Zambia to be net exporter of energy in 18 months, President Lungu

LUSAKA – PRESIDENT Edgar Lungu has said Zambia is on course to rapidly transform the current power deficit into surplus and make the country a net exporter of energy within 18 months.

The Head State said this yesterday when he commissioned a US$200 million 100 mega watts of solar photo –voltaics (PV) power project at Lusaka South Multi-facility Economic Zone (MFEZ).

This was the first phase of the 600 mega watts solar power project to be implemented at a total cost of US$1.2 billion. 

Gemfields achieves record price per emerald carat at auction

JOHANNESBURG ( – Aim-listed Gemfields has achieved a record price per higher-quality carat at its latest emerald auction, held in Lusaka, in Zambia, from March 30 to April 3.

Revenue of $33.1-million was generated through the sale of 469 000 ct of predominantly higher-quality rough emeralds extracted by 75%-owned Kagem Mining, in Zambia.

The auction, which placed 558 000 ct on offer, achieved a new record of $70.68/ct overall average value for the emeralds sourced from the Kagem mine.

IDC to partner with finance institutions

The Industrial Development Corporation (IDC) is set to partner with development finance institutions and the private sector in setting up road and telecommunications networks in the Lusaka South Multi-Facility Economic Zone (LS-MFEZ).

Prequalification begins for 600MW solar power

The state Industrial Development Corporation (IDC) is requesting submissions from companies looking to prequalify for a programme to bring online at least 600MW of solar power in the country. The IDC is aiming to rapidly develop two 50MW solar photovoltaic projects as 25-year independent power projects, and plans to take a minority stake. 

Kagem Mining pays US$14m dividend

KAGEM Mining Limited, the world’s single largest emerald-producing mine has paid out US$14 million to its shareholders in dividends this year.

The Lufwanyama-based mining company has paid the dividends to the Industrial Development Corporation (IDC), which owns 25 percent of the company on behalf of Government, and Gemfields, which owns the remaining 75 percent.

President Lungu unveils development plan

CHAPADONGO LUNGU, New York – ZAMBIA seeks to embark on a new era of development with renewed vigour and focus, President Lungu has told the United Nations (UN) General Assembly.

In what looked like a dress rehearsal for his maiden speech scheduled for tomorrow, President Lungu outlined the country’s multi-dimensional development plan that integrates sustainable development goals that the global gathering is putting into motion.

Start working, President Lungu orders IDC

PRESIDENT Lungu has directed the Industrial Development Corporation (IDC) to immediately review and re-constitute boards of all its subsidiary companies to realign them with the industrialisation and job creation agenda as set out in the Patriotic Front’s (PF) manifesto.

This is according to a statement issued in Lusaka yesterday by special assistant to the President for press and public relations, Amos Chanda.