Constance - Copperbelt Katanga Mining

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Zambia’s ERB Assures Stable Fuel Supply Amid Logistical Challenges

November 20, 2024November 20, 2024 Constance

The Energy Regulation Board (ERB) has assured Zambians of a stable fuel supply despite logistical challenges impacting fuel imports. ERB Director General Elijah Sichone stated during a media briefing in Lusaka that the country currently has adequate stocks of diesel and petrol. He acknowledged, however, that changes in transit fuel regulations in neighboring countries, particularly Zimbabwe, have disrupted transportation routes and slowed imports. Mr. Sichone revealed that as of November 15, 2024, a survey of 610 out of 617 retail fuel stations showed 82.1% were actively selling both diesel and… Read More Here

Mining in Zambia Infrastructural Development

Zambia Signs $110 Million Concession Agreement for Kasumbalesa Border Development and Township Roads

November 20, 2024November 20, 2024 Constance

The Zambian government has signed a $110 million concession agreement with Ndola-based ZMart Group of Companies for the development of a One-Stop Border Post at Kasumbalesa, alongside the construction of 20 kilometers of township roads in Chililabombwe and Chingola on the Copperbelt. Attorney General Mulilo Kabesha witnessed the signing, which includes plans for a 2,000-capacity truck park, a multi-facility economic zone, a fire station, 300 shops, a hotel, and a shopping mall. The agreement was signed in Ndola by Finance and National Planning Minister Situmbeko Musokotwane, Commerce, Trade, and Industry… Read More Here

Mining in DRC Corporate News Events & Expos Gold

Kibali Mine Tackles DRC’s Energy Deficit with Renewables

November 17, 2024November 17, 2024 Constance

At the Makutano Forum on Thursday, November 14, 2024, several panelists discussed the theme, “Energy Deficit in the DRC: Can Miners Offer Solutions?” One of the key speakers, Jean-Paul Ilunga Mbayo, Power Engineer at Barrick Gold Corporation, highlighted the significant challenges faced by miners in investing in energy infrastructure in the Democratic Republic of Congo (DRC). Ilunga emphasized three primary challenges that hinder progress in addressing the country’s energy deficit. 1. Economic Challenges The foremost obstacle is the high tax burden associated with the construction of energy infrastructure. Ilunga pointed… Read More Here

Mining in DRC Oil & Gas Petroleum

Minister Aimé Molendo Sakombi Outlines Vision for DRC’s Oil Sector Growth and Sustainability

November 17, 2024November 17, 2024 Constance

On Thursday, November 14, 2024, Minister of Hydrocarbons Aimé Molendo Sakombi provided an in-depth analysis of the Congolese oil sector at the Hilton Hotel, during the Hydrocarbons House event, held alongside the tenth edition of the Makutano Forum. While the Democratic Republic of Congo (DRC) is often called a “geological scandal” due to its vast natural resources, its oil production is currently limited to a mere 20,000 barrels per day—a stark contrast to the country’s potential. Minister Sakombi emphasized that key regions like the Central Basin, the Albertine Graben, and… Read More Here

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Angola’s Lobito Atlantic Railway Expands with Arrival of 275 New Container Wagons

November 17, 2024November 17, 2024 Constance

The first batch of 275 new container wagons, purchased from South Africa’s Galison Manufacturing, has arrived in Lobito, Angola, to enhance the transport capacity of the Lobito Atlantic Railway (LAR). This strategic investment is part of LAR’s broader expansion and modernization plan, aimed at boosting railway infrastructure over the next three years. Arriving earlier this week, the new wagons are equipped with a modern pneumatic braking system and a lightweight steel structure, ensuring safer and more efficient transport operations. Each wagon weighs 13.5 tons and has a load capacity of… Read More Here

Mining in DRC Economy Infrastructural Development

IFC’s $550 Million Investment Boosts DRC’s Energy and Infrastructure Sectors

November 17, 2024November 17, 2024 Constance

Since 2021, the Democratic Republic of Congo (DRC) has received significant financial support totaling US$550 million from the International Finance Corporation (IFC). This funding, primarily directed toward infrastructure and energy projects, aims to foster sustainable growth and improve the daily lives of Congolese citizens. During a meeting on Thursday, November 14, 2024, Sergio Pimenta, IFC Vice-President for Africa, and Judith Tuluka Suminwa, Prime Minister of the DRC, discussed the impact of this support. According to Pimenta, the IFC’s investments have directly benefited the Congolese population by addressing critical infrastructure and… Read More Here

Mining in DRC Economy Governance

Minister Bussa and ARSP Director Sign MOU to Boost State Portfolio Cooperation

November 17, 2024November 17, 2024 Constance

Jean-Lucien Bussa, Minister of Portfolio, and Miguel Kashal Katemb, Director General of the Regulatory Authority for Subcontracting in the Private Sector (ARSP), signed a memorandum of understanding (MOU) on Tuesday, November 12, 2024, aimed at fostering inter-company cooperation. The agreement follows a proposal made by the Minister of Portfolio to the Council of Ministers on July 19, 2024. The signing ceremony took place in the Minister of Portfolio’s Cabinet meeting room, with experts from both parties in attendance. The MOU facilitates collaboration and mutual support between companies in the state… Read More Here

Mining in DRC Economy Gold

Congolese Gold Price Sees Modest Increase Amid Global Uncertainty

November 17, 2024November 17, 2024 Constance

During the week of November 11 to 16, 2024, the price of Congolese gold saw a slight increase of 0.07%, reaching $88.72 per gram, up from $88.66 the previous week, according to a report from the National Commission of Mercuriales under the Ministry of Foreign Trade. While this rise is modest, it reflects growing global interest in the precious metal as markets remain sensitive to fluctuations in raw material prices. Gold, often seen as a safe haven in times of economic uncertainty, continues to see increased demand. Even small price… Read More Here

Mining in DRC Copper Economy

Copper Price Surge Offers Opportunities and Risks for DRC’s Economy

November 17, 2024November 17, 2024 Constance

As of October 24, 2024, copper prices reached $9,561 per tonne, marking a 0.34% increase from the previous week. This rise is part of a broader trend of growing base metal prices, driven by rising global demand and infrastructure investments. Compared to the end of December 2023, copper has risen by 12.07%, providing a significant boost to producing nations like the Democratic Republic of Congo (DRC), one of the world’s leading copper exporters. This price surge could substantially impact the Congolese economy, potentially enhancing public revenues. The increased demand for… Read More Here

Mining in DRC Economy

DRC Secures $2.87 Billion IMF Package for Economic Growth and Climate Resilience

November 17, 2024November 17, 2024 Constance

The Democratic Republic of Congo (DRC) has secured two agreements from the International Monetary Fund (IMF) totaling $2.87 billion. These funds will support the country’s economic development and efforts to combat climate change. During a press conference on Thursday, November 14, 2024, Minister of Finance Doudou Fwamba Li-Botayi, alongside Budget Minister Aimé Boji and an IMF representative, detailed the two agreements. The first is a three-year program under the Extended Credit Facility (ECF), valued at $1.75 billion, while the second focuses on climate resilience (RST), amounting to $1.1 billion. Minister… Read More Here