FIRST QUANTUM ANNOUNCES A US $3.7 BN INVESTMENT IN ZAMBIA

First Quantum Minerals has announced a US $3.7 billion investment in Zambia.

The Toronto-listed company, operates Kansanshi Mine, located in North-Western Zambia.

The mining company has further acquired new mining rights for the Trident project in the Kalumbila copper ore.

The group’s President, Clive Newall says at least US $1.7 billion is to be invested in the Trident project, up to 2014.

An additional US $2 billion will be invested in the already operating Kansanshi mine, solely to increase production to 400,000 tonnes, from 240,000 tonnes.

INSURANCE PRICING SET TO REDUCE – BARCLAYS LIFE

Barclays Life, a new entrant onto the Zambian insurance market, has promised a 30 per cent cut down on indemnity rates.

Meanwhile, the country’s Finance Minister, Alexander Chikwanda says Zambia offers exciting prospects for business growth because of good economic policies.

Barclays life, a creation of ABSA financial Services, which is a Barclays Group subsidiary, has recently been launched in the capital, Lusaka.

And Barclays Bank Managing Director, Savior Chibiya says the launch of Barclays life will see significant reductions in the pricing of insurance products.

Meanwhile, ABSA Chief executive, Maria Ramos says Zambia rapid economic growth requires the development of insurance services to protect people's investments.

Speaking at the launch, Mr Chikwanda, pledged, through Ministry of Finance Acting Director of Finance, Fortune Kamusaki, a stable economy, coupled with timely cushioning against adverse global economic effects.

CELTEL SHARES BAN LIFTED

The Lusaka Stock Exhange has formally lifted the suspension of trade in Celtel Zambia PLC shares.

The LuSE board’s decision follows Bharti Airtel Zambia’s application to have the suspension lifted, the mobile phone company’s withdrawal of the compulsory share acquisition notice.

On 18^th February 2011, Bharti Airtel, the majority shareholders in Celtel Zambia, circulated a notice of compulsory share acquisition to minority shareholders in the company.

The notice was based on the Indian-owned company’s acquisition of a majority stake in Celtel Zambia, from ZAIN.

And in a statement, the Lusaka bourse has explained that the lifting of the suspension means trade in Celtel shares on the Lusaka Stock Exchange resumes on 1^st August 2012.

Bharti Airtel Zambia Holdings had sort for the lifting of the suspension of trade in Celtel shares on the LuSE.