Sunday, May 11, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

US-Based Kenyan Businessman Mwale Signs Deal with Zambia

Simon Osuji by Simon Osuji
June 5, 2024
in Politics
0
US-Based Kenyan Businessman Mwale Signs Deal with Zambia
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related posts

Whoopi Goldberg Weight Loss: 2025 New Look Unveiled

Whoopi Goldberg Weight Loss: 2025 New Look Unveiled

May 10, 2025
How Kenya Became the 4th Largest Hub for Millionaires in 2024

How Kenya Became the 4th Largest Hub for Millionaires in 2024

May 10, 2025

 US-Based Kenyan Businessman Mwale Signs Deal with Zambia
US-Based Kenyan Businessman Mwale Signs Deal with Zambia: Julius Mwale with Zambia’s President Hakainde Hichilema-PHOTO/COURTESY

The Industrial Development Corporation of Zambia(IDC) Monday finalized a wide-ranging deal with US-based Kenyan investor and founder of Mwale Medical and Technology City (MMTC) Julius Mwale in Lusaka, Zambia.

IDC chaired by President Hakainde Hichilema of Zambia signed the deal after seven months of negotiations between the consortium led by the tycoon and the government of Zambia.

Mwale led a delegation to the state house in Zambia in October last year at President Hichilema’s invitation, after Zambia’s government delegation visited Mwale Medical and Technology City (MMTC) in Butere, Kenya in September 2023 for benchmarking purposes.

– Advertisement –

President Hichilema then introduced the consortium to IDC.

A deal was sealed for smart cities, mining, infrastructure and agriculture, to help IDC fulfil its mandate of developing Zambia’s domestic industrial capacity and creating jobs.

The deal comes after a US firm KoBold Metals discovered large copper deposits at its Mingomba copper project in Zambia near the border with DRC .

– Advertisement –

KoBold Metals, backed by billionaires including Bill Gates and Jeff Bezos, discovered one of the world’s biggest high-grade large copper mines early this year.

It said it had raised $150 million for the exploration process in Zambia.

The discovery of the vast copper deposit could help the global race secure a supply of minerals critical to the energy transition.

Copper is in high demand because of its use in renewable energy and electric vehicles.

Zambia and DRC have plenty of minerals critical for manufacturing batteries for domestic power use and Electric vehicles.

Mwale’s foray into Zambia positions him as a key player in the industry as MMTC expands into developing 18 smart cities in 12 African countries by 2050.

Batteries like MMTC in Kenya will power the cities.

“We will start immediately in July and work to fulfil the agreement,” said Norbert Mugeni, a chemical engineer and assistant project manager in the energy division of MMTC.

He said that the mining is in nickel, cobalt and copper.

“We want to use cobalt and nickel for building battery manufacturing plants for EVs in the Kasempa region of Zambia,” he said using the abbreviation of Electric Vehicle (EV) batteries.

Jack Chadukwa, the CEO of Afritechnics in Zambia, another consortium member said that the idea is to create industries in Zambia that create value addition and thousands of jobs.

“We are glad to be part of Mwale’s consortium so that we can replicate what we saw at MMTC in Kenya here in Zambia”, he said.

He said that they will build smart cities, and roads, and deploy mineral resources for new factories that will employ thousands of Zambians.

The consortium will also invest in healthcare and agriculture.

He said the consortium has secured US $ 2.4 billion for the Zambia projects.

Zambia is Africa’s second-largest copper producer after DRC. It also has large deposits of nickel near the border with DRC attracting global investors with deep pockets.

The electrical battery market is estimated to be worth about US $43 trillion between last year and 2050 according to industry estimates.

MMTC said previously that they are building 18 smart cities in Africa by 2050 and want to use the batteries to power their smart cities

Read the original article on https://citizen.digital/

 

US-Based Kenyan Businessman Mwale Signs Deal with Zambia

Source link

Previous Post

Russians Love YouTube. That’s a Problem for the Kremlin

Next Post

Solana (SOL) Predicted to Hit $350 Amid Surge in Stablecoin Inflow

Next Post
Solana (SOL) Predicted to Hit $350 Amid Surge in Stablecoin Inflow

Solana (SOL) Predicted to Hit $350 Amid Surge in Stablecoin Inflow

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Strengthening Canada’s Foundations: Immigration, education and innovation

Strengthening Canada’s Foundations: Immigration, education and innovation

8 months ago
Financial Times Business in Football Summit Ends with Youth Charter Calling for Greater Social and Economic Impact Considerations for Young Football Talent and Soccer for Development

Financial Times Business in Football Summit Ends with Youth Charter Calling for Greater Social and Economic Impact Considerations for Young Football Talent and Soccer for Development

2 months ago
SAFE cable fault disrupts internet and banking services in Mauritius

SAFE cable fault disrupts internet and banking services in Mauritius

1 year ago
OutSystems: How AI-based development reduces backlogs

OutSystems: How AI-based development reduces backlogs

2 years ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Matthew Slater, son of Jackson State great, happy to see HBCUs back at the forefront

    0 shares
    Share 0 Tweet 0
  • Dolly Varden Focuses on Adding Ounces the Remainder of 2023

    0 shares
    Share 0 Tweet 0
  • US Dollar Might Fall To 96-97 Range in March 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.