching China, its largest bilateral creditor, to restructure $1.4 billion in debt, President Daniel Chapo has revealed. Cash-strapped Mozambique is considering approaching China, its largest bilateral creditor, to restructure $1.4 billion in debt, President Daniel Chapo has revealed. Chapo stated that the government remains under great fiscal strain following back-to-back economic contractions and widespread unrest following the country’s disputed October elections, Bloomberg reported. The violence, which caused extensive damage to businesses and infrastructure, has deeply impacted public revenues. With economic recovery still fragile, pressure is mounting on the government to meet its external debt obligations, raising fresh concerns about debt sustainability. Chapo added that some bilateral lenders have already shown a willingness to support Mozambique, including through potential debt forgiveness. Read more: Business Insider
The court-appointed administrator of Barrick Mining’s Loulo-Gounkoto complex in Mali is reportedly planning to sell some of the gold from the mine site to fund an operation restart. Citing multiple sources, Reuters said on Tuesday that Soumana Makadji, acting as temporary administrator of the mine operation, intends to sell one metric ton of the gold from the site’s storeroom. Funds from the planned gold sale could be worth about $107 million and are expected to be used to finance operational expenses, including salaries, fuel and unpaid dues to contractors, the report said. In addition, Reuters sources have indicated that Makadji has enlisted the state mining company’s chairman and former Loulo-Gounkoto executive Samba Toure to support the mines’ restart, and the plant has already resumed operations. Read more: Mining
Finally, Capital Markets News
In 340 trades recorded on Friday 107,456 shares were transacted resulting in a turnover of K522,458.97. The following price changes were recorded on Friday: -K0.03 in Zambeef and +K0.01 in CEC Africa on the quoted tier. Trading activity was also recorded in the following securities AECI, Airtel, Bata, CEC Zambia, Chilanga Cement, Madison Financial Services, National Breweries, PUMA, Standard Chartered Bank Limited, Zambia Reinsurance and Zanaco on the quoted tier.
For the dollar denominated security (REIT): No trades were recorded in the REIT on Friday. The LuSE All Share Index (LASI) closed at 20,146.92 points, 0.01% higher than its previous close.
The market closed on a capitalization of K295,883,434,701.59 including Shoprite Holdings and K105,811,365,801.59 excluding Shoprite Holdings.
