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Thoughts From Tshepo Magagane https://economics.mit.edu/people/faculty/abhijit-banerjee/poor-economics Poverty – too many people without any idea about it have no qualms about prescribing and proscribing policies about it! To get this out of the way – when you say “I am taking risks”, means that you are blessed with privilege and stop talking about this! I grew up […]

By Tshepo Magagane, Executive Director – Pangaea Advisory / Partner – The Critical Minerals Fund Kobold – people who balk at the USD3bn valuation. I wrote about the fact that investors are only willing to pay USD0.05 for every USD1 generated by Mining Companies v Tech Companies (even Argentina’s bonds have never traded that low) […]

Opinion Authored By: Samuel Maimbo // Dr. Samuel Maimbo is the vice president for budget, performance review, and strategic planning at the World Bank, and a leading development finance expert. He is a candidate for the presidency of the African Development Bank. Why is the development model set in the wake of World War II not working in […]

By Tshepo Magagane Risk capital – why the US is so successful (Bezos’ take)! NB: you would not have any of the S&P companies without this. I have a friend who retired with good 9 figures in PE, and currently works with DACH family offices……told him what we are working on and he put the […]

Tshepo Magagane: Executive Director – Pangaea Advisory Group / Partner – The Critical Minerals Fund Maybe at the margins re: having someone like Connie Chan being able to block time out and fly out to Africa then to minesite is an achievement beyond parallel (even AI start-ups in the US will struggle to get a […]

Tshepo Magagane: Executive Director – Pangaea Advisory Group / Partner – The Critical Minerals Fund Mining valuation is a bit tricky but understand that you are always looking at what they call Net Present Value or Net Asset Value = Discounted Cash Flow over Life of Mine. 1. Mingomba – this is a defined deposit […]

By Savior Mwambwa Thanks to the Christmas holidays, I’ve finished reading the World Bank’s latest Country Private Sector Diagnostic for Zambia in-depth, and I have some thoughts to share.  While the report offers valuable insights into Zambia’s investment landscape, its fundamental approach concerns me. Let me explain why. What the World Bank Gets Right First, […]

By Savior Mwambwa Thanks to the Christmas holidays, I’ve just finished reading the World Bank’s latest Country Private Sector Diagnostic for Zambia in depth, and I have some thoughts to share.  While the report offers valuable insights into Zambia’s investment landscape, its fundamental approach concerns me. Let me explain why. What the World Bank Gets […]

By Tshepo Magagane I repeat no one knows! I have always said “as much as Lithium is abundantly found 1. Like iron ore, you get it right eg some moves Rinehart made at the trough, you will like have inspired investment case studies 2. D&S balances with DLE numbers either way are not worth the […]

Revisited by Ceaser Siwale In the early 1960s, as the world was gripped by the Space Race between the United States and the Soviet Union, a singularly audacious dream took root in Zambia—a dream that sought to place the African nation among the stars. Led by Edward Makuka Nkoloso, a visionary teacher and former World […]

Written By Ceaser Siwale The RussiaUkraine War The war between Russia and Ukraine is reshaping global energy and mineral markets. Ukraine, home to significant lithium reserves, has seen its mining sector stalled due to the conflict. This delays its potential as a key supplier of EV batteries and exacerbates Europe’s reliance on imports from geopolitically […]

Thoughts from Ceaser Siwale Aging Populations vs. Young Populations Prediction: Aging populations in developed economies will strain social systems, while youthful demographics in regions like Africa will drive innovation and economic growth. Reality: Aging populations in Europe, Japan, and parts of North America are creating labour shortages and increasing healthcare and pension burdens. Governments in these regions […]

Thoughts by Ceaser Siwale The Impact of AI Prediction: Artificial intelligence is predicted to revolutionise industries, enhance productivity, and create global economic opportunities. Reality: While AI has delivered breakthroughs in automation, healthcare, and finance, its implementation has highlighted stark inequalities. Advanced economies are reaping the benefits while developing nations face infrastructure, talent acquisition, and data access challenges. […]

Thoughts from Ceaser Siwale Food Security: A Global Challenge Prediction: Technological innovations, including AI-driven agricultural systems, are expected to increase food production and reduce waste significantly, ensuring global food security. Reality: While AI transforms agriculture with precision farming and improved crop monitoring, the impacts are unevenly distributed. Regions like Sub-Saharan Africa, where agriculture remains largely subsistence-based, struggle […]

Thoughts from Ceaser Siwale Electric Vehicles (EVs): A Tipping Point Prediction: By 2025, governments and automakers worldwide are expected to push aggressively toward EV adoption, spurred by the convergence of stricter environmental regulations, consumer demand, and economic incentives. Countries like China and members of the European Union are ramping up EV manufacturing and infrastructure, while automakers […]

Thoughts By Ceaser Siwale As 2025 approaches, the global socioeconomic landscape is undergoing seismic changes driven by intersecting technological, environmental, and demographic forces. The accelerated adoption of electric vehicles (“Evs”), the expansion of renewable energy infrastructure, and the institutionalisation of environmental, social, and governance (“ESG”) principles are reshaping industries. Meanwhile, artificial intelligence (“AI”) permeates every […]

Thoughts by Tshepo Magagane When we were winding down Merchant banking operations over a decade ago, the Chinese decided to buy the bank’s International Trading arm! Do you know what they did? They brought in people to sit with the traders – showing them exactly what they do daily… …financially rewarding key individuals to stay […]

By Savior Mwambwa Zambia sits on roughly 6% of the world’s copper reserves (estimated at 20 million tonnes) and produces over 800,000 tonnes annually. Recent developments in our mining sector – both the IDC-Mercuria trading joint venture announcement and broader discussions about the country’s mineral development strategy – demand keen attention. These discussions encompass critical […]

Author: Kopano G. Chipwayambokoma, Pangaea Securities Senior Analyst On December 14th 2024, His Excellence President Hakainde Hichilema officially launched the Sikute Free Zone, the first phase of the Zambezi Free Zone (“ZFZ” or the “Free Zone”). The launch was hosted by His Royal Highness (“HRH”) Emmanuel Sikute. The Sikute Free Zone spans 15,000 hectares and will create thousands of jobs […]

By Savior Mwambwa As I was reviewing  the most recent IMF’s latest Regional Economic Outlook for Sub-Saharan Africa  released in October this year, I found myself wrestling with a familiar tension. The numbers tell a stark story: despite decades of orthodox reforms, Sub-Saharan Africa’s share of global manufacturing value added remains stuck at a mere 1.8% as of […]

Zambian men refuse to celebrate their wins because we’ve been conditioned to think that every other man is struggling, and we cannot rub our achievements in their face. The Zambian man’s humility is nothing more than a successful national program to limit him from enjoying the fruits of his labour. You’d think it is illegal […]

Written by Ceaser Siwale & Tshepo Magagane You know one thing I would never forgive the Codesa settlement and hence the alliance for in South Africa? BEE which was meant to maintain status quo and which has. BEE deals were done across the financial sector in South Africa – with 10s of billions distributed (“politicians”)…yet […]

By Tshepo Magagane “high finance” training – there is a reason why Private Equity/Credit outsources it to Investment banks ie 2-3yr Analyst Training Programmes – it takes resources! On a daily basis, what you are dealing with means that, your exposure in 6mths is what will take another person 6yrs in another industry! It is […]

By Savior Mwambwa Note: This post kicks off our new series examining the G20’s impact on African economies, with a special focus on implications for Zambia. Over the next few weeks, this series will dive deep into key issues including critical minerals, climate finance, and resource governance – all through the lens of Zambia’s economic […]

Written By Tshepo Magagane Average in “Investment Banking and High Finance” – a lot of my writing is really ruminations as you cant think if you are not writing… …but it harks back to my junior years when going through my tutelage. If something happened to a client, sector or there was an interesting deal […]

Comment By Tshepo Magagane Zambia’s Copper Renaissance – really simple, of the 3Mtpa target, 800tkpa has to come from independent projects! https://research.massifcap.com/p/zambia-s-copper-renaissance?utm_campaign=zambia-s-copper-renaissance&utm_medium=newsletter&utm_source=research.massifcap.com&_bhlid=293b58d214f82873ed23384bebbfce5ebf3c8427 Independent projects need to go through the following: MRE – let us assume USD5m PFS – USD60m BFS – USD100m PF – USD160m (equity) However, as you go into production – on the […]

It can be quite disheartening when Black Friday rolls into town and you’ve got barely enough to see you through the day. Lining up to purchase inanimate objects may have its detractors but the modern man will always have a bargain to spend his hard-earned money on.  a masterclass on how to dig a hole. It’s […]

By Tshepo Magagane Yes, focus on Transition Finance – which prioritises “local ownership” of assets……but dont wait for some messiah……SA has the deepest capital pools on the African continent……which do zilch for development……as all intermediaries just clip fees to live “first world lives” [3-7% charges while ETFs come at a cost of 0.2% – and […]

By James Chona Have you ever thought about how much the average business person now spends on app subscriptions?—over $100 per month! This morning, while waiting to start tracking the truck with an abnormal load passing through Lusaka🤭, I took a look at some of the most-used subscriptions, and wow!! 1. ChatGPT Pro (Plus): $20 […]

FOR IMMEDIATE RELEASE Kasempa, 1 December 2024 – Barotse Highway Limited (BHL), a Special Purpose Vehicle (SPV), has signed a concession for the construction of a crucial 371-kilometer road connecting Mutanda to Kaoma. This strategic development is poised to unlock logistics and trade in Zambia, addressing the significant challenges posed by the current road infrastructure. The […]