Constance - Copperbelt Katanga Mining

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Zambia’s Economy to Grow Over 6% in 2025 with Key Investments and Social Support

November 30, 2024November 30, 2024 Constance

Zambia’s economy is projected to grow by over 6% in 2025, according to Finance and National Planning Minister Situmbeko Musokotwane, who remains optimistic about maintaining this growth unless the country faces another drought. However, Minister Musokotwane noted that Zambia’s 2024 economic growth forecast has been downgraded to 1.1% due to the adverse effects of the drought, which significantly impacted agricultural production. The drought also negatively affected electricity generation, leading to setbacks in manufacturing and other sectors. Dr. Musokotwane made these remarks today in Lusaka at the 2025 Post-Budget and Economic… Read More Here

Zambia ERB Raises Fuel Prices Amid Kwacha Decline and Oil Surge

November 30, 2024November 30, 2024 Constance

The Energy Regulation Board (ERB) has announced an upward adjustment in the pump prices for petroleum products, effective from midnight. ERB Chairperson James Banda attributed the price increase to the rise in international oil prices and the depreciation of the Zambian Kwacha against the US Dollar. He further explained that since the last price review on October 31, 2024, the Kwacha had depreciated by over 2 percent against the US Dollar. SOURCE:znbc Read More Here

Mining in Zambia Economy Transport and Logistics

Zambia Advances SME Growth with Lobito Corridor Trade Facilitation Project

November 30, 2024November 30, 2024 Constance

Zambia has taken a major step toward supporting Small and Medium Enterprises (SMEs) by signing a Memorandum of Understanding (MOU) for the Lobito Corridor Trade Facilitation Project. This initiative, backed by the African Development Bank (AfDB), involves collaboration between Zambia’s Ministry of Commerce, Trade, and Industry and the Ministry of Small and Medium Enterprise Development. The project seeks to strengthen trade among the Lobito Corridor states—Zambia, Angola, and the Democratic Republic of Congo (DRC). The MOU was signed during a ceremony in Lusaka attended by senior government officials, directors, and… Read More Here

International Gold

Resolute Mining Makes Progress on $160 Million Settlement with Mali Government

November 30, 2024November 30, 2024 Constance

London- and Australia-listed Resolute Mining has completed a second settlement payment of approximately $50 million to the government of Mali, funded from its existing cash reserves. The company confirmed that the remaining balance of $30 million will be settled by the end of this year using its current liquidity sources. These payments are part of a $160 million settlement outlined in a memorandum of understanding (MoU) signed with the Malian government on November 18. Resolute agreed to the settlement after its CEO and other executives were detained in Mali. An… Read More Here

International Gold

Ontario Court Dismisses Tanzanian Lawsuit Against Barrick Gold

November 30, 2024November 30, 2024 Constance

Dual-listed Barrick Gold has welcomed the Ontario Superior Court’s decision to dismiss a lawsuit brought by 21 Tanzanian nationals alleging human rights abuses by Tanzanian police at the North Mara gold mine. The court ruled that Ontario, Canada, was not the appropriate jurisdiction for the claims. The lawsuit, filed in November 2022, accused Barrick of complicity in extrajudicial killings purportedly committed by police officers stationed at the mine. The plaintiffs argued that Barrick, as the majority owner of the North Mara mine, effectively controlled the police presence and should be… Read More Here

Mining in Zambia Energy

Zambia’s Energy Minister Launches 58-kW Solar Microgrid in Chama District

November 30, 2024November 30, 2024 Constance

Energy Minister Makozo Chikote has inaugurated the 58-kilowatt Manga Solar Microgrid in Chikwa, Chama District. The project, part of the Chikwa Wash Energy initiative led by World Vision, represents an investment exceeding 18.5 million Kwacha. During the commissioning, Minister Chikote highlighted the government’s commitment to expanding electricity access across Zambia. “We have a vision and a plan to ensure the continued expansion of power to serve our nation,” he stated. He also emphasized the need for the Rural Electrification Authority (REA) to collaborate with stakeholders to guarantee the sustainability of… Read More Here

Electricity Mining in DRC

Power Crisis in Southeast DRC Disrupts Mining Operations

November 30, 2024November 30, 2024 Constance

The mining sector in the southeast of the Democratic Republic of Congo (DRC) is grappling with a severe power shortage, stemming from disruptions in electricity supply from neighboring Zambia. The crisis, which began on November 24, 2024, has left mining operations—critical to the DRC’s economy—in a vulnerable state. Zambia, a key electricity supplier to the DRC, is facing dwindling water levels at its hydropower dams and delays in expanding its energy infrastructure. These challenges have led to widespread power restrictions. Meanwhile, the DRC’s own hydropower capacity is strained by rising… Read More Here

Mining in DRC Events & Expos

DRC’s Julien Paluku Promotes Investment Opportunities at MEDays Forum

November 30, 2024November 30, 2024 Constance

Julien Paluku, the Democratic Republic of Congo’s (DRC) Minister of Foreign Trade, utilized the MEDays Forum in Tangier, Morocco, to highlight the country’s vast economic and industrial opportunities to Moroccan and international investors. His focus spanned trade, agribusiness, energy, and the growing battery and electric vehicle sectors. Joined by Judith Suminwa, Head of the Congolese Government, Paluku underscored the DRC’s rich reserves of strategic minerals like cobalt and lithium, critical to the global energy transition. He detailed efforts to improve the business climate, enhance infrastructure, and foster public-private partnerships to… Read More Here

Mining in DRC Corporate News Lithium

AVZ Minerals Secures $15 Million Litigation Funding for DRC Disputes

November 30, 2024November 30, 2024 Constance

AVZ Minerals Limited, a lithium mining company, has secured $15 million in litigation funding from Locke Capital II to support its legal efforts related to disputes over its mining projects, including the Manono project in the Democratic Republic of Congo (DRC). AVZ CEO Nigel Ferguson expressed satisfaction with the agreement, stating on November 28: “Locke, a global litigation funder with a strong track record, has approved funding for AVZ, validating our strong position in these disputes and paving the way for a successful resolution.” The company plans to draw an… Read More Here

International Events & Expos

COP29: Rich Nations Pledge $300 Billion Annually for Climate Action

November 30, 2024December 3, 2024 Constance

Rich countries have pledged to contribute at least $300 billion annually to combat climate change, with a cumulative target of $1.3 trillion by 2035. This milestone was announced in a United Nations press release on Sunday, November 24, 2024. The announcement follows two weeks of intense negotiations at COP29, the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC). Delegates also approved rules for a UN-backed global carbon market, aimed at enabling carbon credit trading. This market is expected to incentivize nations to reduce… Read More Here