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Zambia's Bondholders Enter Talks on $3 Billion Debt Restructuring Proposal 1 Mining in Zambia Economy 

Zambia’s Bondholders Enter Talks on $3 Billion Debt Restructuring Proposal

Constance
A consortium of international bondholders in Zambia has initiated discussions with the government after signing a non-disclosure agreement to deliberate on a $3 billion debt restructuring proposal, according to three informed sources on Tuesday. Sources revealed that the government dispatched a formal proposal for debt restructuring to the steering committee of the creditor group last week, signaling the commencement of formal negotiations typically heralded by the signing of a non-disclosure agreement. Zambia’s President Hakainde Hichilema had previously announced in late February that the remaining official creditors, China and India, had… Read More Here
The Congolese franc recorded a depreciation of 26.2% in 1 year 2 Economy Mining in DRC 

The Congolese franc recorded a depreciation of 26.2% in 1 year

Constance
The Congolese Franc, national currency of the Democratic Republic of Congo, is marked by continued depreciation. Data published by the services of the Central Bank of Congo reveal that in one year, between March 2023 and March 2024, the national currency recorded a significant depreciation of around 26.2%. The same situation was also reported on the parallel market where the national currency of the DRC recorded a drop in value of around 16.1% against the US dollar. Furthermore, as of March 15, 2024, the national currency recorded a weekly appreciation… Read More Here
CREFDL Report Reveals DRC's $5 Billion Budget Underperformance in 2023 3 Mining in DRC Economy 

CREFDL Report Reveals DRC’s $5 Billion Budget Underperformance in 2023

Constance
In a press release dated Thursday, March 21, 2023, the Center for Research in Public Finance and Local Development (CREFDL) delivered a troubling evaluation of the execution of the 2023 Finance Law in the Democratic Republic of Congo (DRC). The organization highlighted a staggering shortfall of $5 billion in revenues and a budget deficit of $1.2 billion, marking the first deficit since 2011. According to the CREFDL, the government only managed to mobilize $9.8 billion out of the planned $14.8 billion, resulting in a disappointing achievement rate of 65.9%. The… Read More Here
FQM REDOUBLES TREE PLANTING EFFORTS FOR 2024 4 Mining in Zambia Copper Corporate social responsibility Environment Social Governance (ESG) 

FQM REDOUBLES TREE PLANTING EFFORTS FOR 2024

Constance
First Quantum Minerals (FQM) is almost doubling the mammoth tree planting exercise at its Kansanshi Mine in Solwezi. The company is this season planting 30,000 trees and rehabilitating over 35 hectares of mine disturbed land. Last year Kansanshi planted 18,000 trees as part of its commitment to sustainable mining practices and efforts towards environmental conservation. Arnold Malambo, Manager Environment at Kansanshi Mine in Solwezi said: “As a company, we endeavour to extract resources responsibly and attach great importance to the conservation of nature. For example, in the case where the… Read More Here
AVZ International Prevails in ICC Case Against Jin Cheng Mining 5 Regional conflict 

AVZ International Prevails in ICC Case Against Jin Cheng Mining

Constance
AVZ International (AVZI) has emerged victorious in a case brought against it in the International Chamber of Commerce (ICC) by Jin Cheng Mining Limited (Jin Cheng). The ICC Tribunal ruled in favor of AVZI, determining that the status of a shareholder of Dathcom is established by its registration in Dathcom’s internal share register. Consequently, the ICC Tribunal concluded that it lacked jurisdiction to preside over the proceedings initiated by Jin Cheng. Furthermore, the Tribunal deemed Jin Cheng’s recourse to arbitration as unwarranted and ordered Jin Cheng to reimburse AVZI USD… Read More Here
FQM EMPHASISES TRANSPARENCY, SUSTAINABILITY AND ECONOMIC CONTRIBUTIONS  6 Mining in Zambia Copper Economy 

FQM EMPHASISES TRANSPARENCY, SUSTAINABILITY AND ECONOMIC CONTRIBUTIONS 

Constance
First Quantum Minerals has highlighted the company’s commitment to transparency, sustainability, and economic contributions as vital to fostering progress in the mining sector. And emphasised the importance of credible corporate communications reflecting real, tangible activities and progress on the ground. Speaking at the Zambia Institute of Public Relations (ZIPRC) 2024 Annual Conference, FQM Trident Senior Public Relations Specialist Miriam Harmon emphasised the mining firm’s ethos that effective communication was key in fostering understanding, collaboration, and progress in the mining industry and the nation at large. The mining firm noted that… Read More Here
Glencore pauses operations at McArthur River zinc and lead mine 7 International Zinc 

Glencore pauses operations at McArthur River zinc and lead mine

Constance
Swiss multinational commodity trading and mining company Glencore has suspended operations at the McArthur River zinc and lead mine in Australia due to heavy rainfall. The suspension could lead to a further tightening of the global zinc concentrate supply, which is crucial for the production of refined zinc. Located around 970km south-east of Darwin in Australia’s Northern Territory, the McArthur River mine includes an open-cut mine and processing facilities. The site experienced rainfall this week that surpassed the previous record set in 1974. Zinc and lead are mined and processed… Read More Here
Nigeria Leads Shell's Payments to Governments, Receiving Record $4.92 Billion in 2023 8 International Oil & Gas Petroleum 

Nigeria Leads Shell’s Payments to Governments, Receiving Record $4.92 Billion in 2023

Constance
In 2023, Nigeria emerged as the top recipient of payments from Shell, receiving the highest payments in the form of production entitlements, royalties, taxes, and fees amounting to $4.92 billion, marking the highest figure recorded in four years. Shell’s total payments to governments across 27 countries in 2023 amounted to $29.51 billion. Following Nigeria, Oman and Norway ranked as the second and third highest recipients, receiving payments of $4.09 billion and $3.81 billion, respectively. Nigeria’s payout from Shell increased by 8.85 percent compared to the previous year, representing 16.67 percent… Read More Here
Minister of Technology Encourages Zambians to Embrace Digital Innovation for Progress 9 Mining in Zambia Technology & Innovation 

Minister of Technology Encourages Zambians to Embrace Digital Innovation for Progress

Constance
Minister of Technology and Science, Felix Mutati, urged Zambians to leverage the potential of the internet and artificial intelligence (AI) for positive transformation, emphasizing the importance of contributing to knowledge through innovation and entrepreneurship. His remarks were made during the recent launch of a digital marketing book at the University of Zambia. Minister Mutati highlighted the pivotal role of digital technology in revolutionizing marketing strategies, empowering consumers, and facilitating financial interventions. He commended the authors, Clement and Rachel Sinyangwe, for their dedication in sharing knowledge through their book titled “Digital… Read More Here
Kitoko – Ivanhoe’s New High-Grade Copper Discovery 10 Mining in DRC Copper Press Release 

Kitoko – Ivanhoe’s New High-Grade Copper Discovery

Constance
In late 2023, Ivanhoe Mines announced a significant, high-grade copper discover in the Western Foreland, adjacent to the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC). The discover, coined Kitoko, means “beautiful” or “gift” in several local languages spoken throughout the DRC. This exciting discovery confirms the presence of a significant high-grade copper mineralizing system between 1,000 meters and 1,140 metres below the surface. Kitoko is a fine-grained copper mineralization hosted in flat-lying siltstone in the lower Grand Conglomerate, like Kamoa, Kakula, Makoko, and Kiala deposits, with the… Read More Here

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