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DGI should prosecute 11 mining companies to recover USD 876.1 million in overdue superprofits- DRC 1 Mining in DRC Mining Companies 

DGI should prosecute 11 mining companies to recover USD 876.1 million in overdue superprofits- DRC

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The Directorate General of Taxes (DGI) should initiate proceedings against eleven (11) mining companies established in the Democratic Republic of Congo not in good standing with the payment of superprofits. This is the path chosen by the Ministry of Finance and adopted at the meeting of the Council of Ministers on Friday July 1, 2022. Following the analyzes carried out within the Office of the Minister of Finance, Nicolas Kazadi, on the payment of the special tax on excess profits (ISPE) during the 2021 financial year, the amounts of the… Read More Here
For the 2021 financial year, Glencore paid USD 856 million in taxes, duties and royalties to the Government of the DRC 2 Mining in DRC Mining Companies 

For the 2021 financial year, Glencore paid USD 856 million in taxes, duties and royalties to the Government of the DRC

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Mining giant Glencore paid US$856 million in taxes, duties and royalties to the Government of the Democratic Republic of Congo (DRC) in fiscal year 2021. This is what emerges from the report that Glencore published on June 30, 2022 on its website (www.glencore.com) concerning the various payments made to the DRC Public Treasury in 2021. A report that complies with the requirements in reporting requirements of Chapter 10 of the European Union (EU) Accounting Directive. To this end, Glencore’s contribution to the economy of the Democratic Republic of Congo during… Read More Here
'Kibali's over $4 billion investment has created a thriving regional economy'- Mark Bristow 3 Mining in DRC Mining Companies 

‘Kibali’s over $4 billion investment has created a thriving regional economy’- Mark Bristow

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With its investment valued at over US$4 billion, the Kibali mine has created a thriving regional economy. This, through partnerships with local entrepreneurs benefiting from a framework. These statistics were revealed by Mark Bristow, President and CEO of Barrick, during the 45th press conference held this Tuesday, July 5, 2022 in Kinshasa. According to Mark Bristow, before the arrival of Kibali in Haut-Uélé, life was dear to Doko but since the installation of this mine in the corners, things have changed. “A road was built when it was impassable. There was also… Read More Here
Alphamin achieves record quarterly output, declares dividend 4 Mining in DRC Mining Companies 

Alphamin achieves record quarterly output, declares dividend

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TSX-V- and AltX-listed Alphamin Resources achieved record quarterly tin production of 3 180 t from its high-grade operation in the Democratic Republic of Congo (DRC) for the three months ended June 30. Output was 4% higher than that produced in the quarter ended March 31. Underground mining and processing plant recoveries were in line with expectations. Further, year-to-date contained tin production of 6 241 t exceeded the run-rate to achieve market guidance of 12 000 t for the full-year. Meanwhile, second-quarter earnings before interest, taxes, depreciation and amortisation are estimated at $66.5-million. All-in sustaining costs… Read More Here
Congo orders China's CMOC to stop exports from Tenke Fungurume cobalt mine 5 Cobalt Copper Mining in DRC 

Congo orders China’s CMOC to stop exports from Tenke Fungurume cobalt mine

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A temporary administrator appointed by a Congolese court to run the world’s second-largest cobalt mine ordered majority owner CMOC to suspend marketing and export of its production, letters seen by Reuters showed. CMOC, which has previously said that Tenke Fungurume Mining (TFM) remains under its management, did not immediately reply to a request for comment on the letters dated June 29 and July 1. The order is the latest escalation in a dispute between CMOC, which owns 80% of TFM, and Democratic Republic of Congo’s state mining company Gecamines, which holds the remaining 20%. Congo’s government… Read More Here
Gold price sinks to half-year low amid growing recession fears 6 Gold International 

Gold price sinks to half-year low amid growing recession fears

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Gold prices slumped to their lowest in more than six months on Tuesday, as the US dollar rallied amid growing recession concerns that caused losses across risk assets. Spot gold dropped 2.2% to $1,767.93 per ounce by 2:50 p.m. ET, the first time it has fallen below $1,800 since mid-May. US gold futures were down 1.9% to $1,767.60 per ounce in New York. US stocks also slumped on Tuesday with growing fears that the Federal Reserve’s rate hikes to damp inflation could cause a slowdown in the economy. Meanwhile, the… Read More Here
Copper price lowest since November 2020 on economic slowdown worries 7 Copper International 

Copper price lowest since November 2020 on economic slowdown worries

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Copper prices extended a decline on Tuesday as aggressive interest rates, a spike in covid-19 cases in China, potential recession, and rising inventories weighed on investor sentiment. Copper for delivery in September fell 4.8% from Monday’s settlement, touching $3.43 per pound ($7,546 per tonne) Tuesday morning on the Comex market in New York, the lowest since November 2020. The most-traded August copper contract in Shanghai ended daytime trading down 1.9% to 60,110 yuan ($8,975.66) a tonne by midday trade. “There was a bull trap set early at the open today as… Read More Here
58.2 million USD paid to oil companies in June 2022 as state subsidies- DRC 8 Mining in DRC Energy Oil & Gas 

58.2 million USD paid to oil companies in June 2022 as state subsidies- DRC

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The Government of the Democratic Republic of Congo (DRC) paid 58.2 million US dollars as subsidies for petroleum products at the pump to petroleum companies established on the national territory. This was indicated by the Congolese Minister of Finance, Nicolas Kazadi, quoted by Patrick Muyaya, Spokesman of the Government, on the occasion of the sixtieth meeting of the Council of Ministers. “Petroleum product price subsidies at the pump were paid in the amount of USD 58.2 million in June 2022,” Congolese government spokesman Patrick Muyaya said. According to the National… Read More Here
A ton of cobalt falls to 64,985.00 USD on the International Market 9 Cobalt International 

A ton of cobalt falls to 64,985.00 USD on the International Market

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The price of cobalt recorded a spectacular fall this Tuesday, July 5, 2022 on the international metals market in London. The prices displayed on the London Stock Exchange indicate that cobalt is sold at 64,985.00 US dollars on Tuesday July 5 against 70,000 USD per ton on July 1, 2022. In less than five (5) days, a tonne of cobalt recorded a price drop of around 5,015 USD. In addition, it should be noted that the general trend in the prices of mining export products from the Democratic Republic of… Read More Here
continuous fall in the prices of the main mining export products of the DRC 10 Copper Cobalt Mining in DRC Zinc 

continuous fall in the prices of the main mining export products of the DRC

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The general trend in the prices of mining export products from the Democratic Republic of the Congo is downward on the international market this week from July 4 to 9, 2022, according to projections by experts from the National Mercurial Commission of the Ministry of Commerce. outside. Copper continues to fall this week to 8,442.25 USD per tonne against 8,960.20 USD per tonne last week, a negative price difference of 517.95 USD. Cobalt keeps its price of last week and is trading at 87,781.05 USD per ton. Zinc is down… Read More Here

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