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Public Treasury received 65.8 million USD from oil producers in the first half of 2020- DRC

October 1, 2020October 1, 2020 admin

At the end of June 2020, the oil producers contributed to the Public Treasury with revenues of around 121.7 billion FC (65.819 million USD) against a linear forecast of 221.3 billion FC (119.686 million USD), i.e. an achievement rate of 55.0%, indicates the government in its report on the execution of the 2020 Budget in the first half of the year. These achievements include the tax share representing 38.3% for the Directorate General of Taxes (DGI) for IBP and the non-tax share of 61.7% collected by the Directorate General of… Read More Here

Copper

Copper price surges on booming Chinese factories

October 1, 2020October 1, 2020 admin

Copper jumped the vital $3 a pound level on Wednesday after a key gauge of the Chinese manufacturing sector, the world’s top consumer of the metal, showed new orders jumping to a nine-year high. Copper for delivery in December trading on the Comex market in New York changed hands for $3.0415 a pound ($6,705 a tonne) in early afternoon trade, up 1.7% from Tuesday’s settlement. “THE CHINESE ECONOMY IS NOW ENTERING A PERIOD OF ABOVE-TREND GROWTH, WHICH IS INDISPUTABLY GOOD NEWS FOR THE PRICES OF COMMODITIES, PARTICULARLY INDUSTRIAL METALS” Capital… Read More Here

Gold International

Gold price back above $1,900

September 30, 2020September 30, 2020 admin

Price of bullion rose again on Tuesday, nearing its highest in almost a week, as investors await the first US presidential debate and further developments on a new coronavirus relief bill. Spot gold advanced 0.8% to $1,896.80 per ounce by 2 p.m. EDT, having briefly touched the $1,900 per ounce mark earlier in the session. US gold futures also gained 1.1%, trading at $1,903.40 per ounce on the Comex in New York. “A slight inflow into gold-backed ETF holdings supports the view that gold is again back in demand as a… Read More Here

Equipment & Technology International

Sandvik launches new RDX5 rock drill

September 30, 2020September 30, 2020 admin

Following the virtual grand opening of its Rock Drill Innovation Centre, in Finland, Swedish mining gear and metal-cutting tools maker Sandvik launched its RDX5 rock drill on September 30. The rock drill builds on the success of “the most dependable rock drill in the market”, the HLX5, and continues to provide improved reliability, reduces operating costs and has “exceptional” productivity, says Sandvik. The RDX5 comes with a substantially increased service interval and keeps a minimal amount of moving parts as the basic design principle, but also has new features like… Read More Here

Mining in Zambia Copper Taxes

Zambian royalty spat halts $2bn of copper mine investment

September 30, 2020September 30, 2020 admin

Copper miners in Zambia have halted $2-billion of planned investments because a royalty tax introduced last year makes the projects unviable, according to an industry lobby group. A plan by First Quantum Minerals to invest $1-billion extending the life of its Kansanshi operation won’t proceed until the royalty is scrapped, said Sokwani Chilembo, chief executive officer of the Zambia Chamber of Mines. The same goes for EMR Capital-backed Lubambe Copper Mine’s project to invest a similar amount in a new mining operation, he said. “We need this royalty payment regime removed for… Read More Here

Mining in DRC Governance

NGOs call on the government to publish MOUs signed with new Grand Inga 3 developers

September 30, 2020October 2, 2020 admin

Civil Society Organizations specialized in monitoring the electricity sector, had on Monday, September 28, 2020 in Kinshasa, assessed and analyzed the evolution of the context of the implementation of the Project. After several discussion these organizations deplore a total opacity around the information on the major stages of the Inga 3 project, and the conditions of involvement of new developer candidates for its implementation. In a joint press release, read by these civil society organizations, they deplore an institutional vagueness around the legal authority in charge of coordinating the Inga… Read More Here

Mining in DRC

Is it a new business coup by businessman and politician Moïse Katumbi in DRC?

September 30, 2020October 3, 2020 admin

While several French court rulings have dismissed Moïse Katumbi of all his requests, Mr Katumbi is trying to seize assets that he nevertheless sold several years ago, by invoking local court decisions that have never been returned. The intervention of armed forces in the Katanga region for the benefit of Moïse Katumbi constitutes a threat to the rule of law in the country.NB Mining Africa is the victim of relentlessness and repeated intimidation, in total violation of the principles of law, with judgments whose publicity is not even guaranteed.On Friday… Read More Here

Mining in DRC Mining Chemicals

DRC to switch to large-scale degassing of Lake Kivu before the end of 2020

September 30, 2020September 30, 2020 admin

The President of the Republic, Félix Tshisekedi, spoke of the increasingly dangerous situation for farms and animals because of the high concentration of carbon dioxide being produced from Lake Kivu in the Golf of Kabuno in North Kivu, this was during the 49th edition meeting of the Council of Ministers. The Council of Ministers instructed the Minister of Hydrocarbons as well as the Minister of Budget and Finance to get involved in the degassing of the Kabuno golf course before the end of this current year. “Faced with this danger,… Read More Here

Mining in DRC Mining Careers

Senior Buying Officer | Mining Career at Kamoa Copper SA, Ivanhoe Mines, DRC

September 29, 2020September 29, 2020 admin

Requisition Number: 240 /KAMA /ND/ Special Buying Officer / Congo, Republic of the / 220920 | Country: Congo, DRC | Contract Type: Fixed-Term | Location: Congo, Republic of The | Categories: Purchasing Apply now Introduction… A position has become available for a suitably qualified and experienced Senior Buying Officer to join our dynamic team, working at DRC mine site. Purpose of the Job:To execute all the purchasing activities of Kakula and to excel in service excellence. Minimum Requirements… Mandatory Qualifications Required: Computer literacy and procurement knowledge. Purchasing certificate, diploma or degree. Preferred Qualifications: Integrated… Read More Here

Mining in Zambia Taxes

Zambia chamber of mines says double taxation hurting investment

September 29, 2020September 29, 2020 admin

Zambia should treat mineral royalty payments as a deductible expense in order to avoid double taxation and attract investment, the Zambia Chamber of Mines said on Monday. Since 2019, mineral royalty payments have not been treated as a deductible expense when calculating corporate income tax and that provision was kept unchanged in the government’s annual budget unveiled on Friday. “The effect of this is that mining companies end up being taxed on income that has already been paid over as a royalty – a situation referred to as double taxation,”… Read More Here