Headline : Saudi firm closes in on FQM stake

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By DIVYA RAJAGOPAL, CLARA DENINA and FELIX NJINI – SAUDI Arabia’s Manara Minerals is closing in on a deal to buy a minority stake in Canadian miner First Quantum Minerals’ (FQM) Zambian copper and nickel assets, three people familiar with the details told Reuters.Manara, a joint venture between Saudi Arabian mining company Ma’aden and its $925 billion Public Investment Fund, is in advanced talks to acquire between 15 percent and 20 percent equity in the Zambian assets, the sources said. The stake could be worth between $1.5 billion and $2 billion, one of the sources added.Read more

By JUDITH NAMUTOWE
 - THE Zambezi River Authority (ZRA) has said the feasibility study on the Batoka Hydropower Station has been reviewed. ZRA chief executive officer Munyaradzi Munodawafa said in an interview yesterday that the review on the demo structure, power house and capacity output on the project had been completed. Mr Munodawafa said the authority was currently waiting for the second phase of the Environmental Impact Assessment (EIA). ‘‘We have reviewed the Batoka Hydropower Station feasibility study. The study on the demo structure, power house structure and the capacity output on the project has been completed,’’ Mr Munodawafa said. He said the finalisation of the study and the EIA was expected to be completed in the first quarter of 2015. Mr Munodawfa said consultants were currently working on other processes and thereafter the project committee which include senior Government officials , utilities and ZRA would visit the project this month. He said once all these processes were completed, ZRA would then be able to select the developer for the project, after which the authority would be able to come up with the actual value of the project. Zambia and Zimbabwe signed a Memorandum of Understanding (MoU) to team up and start the Batoka hydropower project which is estimated to cost about US$4 billion. The agreement was signed during the council of ministers held at Kariba in Siavonga recently.

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