The biggest issue I find is that Zambians do not know how Lumwana came into being. So here is the story.
In 1994, two Aussies, Craig Williams (who I've personally met) and the late Dr Bruce Nisbet co‑found Equinox Minerals in Australia as a junior exploration company.
In 1999, Equinox acquired a copper project called Lumwana from a US company called Phelps Dodge via a joint‑venture structure, which Equinox to earned 51% by spending on drilling and feasibility.
The first 9 years were spent turning the exploration data into a bankable project. Equinox did this by borrowing $10m from a European investment bank.
In early 2000s, global copper prices were very low and large firms were cutting African greenfields projects. Phelps Dodge decided to pull out of the Lumwana JV rather than commit to full mine development. meaning Equinox was carrying the full risk.
In 2004, Equinox restructured and listed on the Canadian stock exchange to tap North American investors more comfortable with African mining risk.
In 2006, Equinox, completed multiple equity financings totaling about $250m for the construction of Lumwana mine.
In 2008, Equinox commissioned Lumwana mine and the process plant.
In 2009, late President Rupiah Banda and Craig Williams officiated at Lumwana’s official opening ceremony. This is 10 years from Lumwana being a greenfield project.
In 2011, Barrick Gold acquired Equinox for about US$7b effectively buying Lumwana mine.
The founders of Lumwana took a risk with their capital and the risk paid off.
How many Zambian businesses can afford to put tens of millions of dollars into a mining exploration project without a return for 10 years?
Barrick’s expansion project at Lumwana in Zambia will transform the region into an economic and logistics hub. Construction of Barrick’s airstrip at Lumwana is making rapid progress and its completion is imminent. WhyAfrica visited Lumwana last week to check it out.
Barrick’s expansion project at Lumwana in Zambia will transform the region into an economic and logistics hub. Construction of Barrick’s airstrip at Lumwana is making rapid progress and its completion is imminent. WhyAfrica visited Lumwana last week to check it out.
Imagine your father’s age mate paying you for sleeping with him while his own daughter is in the UK getting a Master’s degree. And you think you’re chopping him?
When in reality, he’s protecting his own from ever ending up like you.
Randomly remembered one time I was scammed on instagram. Before I paid, I asked the vendor ‘please hope you will deliver’ and the person replied with ‘don’t worry, you will testify’😭😭😭