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2020 November

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The domestic data card is relatively thin in the week ahead, with only the Stanbic/Markit PMI reading for November due on Thursday. While the index reading improved in October, it nevertheless remained below the 50-point neutral mark. Going forward, an unfavorable domestic backdrop and uncertain external environment suggest that private sector operating conditions may struggle...

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The Credit Derivatives Determinations Committee has ruled that “ a failure to pay” credit even occurred when the government didn’t pay a $42.5mn coupon.  Therefore, an auction of Zambia’s bonds will be held to determine the level of compensation CDS holders will receive. Meanwhile, the net outstanding CDS position to be settled is uncertain, with...

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Copper shed ground yesterday as investors factored in increased supply as the Candelaria mining strike in Chile ended with workers accepting managements reviewed terms for new contracts. This morning we have the copper price recovering somewhat in the Asian session as investors choose to focus in the developments surrounding the COVID-19 vaccine and what that...

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Konkola on Friday noted that Zambia’s Court of Appeal had ordered the final liquidation of Konkola Copper Mines be halted to allow ZCCM Investments Holdings and Vendanta Resources to proceed to arbitration. According to the statement released by Konkola, “the provisional liquidator will continue to exercise the executive responsibility of running the company, and the...

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Speaking yesterday, Zambia Mines Minister Richard Muskwa indicated that the country does not expect its mining assets to be taken away by bondholders following last week’s default and that it has no plans to sell its shares in mining companies. According to Muskwa, “Zambia aims to strike a win-win situation” with bondholders. Meanwhile, the Minister...

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Randy Thurman’s sense of humor does not miss regular investment coffee chats.  “The broker said the stock was “poised to move.” Silly me, I thought he meant up!” Evidently, investors are no different from any other consumer on the market. As stated in my last article you always need to carefully “read the label” of...

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On the Mining front, Permanent Secretary in the Ministry of Mines Barnaby Mulenga yesterday indicated that Zambia expects to conclude talks over buying Glencore Plc’s stake in Mopani Copper Mines Plc within a month. Mulenga, however, stopped short of disclosing the size of the stake that state-owned ZCCM Investment Holdings is trying to acquire. Moreover,...

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On Friday, creditors rejected Zambia’s request for debt relief, setting the country on course for a debt default. Holders of Zambia Eurobonds voted against the nation’s proposal to suspend interest payments for six months. In response to the vote’s outcome, the Finance Ministry in-dicated that while it regrets its request was turned down, it remained...

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