STALLED PROJECTS IN CHONGWE RE-SCOPED
GOVERNMENT
will re-scope works on three key roads that have stalled in Chongwe to achieve maximum impact of the available resources, says, National Road Fund Agency (NRFA), Chief Executive Officer, Wallace Mumba.
Mr Mumba noted that some road projects had slowed down due to lack of adequate funding, hence the decision to re-scope the works.
He made the observation in the company of Chongwe Member of Parliament (MP), Japhen Mwakalombe, during a check on some road projects that had slowed down.
Others in the entourage were officers from the Road Development Agency (RDA)
and the engineering department at Chongwe Municipal Council.
Mr Mumba, therefore, said that there was need to re-scope the works in order to ensure that the resources were adequate for the project.
He said that the district had a huge commercial and an agriculture communi
ty which needed good road network to thrive.
Mr Mumba said the goal of re-scoping the works would be to provide accessibility for the public on all critical road links in the short term while deferring the delivery of roads of bituminous standard to a future date when funds become available.
He said that this will allow
Government to achieve maximum impact with the available resources.
Mr Mumba said that the project restructuring involves re-scoping or downscaling projects from upgrading to bituminous standard to construction of, “all-weather gravel standard roads.”
He however noted that Government had upgraded a number of roads to bituminous standards in the district.
And Mr Mwakalombe bemoaned the poor state of the Chongwe hospital to Katoba via Chalimbana road.
He observed that the upgrading to bituminous standard of RD 149 and D151 from Great East Road at Chongwe district hospital to Katoba primary school in Katoba ward had stalled for a long time.
COPPER prices have jumped to their highest in nearly a decade as top metals consumer China returned from a week-long Lunar New Year holiday, with brightening demand prospects and supply concerns underpinning the market.
This added impetus to a rally that has almost doubled prices since the height of coronavirus worries last March, says the Mining. Com Newsletter.
Benchmark three-month copper on the London Metal Exchange rose as much as 2.1 percent to US$8,565 a tonne in early Asia trade, its strongest since April 2012, resuming its rally after a modest pullback in the previous session.
“The most-traded March copper contract on the Shanghai Futures Exchange gained as much as 4.7 percent to US$9,747.29 a tonne, a level not seen since September 2011.
“Underpinning the rally is resurgent demand in China, the biggest metals consumer, expectations of tight supply, and a rush of speculative investment, with many analysts predicting a multi-year bull run,” the Newsletter said.
The newsletter indicated that other industrial metals also jumped, with aluminum at its highest since 2018, nickel its strongest since 2014, tin its strongest since 2012 and lead its highest since 2019.
“Oil prices gained more than $1 a barrel as frigid Texas temperatures shut production across the largest U.S. crude producing state, with the unusually cold weather expected to hamper output for days or even weeks.
“Brent crude settled at US$64.34 a barrel, gaining 99 cents, or 1.6 percent, while U.S. West Texas Intermediate ( WTI) crude settled at US$61.14 a barrel, rising US$1.09, or 1.8 percent. Both benchmarks were at their highest levels since January last year,” the Newsletter said.
Meanwhile, Absa Bank Zambia indicated that the Zambian Kwacha continued to trade in retreat against the US dollar despite trading flat in yesterday’s relatively quiet session.
“This is largely due to the demand heavy market with thin supply in sight. By 08:30 hours. Market opened with the Kwacha trading at K21.60/21.65 per dollar on the bid and offer respectively, where it traded until market close.
“The local unit is likely to continue trading in the back foot in the near term as the demand/supply imbalance remains eminent,” the Bank said in its daily market report.