Constance - Copperbelt Katanga Mining

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Tshisekedi Promotes DRC as Investment Hub During Visit to Qatar

January 8, 2025January 8, 2025 Constance

On Sunday, January 5, 2025, in Doha, President Félix Tshisekedi of the Democratic Republic of Congo (DRC) highlighted the country as a prime destination for investment, in the presence of his counterpart, Emir Tamim Bin Hamad Al-Thani of Qatar. During the meeting, President Tshisekedi emphasized the favorable business climate in the DRC, offering opportunities for both local and foreign investors and paving the way for mutually beneficial partnerships. A statement from the Congolese presidency confirmed that at the Diwan Amiri Palace in Doha, the two leaders discussed strengthening bilateral cooperation,… Read More Here

Mining in DRC Economy

DRC Govt Launches $70 Million Treasury Bond Auction to Strengthen Financial Resources

January 8, 2025January 8, 2025 Constance

The Government of the Democratic Republic of Congo (DRC) has announced the opening of a $70 million Treasury Bond auction on January 7, 2025, as part of its efforts to bolster national finances amidst ongoing challenges. This was confirmed in a press release from the Ministry of Finance on January 6, 2025. The bond issuance aims to enhance the state’s financial stability at the beginning of the year and is critical to addressing the country’s persistent economic difficulties. For this initial offering, the interest rate remains at 9%, the same… Read More Here

Mining in DRC Economy

DRC Secures $324 Million Annually in Revised Chinese Mining Contract

January 8, 2025January 8, 2025 Constance

The Democratic Republic of Congo (DRC) is set to receive 957.2 billion Congolese Francs (CDF), equivalent to $324 million, in annual royalties under a revised contract with Chinese companies, effective in 2025. This amendment, signed in January 2024, seeks to enhance infrastructure investment in the country. Key Terms of the Agreement Funds from the agreement will primarily support the construction of roads and other essential infrastructure, a move aimed at opening up remote provinces and fostering regional connectivity. The revised contract was prompted by a study conducted by the General… Read More Here

Mining in Zambia Energy

China to Build Solar Power Plant in Zambia’s Kasempa District

January 8, 2025January 8, 2025 Constance

The Chinese government has announced plans to construct a solar power plant in Kasempa District, North-Western Province, Zambia, this year. The project aims to supply electricity to Chinese-owned mines in the area, reducing the impact of load management challenges on mining operations. Chinese Deputy Ambassador to Zambia, Wang Sheng, emphasized his country’s interest in exploring investment opportunities in North-Western Province, particularly in the mining, energy, and agriculture sectors. Speaking during a meeting with North-Western Province Minister Robert Lihefu, Mr. Sheng highlighted plans to establish not only the solar power plant… Read More Here

Mining in DRC

DRC to Establish Independent Commission to Combat Fraud in Mining Sector

January 8, 2025January 8, 2025 Constance

The Democratic Republic of Congo (DRC) is taking decisive steps to address escalating fraudulent practices within its mining sector. Following a ministerial meeting chaired by Deputy Prime Minister for the Interior, Shabani Lukoo, on Tuesday, January 7, 2025, the establishment of an independent commission to tackle these issues was announced, according to his communications unit. The new commission will focus on analyzing fraudulent practices and proposing solutions to effectively combat smuggling and fraud that undermine the national economy. This initiative seeks to enhance transparency and integrity in mining activities, ensuring… Read More Here

Mining in DRC Battery Metals Cobalt Corporate News

CMOC Group Achieves Record Cobalt Production with African Expansion

January 8, 2025January 8, 2025 Constance

China’s CMOC Group set a new benchmark in global cobalt production in 2024, thanks to a rapid increase in output from its African mining operations. The company announced it produced 114,165 tonnes of cobalt last year, nearly doubling the 55,526 tonnes achieved in 2023. This output far exceeded its 2024 guidance of 70,000 tonnes, solidifying CMOC’s status as the world’s leading cobalt supplier. In 2023, CMOC overtook Glencore as the largest global cobalt producer, driven by significant production gains from its Kisanfu mine in the Democratic Republic of Congo (DRC),… Read More Here

Mining in Zambia Economy Emeralds

Zambia re-introduces 15% export duty on emeralds

January 8, 2025January 8, 2025 Constance

Gemfields has become aware that a new statutory instrument in Zambia dated 30 December 2024 and which came into effect on 1 January 2025 (S.I. No. 88 of 2024, the Customs and Excise (Precious Stones) (Export Duty) (Suspension) (Revocation) Order, 2024) has revoked the 2019 suspension of a 15% export duty on precious gemstones. This directly impacts the Zambian emeralds mined by Kagem Mining Limited (“Kagem”) which is 75% owned by Gemfields and 25% owned by the Zambian Government’s Industrial Development Corporation. This 15% export duty now applies on top… Read More Here

Mining in Zambia Copper New Mining Projects

Lumwana’s Super Pit Expansion Officially Launched

January 8, 2025January 8, 2025 Constance

The development of a Super Pit at Barrick’s Lumwana copper mine was officially launched in October 2024 by the Zambian President, His Excellency Hakainde Hichilema, accompanied by members of his cabinet. Speaking at the groundbreaking ceremony also attended by the Barrick board of directors, Mark Bristow said a critical element of the Super Pit Expansion was its focus on creating a sustainable legacy through the development of local capacity within the region, which would benefit both local communities and businesses throughout the construction and operational phases. The expansion will need… Read More Here

Mining in Zambia New Mining Projects

ZEMA Approves $10 Billion Worth of Projects in 2024, Mining Leads the Way

January 4, 2025January 4, 2025 Constance

The Zambia Environmental Management Agency (ZEMA) has approved 1,325 projects in 2024, with a total investment value of $10 billion, marking a significant rise from the 1,129 projects worth $7 billion approved in 2023. In a statement issued on Friday, ZEMA Board Chairperson, Professor Lovejoy Malambo, revealed that mining projects led the approvals, accounting for 678 projects or 51% of the total. “The Environmental Assessment Committee of ZEMA’s 5th Board of Directors approved 108 development projects during its 27th ordinary meeting held on December 27, 2024,” Malambo said. The manufacturing… Read More Here

International

Timothy Foden Warns of Persistent Risks for Foreign Mining Companies in Africa

January 4, 2025January 4, 2025 Constance

Timothy Foden, Partner and Co-Head of the Arbitration Group at Boies Schiller Flexner, has cautioned that foreign mining companies operating in Africa continue to face significant risks. Boies Schiller Flexner specializes in representing mining companies in disputes with sovereign states. Foden attributes these risks to the rise of “Coup Belt” states, which are challenging the Western-dominated international order and increasingly aligning with Russian and Chinese interests. He noted that while some African nations, such as Mozambique and Zambia, have demonstrated prudent dealings with foreign investors, optimism regarding a broader trend… Read More Here