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Written By: Mutisunge Zulu  Chief Risk Officer | Global Executive PhD Cand. Business Mgt, AI & Strategy at ESCP Business School | Global Executive MBA (Manchester) Copper’s breach above $11,000/MT didn’t just surprise markets, it invalidated the analytical architecture many of us have used for decades. What the industry long regarded as a cyclical industrial […]

By Dean N Onyambu For years, we have said, “Africa pays too much to borrow because the rating agencies are biased.” That anger is understandable. It is also incomplete. In sovereign markets, default is the crash. The spread is the cost of insurance. Investors are not only looking at who has crashed before. They are […]

By Savior Mwambwa Fitch Ratings (one of the world’s three major credit rating agencies) has upgraded Zambia’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘B-‘ from ‘RestrictedDefault’ (RD). This is according to Fitch’s own rating action commentary released on Friday 28th November 2025 titled: “Fitch Upgrades Zambia to ‘B-‘; Outlook Stable”Think of it like […]

We all go to the same war. Discover what we’re good at, get better at it, apply it somewhere to make enough money that we can save to help our family bury us with dignity. Ok, this opening was dark. Sorry about that.But the point I’m making is that while we’re all pursuing a respectable […]

Men tend to die first. That’s why they’re implored to have a will that determines the aftermath of their demise. This anomaly has us focused so much on how we should plan for our loved ones when we’re gone. Men never consider the alternative. The possibility that it is not us, but our partner, who […]

You just cant pull out of deals because you have 2nd thoughts! Same thing is going to happen with the Anglo coal assets. Anglo will also get another boost as they are going to plug higher LT coal prices in models now (and the stars aligning with the IEA coming back with scenarios of longer coal […]

Ceaser Siwale The Southern African Development Community (SADC) finds itself at the intersection of a global logistics crisis, a structural commodity boom, and an unprecedented push for sustainability compliance. For Small and Medium Enterprises (SMEs) that form the essential support structure for the region’s vast mining sector, navigating this turbulent environment means recognising that auditable sustainability […]

You probably know by now that a man’s biggest milestones rarely announce themselves with trumpets and a man in a white rob descending from the shimmering sky above us. Frankly, that’s the only time it’s gonna be a big event. For everything else, life is a series of occasions that add up to the next […]

Sure, there are men among us that simply refuse to give up on Arsenal FC and that’s admirable but there’s something about how we handle pain that seems to be specific to men. The ability to endure sickness in silence is a rising problem. A man will stare into an empty fridge in a house […]

By Tshepo Magagane It is so difficult to explain to people outside the industry what the challenges are with copper supply are. Even if you assume just 35Mtpa by 2030 (see that I am not even talking about 50Mtpa) – give me a list of new projects out there that can produce just 200ktpa? 200ktpa […]

We all know a guy at ZESCO, someone in procurement, the husband to the CEO or the only mechanic in Lusaka who knows how to fix a Ferrari. There’s always someone we know for something and it is a mark of the well-connected man to have a powerful contact list in his phone. To be […]

There’s obviously nothing wrong with having a youthful disposition but there’s a time in any man’s life when he is called upon to be age-appropriate ranging from his decisions, dress sense and diet. It begs the question, are you age-appropriate? As a dashing young man about town, you’ve probably had a few wild nights where […]

Observed By Tshepo Magagane [USD1.5trn that openAI has committed to spend – oh, it is loss making] “extreme euphoria” “look at chart – double bottom – those are fundamentals” “numbers dont matter because this is changing the world” “I have seen this before” “flammable items not red flags” “enron = off balance sheet exposures – […]

Analysis By Tshepo Magagane – Executive A bids for C – what appears to be superior offer B comes in bidding – B has anti-trust concerns – so it promises to give a huge part of the price before the deal consumates or is approved (it will only retain economic rights – not voting rights) […]

Zambian men are aging like fine counterfeit wine.A forty-six year old Zambian man in 2025 is nothing like a year forty-six old man in 1990. We’re expected to be successful earlier in life, while managing the early onset of middle age. Wasn’t it sixty year olds who had grey hair? I started going grey in […]

These new cars, man. They talk to you, park themselves, wake you up when you’re sleepy at the wheel. But the one thing that stands out is the lane assist feature – bringing you back into your lane when the vehicle is moving off its course.Men, with all the love we have for our cars, […]

By Tshepo Magagane As people pile into mining without any knowledge or experience – understand these simple things – this should simply have never been issued. I want to see the NPV at 1.3k downside. I want to see base case at 1.8k. Spot is upside. Think about it simplistically: * Debt provider – for […]

Guest Writer: Savior Mwambwa Despite rapid GDP growth averaging 7.7% annually in the 2000s during the copper boom, poverty remained widespread, with 60% of Zambians still below the poverty line in 2022, and between 1996 and 2015, the number of people living in poverty actually increased by 2.5 million. This is not an anomaly but […]

Written By Tshepo Magagane If we are waiting for any Western entity to come and unlock this for us…..we are still hallucinating! We need to be truly smart about unlocking this FOR OUR OWN BENEFIT! We are currently observes in this whole thing and it is getting worse. Let us use whatever capital is available […]

Written By Tshepo Magagane If Africa was to actually lead the unlock of mining – it would create private capital ecosystems – I will continue to put the Khoemacau eg if a local vehicle – Batswana or other SADC – had just put up USD8m, they would have turned that into USD500m – even at […]

By Tshepo Magagane I mean, the likes of Thor, I would happily pay a premium and buy it at 2-3x PER! But others, what do you input as LT gold price? It has value destruction written all over it there! In a gold story, you are coming in at 1. NAV 2. Prices have moved […]

By Tshepo Magagane I have been following Chemaf for the past 15yrs! Close to USD700m has been sunk into this! It is at best a Tier 4 project. BUT see the fight the Chinese are putting to get hold of it, you have seen Special Forces from the US also entering this fight. Or the […]

Guest Writer: Davies Sikopo Snr The Boy Child Advocacy Zambia has officially handed over two sets of football jerseys to the Blue Foxes Football Club, a Kwame Nkurumah University League Team of Kabwe, Central Province. The donation, made possible through the generous sponsorship of Pangaea Securities as part of its Partnership initiative with the Boy […]

Men will take their lovely family for a meal at a restaurant and won’t fuss about the chicken piece on their plate. A day or two later, at home, see how he becomes ungovernable after getting served with a drumstick. Man is one version in public and another in the comfort of his home. If Charity […]

Chabala Sunkutu 2025 has been a remarkable year for Zambia’s economy. After the challenges of recent years, we’ve seen a strong rebound that is restoring confidence across industries. Real GDP grew by 4.5% in Q1 and 5.2% in Q2, and both the IMF and the government project full-year growth between 5.8% and 6.0%, which, if […]

As the world requires more mining in the age of electrification Capital has been simply decimated for the sector How does the world untangle this Gordian-Knot? Historic Context – Merchant Banking was the cornerstone of Mine definition and development Eg Strategic Equities book at Merchant Bank would be at USD10bn (unlocking from geophysics stage) This was […]

By Tshepo Magagane Does the concept of a reserve currency work anymore? And the argument various currencies has been: GBP – in a drift EUR – gamble CHF – restricted in size RMB – restricted regulation wise But now with the USD (canary in the coal mine is Microsoft yielding less than Treasuries) * Sanctions […]

By Tshepo Magagane I was looking for structured offtake solutions for this Credit Fund at the time. One company is chaired by my ex-boss! They were going through PF – price was about USD1,200/oz. He was happy to hear from me but immediately went “nope, thank you very much Tshepo, I have approached this PF […]

Comments By Tshepo Magagane The level of naivety is truly scary and surprising at the same time! Few egs 1. In the mid-00s during the lead up to Chinese Steel production – we were very close to ArcelorMittal – through its deals from EEurope, WEurope, SAmerica, Africa, NAmerica… …all done, even the takeover of Arcelor […]

By Tshepo Magagane I truly understand why people capitulate  1. Perpetual motion of free money – governments / economies cant stand any normalisation of the cost of money 2. Price discovery is truly dead – ETFs buy at any price Brilliant read – with a heavy quants background, I always detested how much emphasis people […]