Archive for February 7th, 2010

source: Mmegi
Staff Writer

Zambia Copper Investments (ZCI) and Botswana Stock Exchange listed African Copper (ACU) has completed the refinancing of a bridging loan, which ZCI provided to ACU in May 2009, with a four-year secured credit facility.

The facility placed ACU’s borrowings from ZCI on a more permanent footing.

The four-year credit facility would be worth more than $31-million and replaces the $7-million bridging and the $25,4-million bridging loan that ZCI provided to ACU in May.

In May, ZCI increased its stake in the copper-miner to 82 percent after finalising a share subscription.
African Copper fell victim to the commodity price crash and went into [continue reading]

source: BBC News

Botswana says it is recalling two senior diplomats based in Harare in protest against the detention of three wildlife officers in Zimbabwe.

The government of Botswana said it would withdraw its intelligence and defence attaches.

It also asked Zimbabwean intelligence officers to [continue reading]

source: Mmegi
Staff Writer

With chances of a 2010 World Cup team coming to Botswana fizzling, a Selebi-Phikwe based company, BATSELF has taken the initiative to ensure that the mining town and surrounding areas benefit from the first world soccer showpiece on African soil.

BATSELF spokesperson, Moeti Mohwasa said they will hold a seminar next Monday in a bid to explore business opportunities presented by the World Cup to be hosted in South Africa in June.

Mohwasa said they have invited representatives from the Botswana High Commission in Pretoria who will be crucial in liaising with authorities in Polokwane in the Limpopo province. Polokwane would host some World Cup matches and BATSELF wants to exploit Selebi-Phikwe’s proximity to the city to [continue reading]

source: allAfrica
The Times of Zambia (Ndola)
5 February 2010

THE Government has paid the French oil firm, Total Outre’Mer, US$5.5 million for the acquisition of the 50 per cent shares in Indeni Oil Refinery but still owes it $16.7 million in other obligations, Ministry of Energy and Water Development Permanent Secretary Teddy Kasonso has said.

Appearing before the Public Accounts Committee (PAC) Mr Kasonso said the Government paid $5.5million as at the end of November last year but still has to pay outstanding debts amounting to $16.7 million, which it owed the former shareholder.

He was, however, happy that after acquiring 100 per cent ownership in Indeni, the firm was now running more effectively.

Mr Kasonso, who was accompanied by Director of Energy at the ministry Oscar Kalumiana, Indeni Oil Refinery managing director Maybin Noole and finance director Thompson Chikumbi however said, he regretted that [continue reading]