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11/01/2024

JCHX REPORTEDLY IN THE PROCESS OF TAKING OVER 80% EQUITY IN LUBAMBE MINE
By Michael Kaluba

Reliable sources close to Lubambe Copper Mines operations have disclosed that Chinese Company, JCHX is set to take over the mine's 80 percent equity within two months once ongoing negotiations with EMR are completed.

According to sources, Lubambe Copper Mine Chief Executive Officer Tim Duffy addressed Union Branch leaders this week at general offices, revealing that JCHX mining is about to finalize discussions with EMR, Lubambe's existing owners.

Reports suggest that the Chinese Corporation is expected to overhaul the management structures at the mine, which is now 80% owned by EMR and 20% by Zambia Consolidated Copper Mines Investment Holdings -ZCCM-IH-.

And National Union of Miners and Allied workers-NUMAW- President Saul Simujika says he has received communication from his branch officials indicating that EMR is in the process of selling its shares to JCHX.

Mr. Simujika hinted at a meeting in Chingola today when full details about the future of Lubambe Copper Mines would be revealed.

Meanwhile, Phoenix News has yet to receive confirmation from either JCHX or Lubambe Copper Mine management while Mines and Mineral Development Minister Paul Kabuswe's phone was unreachable as he is out of the country.
PHOENIX NEWS

11/01/2024

MORE PROSPECTIVE INVESTORS SHOW INTEREST TO CONSTRUCT OIL PIPELINES IN ZAMBIA
By Chileshe Mwango

Energy Minister Peter Kapala has disclosed that his ministry has in the recent past received a good number of prospective investors in the construction of oil pipelines.

In an interview, Mr. Kapala says some of the proposals received are the construction of a pipeline between Zimbabwe and Lusaka, another pipeline between Mozambique and Lusaka through to Ndola while another one is earmarked between Dar-es-re-salaam and Lusaka.

Mr. Kapala says government wants to ensure Zambia is fuel secure and that once actualized, these projects will result in fuel security.

And Mr. Kapala says government is working at finding a fuel supplier that will give the country a price that lasts up to three months or more in an effort to revise the fuel pricing mechanism from the current monthly to a prolonged period to enable the public and businesses plan effectively.
PHOENIX NEWS

11/01/2024

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11/01/2024

What is more stressful?

11/01/2024

CURRENT HIGH MEALIE-MEAL PRICES IN EASTERN PROVINCE ARTIFICIAL

By Lukundo Nankamba

The Millers’ Association of Zambia says the current high mealie-meal prices in eastern province fetching at K410 is artificial.

MAZ president Andrew Chintala explains that the price hike has come about because millers in the last two months did not get any clearance from the ministry of agriculture on stock movements of the commodity which created a vacuum in the market.

Mr Chintala in an interview with Phoenix News says mealie meal traders in the area with excess mealie meal took advantage of the scarcity of the commodity and hiked prices.

He says the association has since engaged government on the matter to provide the required regulation on the distribution of mealie meal in eastern province so that the commodity is readily available at a stabilized price.

PHOENIX NEWS

11/01/2024

PRISCCA BACKS CALLS TO DECONJEST CORRECTIONAL FACILITIES IN LIGHT OF RISING CHOLERA CASES

By Michael Kaluba

The Prison Care and Counselling Association -PRISCCA- has added its voice in urging the judiciary to swiftly address the cholera pandemic by conducting mobile courts in order to tackle the backlog of cases and reduce overcrowding in correctional facilities.

PRISCCA Executive Director Godfrey Malembeka has warned that it would be catastrophic for the cholera outbreak to reach correctional facilities that currently have in excess of 25,000 inmates utilizing infrastructure meant for 10,000 people.

Dr. Malembeka tells Phoenix News that with over 5000 people awaiting trial and over 1500 on bailable offences, magistrates can set up temporary mobile courts at correctional facilities to clear some cases.

He is advocating for relaxed bail conditions for selected cases by rescinding the cash bail requirement and number of sureties, and for courts to sit on weekends to fast track the decongestion of correctional facilities.

Recently, the Human Rights Commission called on the Zambia Police to scale up their discretionary powers of granting bond to suspects as a way of decongesting police cells and preventing cholera from spreading.

PHOENIX NEWS

10/01/2024

PRESIDENT HICHILEMA URGES ZAMBIANS TO STOP VILIFYING INVESTORS
By Balewa Zyuulu

President Hakainde Hichilema has commissioned the Zambian Breweries upgraded plant with a call on Zambians to stop vilifying investors but have a positive outlook on investments as they contribute to economic advancement of the country.

Speaking during the commissioning in Lusaka today, President Hichilema says it is unfair for politicians to call investors as imperialists because they come in the country to invest and create opportunities for citizens.

He says extension services such as the ones done by Zambia Breweries are helpful in boosting the capacity of small-scale farmers and serve as catalysts for innovation, employment and prosperity for the country.

And President Hichilema says his administration will continue providing a conducive business environment for the private sector to flourish and contribute to economic growth.

And Zambian Breweries PLC Country Director Michelle Kilpin says the $80 million upgraded plant is envisaged to significantly contribute to Zambia’s economic restoration through job creation.

Ms. Kilpin said the increased production capacity will also help the company meet its international demand for alcohol exports.
PHOENIX NEWS

10/01/2024

REA BOARD DIRECTED TO EXPLORE MULTI-STAKEHOLDER APPROACH TO RAISE FUNDS FOR FINANCING PROJECTS
By Chileshe Mwango

Energy Minister Peter Kapala has unveiled a 9-member Rural Electrification Authority-REA- Board with a directive that it explores the involvement of a multi-stakeholder approach in raising resources for financing projects.

Mr. Kapala says government resources may not be adequate to meet the Authority’s budgetary requirements hence the need for the board to guide REA in ensuring it attracts the private sector, non-governmental organizations and cooperatives to raise the needed resources.

He has also directed the new board to ensure the rural electrification master plan implemented in 2008 is updated as it has remained static and does not meet the current social and economic environment because it was formulated at a time when Zambia’s 10th province had not been created.

And newly appointed REA Board Chairperson Bruce Jani says the Board understands the much-needed work demand on government to achieve universal access to affordable, reliable and sustainable electricity by 2030 especially for rural communities whose income levels are low.

And REA Chief Executive Officer Linus Chanda says the increased and decentralized Constituency Development Fund entails the need for electrifying the entire country so as to meet government's agenda of ensuring equitable development in all parts of the country.
PHOENIX NEWS

10/01/2024

Topic: Why Cholera is not a medical problem with
Dr Blessing and Dr Kaoma,
Teledoctor Zambia

10/01/2024

SALARY AND WORKING CONDITION NEGOTIATION AT MOPANI AND KCM DEFERRED

By Michael Kaluba

Negotiations for salaries and working conditions at both Konkola Copper Mines-KCM- and Mopani have been put on hold for three months, until April this year.

According to National Union of Miners and Allied Workers-NUMAW- president Saul Simujika, negotiations have been deferred due to ongoing legal concerns at KCM and, for the new equity partner, International Resources Holding-IRH, to settle in at mopani.

Mr. Simujika has also revealed that negotiations at Lubambe Copper Mines have yet to be completed due to lack of a mandate, as well as for the contractor JCHX, which is currently experiencing challenges at NFCA, despite agreements expiring on December 31, 2023.

The union leader has told phoenix news that discussions at Chambeshi Copper Smelter will not start until march this year, because their deal is valid until April 2024.

Meanwhile, agreements at Kalumbila and Kansanshi resulted in 8% salary increments, 10% for Lumwana, k600 at Luanshya Copper Mines and k550 for NFCA employees.

PHOENIX NEWS

10/01/2024

ZAMBIA’S POOR ECONOMIC CONDITIONS WILL MAKE IT DIFFICULT FOR EMPLOYERS TO IMPLEMENT NEW MINIMUM WAGE

By Lukundo Nankamba

Economist Naylor Kopakopa says the current prevailing economic conditions will make it difficult for most employers to implement the minimum wage this year.

Under the general order, government has introduced new minimum wage regulations, effective January 1, 2024.

In an interview with Phoenix News, Mr Kopakopa says most entities in the country lack the capacity to raise worker salaries until the economy stabilizes.

Mr Kopakopa believes that mandating employers to implement the minimum wage under the current economic hurdles might prompt most of them to resort to reducing their workforce, which will result in significant job losses.
Mr Kopakopa says although the move by government was initially commendable, the current state of the economy poses a serious challenge for employers.

PHOENIX NEWS

09/01/2024

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09/01/2024

Topic: Cholera
Dr Mazyanga Mazaba Liwewe, Director Zambia health policy Diplomacy and Communications (ZNPHI)
Zambia National Public Health Institute

09/01/2024

GOVT URGED TO REPOSITION ZAMBIA AS A MAJOR SUPPLIER OF CRITICAL COMMODITIES AHEAD OF PROJECTED ECONOMIC SLOWDOWN IN AFRICA

Balewa Zyuulu

Party for National Unity and progress president Highvie Hamududu has urged government to confront the projected economic slowdown in Africa this year by repositioning itself as a major supplier of critical commodities such as food.

Latest estimates by the United Nations indicate that 18 African countries, including Zambia, registered a debt-to-gross domestic product ratio exceeding 70% in 2023, and the economic growth is projected to be sluggish.

Commenting on this development, Mr Hamududu says the Zambian government must adopt strategic approaches aimed at unlocking substantial investments that would drive sustainable development and steer the country towards a positive economic trajectory.

Mr Hamududu, who cited the decline in growth figures across Africa due to fiscal constraints and imported inflation, says Zambia should focus on establishing an economy supported by agriculture.

He says prioritizing agricultural support not only aligns with the necessity for proactive measures in the face of ongoing economic uncertainties across Africa but also stands as a method to stimulate economic growth.

PHOENIX NEWS

09/01/2024

OMCAZ IMPLORES GOVT TO RESTRICT USE OF TAZAMA PIPELINE TO ZAMBIAN ENTERPISES

By Michael Kaluba

The Oil Marketing Companies Association of Zambia has implored government to restrict the use of the TAZAMA Pipeline to Zambian enterprises and compel foreign multinationals to invest in fuel storage capacity.

According to association president Dr. Kafula Mubanga, storage capacity must be attached as a requirement for any foreign-owned oil marketing company if the country is to expand its import cover beyond the minimal two-weeks.

In its end of year address, the Energy Regulation Board-ERB- said Zambia had an average of 18 and 13 days of supply for low Sulphur gas oil and petrol respectively last year, which account for more than 96% of national fuel consumption.

However, Dr. Mubanga says the cover period is insufficient and will not aid the country in an event of a prolonged eventuality, highlighting the necessity to establish minimum storage capacity for all foreign-owned oil marketing companies to increase the country's cover duration.

He is of the view that foreign corporations should stop using Zambia’s TAZAMA and other storage facilities, and that all new licensees should be compelled to invest in alternative ones.

PHOENIX NEWS

08/01/2024

ACCESS BANK ZAMBIA COMPLETES ACQUISITION OF ATLAS MARA BANK
By Patricia Male

Access Bank Zambia Limited has today announced the completion of the acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia after obtaining all requisite regulatory approvals.

This means that Atlas Mara is now a wholly owned subsidiary of Access Bank Zambia.

Speaking during the announcement of the merger in Lusaka today, Access Bank Zambia Limited Chief Executive Officer Lishala Situmbeko said once the merger is complete, the combined entities will become one of Zambia’s top five banks by revenue with prospects to be in the top three by 2027.

Mr. Situmbeko stated that the bringing together of these two great businesses is creating a stronger, more competitive financial institution that will play a role in delivering on Zambia’s economic recovery.

He explained that the coming together of the 2 banks will see corporate customers benefit from a larger combined balance sheet, a broader international footprint and increased access to trade finance, treasury, international payments and loans via the wider distribution network of the enlarged bank which today spans three continents and 21 markets.

Mr. Situmbeko adds that the merger will provide the opportunity for the combined bank’s stakeholders to benefit from access bank’s commitment on extending financial services to the unbanked and deepening its financial services offerings to banked customers.

And Atlas Mara Acting Managing Director Bobbline Cheembela said that following this regulatory milestone, the two banks will continue to operate separately until all integration related processes are finalized.

Mr. Cheembela added that combining with access bank allows Atlas Mara to bring together the best qualities, capabilities and resources of both organizations.
PHOENIX NEWS

08/01/2024

REOPENING OF TEVET INSTITUTIONS RESCHEDULED TO JANUARY 29TH
By Chileshe Mwango

The Ministry of Technology and Science has rescheduled the reopening of all TEVET institutions from 15th to 29th January, 2024 following the cholera outbreak in the country.

Addressing the media in Lusaka this morning, Science and Technology Minister Felix Mutati says the re-opening of the institutions will be subject to guidance by the ministry of health.

Mr. Mutati says the ministry realizes that cholera affects everyone, hence the move to reschedule the academic calendar for TEVET institutions.

Last week, the Ministry of Education also revised the 2024 primary and secondary school calendar for the first term from 8th to 29th January 2024.

Zambia especially the capital city, Lusaka is experiencing a high number of cholera cases with over 200 deaths recorded so far since the disease broke out in October last year.
PHOENIX NEWS

08/01/2024

The team that will be bringing it home

08/01/2024

POLICE IG DENIES DIRECTING BAN OF OPPOSITION PUBLIC RALLIES

By Lukundo Nankamba

Inspector General of Police Grapheal Musamba has denied ever issuing a statement that he will ban the holding of public rallies for opposition political parties in the country.

Amidst condemnation and calls by various stakeholders for him to resign following his statement, Mr. Musamba has clarified that he did not utter any directive of banning opposition rallies but only directed that proper scrutiny will be conducted during these activities.

Mr Musamba has told phoenix news in an interview that the statement was taken out of context to fit the media house that published the news item.

He says his office is mandated to provide security hence the scrutiny is only meant to ensure law and order prevails during public rallies which are usually a security threat to the country.

Mr. Musamba says the current debate regarding his statement is pure propaganda that has been incited to alarm the nation and should not be given attention by members of the public.

PHOENIX NEWS

08/01/2024

CALLS BY CHINA TO HAVE COPPER TRADED IN CHINESE YUAN AN OPPORTUNITY FOR ZAMBIA TO STRENGTHEN ITS CURRENCY

By Tellah Hazinji

Economist Yusuf Dodia says recent calls by China to have copper traded in the Chinese Yuan presents an opportunity for Zambia to strengthen its currency.

China, which is part of the BRICS countries is pushing the de-dollarization narrative by urging Zambia to accept the Chinese Yuan as payment for copper and not the United States Dollar, which if Zambia accepts, 2 Billion Dollars’ worth of copper trade will be settled in Chinese Yuan.

In an interview with Phoenix Business News, Mr. Dodia says the Chinese are offering an alternative mechanism to improve trade and strengthen currencies.

He says it will be a mistake for Zambia to stick to the US Dollar which has proven to be manipulative as it is not backed by any gold reserve and is a floating currency which western banks manipulate whenever they like.

PHOENIX NEWS

07/01/2024

FORMER HEALTH MINISTER TIPS GOVT ON CHOLERA INTERVENTIONS
By Lukundo Nankamba

Former Health Minister Dr. Chitalu Chilufya has advised government to urgently ⁠engage partners and procure cholera vaccines for mass vaccination in all hotspots to halt the further outbreak of cholera.

Dr Chilufya says the current cholera death toll in the country is unacceptable and requires enhanced interventions through strengthened leadership, strengthened epidemic preparedness and response committees at national and subnational levels.

He adds that the Zambia National Public Health Institute -ZNPHI- must trigger emergency response systems and coordinate with all stakeholders to sufficiently respond to the cholera outbreak.

Dr Chilufya states that mapping the epicenters and potential hotspots, and identifying factors fueling the epidemic will address the determinants of the disease.

He says overcrowding and public gatherings for funerals for cholera victims must also be discouraged as it will assist to deal with the case load and stop the deaths.

Meanwhile, Socialist Party President Dr. Fred M’membe says the cholera outbreak has worsened owing to the UPND administration’s failure to heed calls from stakeholders in the water, sanitation and hygiene sector to increase the budgetary allocation to the water sector, which has been declining annually.
PHOENIX NEWS

07/01/2024

PF CALLS FOR RESIGNATION OF POLICE I.G
By Lukundo Nankamba

Opposition Patriotic Front Vice President Given Lubinda is calling for the immediate resignation of Inspector General of Police Grapheal Musamba for being a threat to national security.

Mr Lubinda says it is disheartening for the police chief to issue alarming statements such as banning opposition political parties from holding rallies.

He says the police are expected to maintain law and order to whoever wants to cause confusion unlike threatening opposition political parties who are merely exercising their democratic right of freedom of expression and assembly.

Mr. Lubinda has told Phoenix News in an interview that Mr. Musamba as the highest-ranking official in the police service has shown incompetence in his statement and should be held accountable for this.

He has since challenged President Hakainde Hichilema to guarantee rights of citizens through providing guidance on the matter which is likely to infringe constitutional liberty.

But UPND member happy Mampa has warned politicians against politicizing the work of the Zambia Police and has condemned the opposition for attacking the inspector general of police over his statement.

Mr. Mampa who is also Bangweulu aspiring Member of Parliament says Mr. Musamba has been "above board" in ensuring that law and order prevails in the country.

He says police have a mandate to ensure peace prevails in the country, stating that the current Inspector General had exhibited professionalism in the ex*****on of his duties and needs citizens' support.
PHOENIX NEWS

07/01/2024

ATTAINING 10 MILLION METRIC TONNES MAIZE PRODUCTION FOR ZAMBIA IMPOSSIBLE IN ABSENCE OF RADICAL LAND REFORMS
By Balewa Zyuulu

Opposition People’s Alliance for Change leader Andyford Banda says in the absence of radical land reforms, it is impossible for Zambia to achieve the 10 million metric tonnes production of maize.

Recently, President Hakainde Hichilema said the current maize production level of about 3.3-million metric tonnes is too low, hence his administration has 10-million metric tonnes as the target this year.

However, in an interview with Phoenix News, Mr Banda said without substantive changes in land policies, realizing such a colossal increase remains an insurmountable challenge.

Mr Banda explains that these comprehensive reforms must address land distribution disparities and facilitate broader citizen participation in agriculture especially women and the youth.
PHOENIX NEWS

07/01/2024

RISING CHOLERA CASES ATTRIBUTED TO LACK OF ACCESS TO BASIC HEALTHCARE
By Lukundo Nankamba

Medical for Quality Health Care in Zambia has attributed the current rise in cholera cases and deaths across the country to lack of access to basic healthcare in Zambia.

In an interview with Phoenix News, organization Executive Director Quince Mwabu is of the view that had Zambia been working towards sustainable development goal number 6 which focuses on “ensuring access to water and sanitation for all” the country would have been at a better position to combat cholera.

Mr Mwabu explains that access to safe water, sanitation and hygiene are the most basic human needs for health and wellbeing, which should not be a challenge for any household.

He says to address these challenges, government must urgently invest in infrastructure projects that will provide quality drinking water and ensure regular testing of water sources for safety to help scale up readiness and timely response to outbreaks in the long term.

Mr Mwabu says implementing comprehensive measures involving education, access to clean water and sanitation facilities, as well as prompt medical intervention will significantly reduce the impact of the disease going forward.
PHOENIX NEWS

06/01/2024

SOME FARMER COOPERATIVES IN NDOLA SHARING FARMING INPUTS
By Nonhlanhla Phuti

Some farmer cooperatives under the Farmer Input Support Program-FISP-in Ndola’s Chifubu and Chipulukusu townships are sharing inputs in small quantities despite several warnings from government not to do so.

This came to light during inspections by the District Commissioner’s office to the two cooperatives to see how farmers had shared the farming inputs.

During the inspection, the farmers revealed that despite government warnings not to share inputs, lack of knowledge on who qualifies to benefit under FISP and how the farming inputs should be shared amongst themselves has led to sharing of the inputs.

And Ndola District Commissioner, Joseph Phiri has warned Chairpersons of Cooperatives who are obtaining money from none FISP beneficiaries, thereby increasing the number of those accessing the inputs, that they risk been arrested.

Meanwhile District Agricultural Officer, Philip Kalima has threatened to blacklist cooperatives that are compelling their members to share inputs.
PHOENIX NEWS

N.B Picture for illustration purposes

06/01/2024

HOME AFFAIRS MINISTER URGED TO PROVIDE LEADERSHIP AND CHECK UNPROGRESSIVE ACTIONS OF THE POLICE COMMAND

By Lukundo Nankamba

The Governance, Elections, Advocacy and Research Services –GEARS- Initiative is calling on Home Affairs and Internal Security Minister Jack Mwiimbu to provide leadership and check unprogressive pronouncements and actions of the Zambia Police command in order to retain people's confidence in the service.

This follows a statement issued by Inspector General of Police Graphael Musamba banning public rallies for opposition political parties due to what he has termed as volatile security situation in the country.

But GEARS Initiative Executive Director Patrick Kaumba says this decision by the police inspector general is an infringement on people’s freedom and is of the view that instead of cancelling the public rallies, the police should focus on protecting people’s rights and freedoms of assembly.

Mr Kaumba has said that fundamental rights such as the freedom of assembly, expression and association are key to any thriving democratic society and should strictly be observed and safeguarded.

He has further urged government to expedite the process of reforming the Public Order Act by enacting the long-awaited public gathering bill into law as it will impact positively on how public assemblies are managed.
PHOENIX NEWS

06/01/2024

ZAMBIA’S ECONOMIC RECOVERY TRAJECTORY STILL AT RISK EVEN WITH ANTICIPATED CONCLUSION OF DEBT NEGOTIATIONS
By Balewa Zyuulu

Opposition Green Party Leader Peter Sinkamba has warned that Zambia’s economic recovery trajectory remains at significant risk, even with the anticipated conclusion of debt negotiations by the end of the first quarter of 2024.

Recently, Finance and National Planning Minister Situmbeko Musokotwane expressed optimism that the outstanding issues with creditors will be resolved by the end of the first quarter of this year.

But in an interview with Phoenix News, Mr Sinkamba says despite the suspension of debt servicing, there has been no deliberate strategies aimed at accumulating savings dedicated specifically to manage looming debt obligations.

Mr Sinkamba has cautioned that while the debt restructuring might offer a window for economic recuperation, the absence of a structured approach to build a dedicated resource pool for debt repayments could worsen Zambia’s economic challenges.
PHOENIX NEWS

06/01/2024

EMPLOYERS ADVISED TO IMPLEMENT REVISED MINIMUM WAGE WHICH TAKES EFFECT THIS MONTH

By Chileshe Mwango

The Zambia Congress of Trade Unions -ZCTU- has advised employers in the country to implement the revised minimum wage for all classes of employees starting this January.

ZCTU President Blake Mulala says the trade union will partner with the ministry of labour and social security in monitoring the implementation of the statutory requirement.

Mr. Mulala tells Phoenix News that employers in the private sector should avoid being inconvenienced by ensuring they do not abrogate this law.

He has also appealed to employees whose employers will not implement the minimum wage to report to ZCTU offices or the Ministry of Labour.

And Mr. Mulala has advised workers to also join trade unions where their work-related concerns will be addressed.

PHOENIX NEWS

05/01/2024

MINES MINISTER DISAPPOINTED WITH RECENT PROTEST BY MINE WORKER UNIONS OVER KCM OPERATIONS

By Chileshe Mwango

Mines and Minerals Development Minister Paul Kabuswe is disappointed with the recent protest by mine worker unions on the Copperbelt over operations at Konkola Copper Mines-KCM- despite government's transparency on the takeover of the mine by Vedanta resources and processes required before full operations begin.

3 Mine worker unions and KCM employees on Wednesday this week protested, demanding the immediate resumption of production at the mine and payment of their 20 percent salary increment and the K2500 one-off payment under Vedanta.

But addressing the media in Lusaka today, Mr. Kabuswe is shocked with the protest when all mine worker unions have been involved in all processes even before Vedanta Resources was picked as the equity shareholder at KCM.

He has disclosed that all challenges at KCM have been resolved following the return of Vedanta and that all documents have been signed.

Mr. Kabuswe said government and Vedanta have done their part and that what is remaining is for the court to commence the process of removing a liquidator at KCM which will soon start as Vedanta has today filed a consent judgment which is expected to facilitate for the speedy finalization of the process.

Meanwhile, Mr. Kabuswe has brushed aside people questioning the capacity of Mopani Copper Mine’s equity partner, investment resources holdings, saying the company has the capacity and working together with government will develop the mine.

PHOENIX NEWS

05/01/2024

ZAMBEEF RECORDS K1.8 BILLION PROFIT IN 2023
By Patricia male

ZAMBEEF Products PLC achieved a gross profit of K1.8 billion at 12.9% increase year-on-year in the year 2023, on account of effective revenue management.

The group also delivered an operating profit of K361.4 million, a significant increase of 108.1% in kwacha terms compared to the past year's K173.7 million.

Speaking during ZAMBEEF’s 29th Annual General Meeting on Friday, 29th December 2023, Company Chief Executive Officer, Faith Mukutu, said the growth indicates the effectiveness of the group’s commercial strategy and the successful ex*****on of key cropping projects.

Ms. Mukutu also noted that the escalating costs of vital inputs and commodities, including fuel, electricity, agricultural supplies, and grain, led to increased production costs for the livestock and cropping divisions.

And ZAMBEEF Board Chairman, Michael Mundashi, in his report to shareholders highlighted that the group’s 2023 performance showed its resilience in an ever-evolving market and highlighted the robustness of the group’s vertically integrated business model.

Mr. Mundashi said despite the tough operating environment, ZAMBEEF management team remained focused on its strategy and through a concerted effort, prioritizing revenue maximization, volume growth and cost management, which positioned the group for the good results achieved.
PHOENIX NEWS

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