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Governor Christophe Nangaa salutes the prowess of the ARSP in his province

March 20, 2024March 20, 2024 Constance

In Haut-Uélé’s town of Doko, Miguel Kashal, Director General of the Regulatory Authority for the control of subcontracting in the private sector (ARSP), met with Governor Christophe Nangaa Baseane to discuss subcontracting and ARSP’s initiatives. Governor Baseane expressed full support for Kashal’s efforts to involve local entrepreneurs in Kibali Gold mining’s value chain, a subsidiary of the Barrick Group. He emphasized the importance of ensuring that subcontracting benefits the province and its residents. In response, Kashal highlighted the importance of transparency and ensuring that the local population benefits from the… Read More Here

Barrick Opens Academy at Closed Buzwagi Mine

March 18, 2024March 18, 2024 Constance

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has officially opened its world class training academy at the old Buzwagi mine, in line with Barrick’s mine closure objective of leaving a positive legacy after mining has finished. Launched today, the Barrick Academy is designed to offer tailor-made training programs aimed at developing Barrick’s frontline managers to grow both as individuals and as leaders in their fields, while equipping them with the skills to manage their teams more effectively and to improve performance. The Barrick Academy will be training more than 2,000 foremen, supervisors and… Read More Here

Mining in DRC Diamond Economy

DRC Diamond Exports Reach $86.5 Million in 2023

March 18, 2024March 18, 2024 Constance

In 2023, the Democratic Republic of Congo (DRC) achieved significant diamond exports totaling around 8,305,796 carats, generating approximately $86.5 million in revenue. Artisanal operations dominated the sector, contributing 6,671,325 carats and $64.2 million, while industrial production lagged behind with 1,634,470 carats and $22.2 million. The Arab Emirates emerged as the largest buyer, accounting for 56% of the total exports, followed by Belgium and the EU with 41%, and India with a modest 2%. Despite these figures, the DRC saw a decline in diamond exports compared to the previous five years,… Read More Here

Mining in DRC Lithium

Zijin’s Dispute with AVZ Over Manono Project Stake Heads to DRC Court

March 18, 2024March 18, 2024 Constance1 Comment

A legal dispute between a subsidiary of Zijin Mining, a Chinese mining giant, and Australia’s AVZ Minerals over a stake in the Manono lithium-and-tin project in the Democratic Republic of Congo (DRC) will now be adjudicated by a DRC court, following a decision by the International Chamber of Commerce (ICC) Court of Arbitration. Zijin Mining announced today that the ICC has ruled it lacks jurisdiction to hear the case between Jincheng Mining and AVZ, based in Fujian province. The dispute arose after AVZ failed to recognize Zijin Mining’s acquisition of… Read More Here

Mining in Zambia Electricity Energy News in Brief

ZESCO Negotiates Increased Electricity Imports from Mozambique

March 18, 2024March 18, 2024 Constance

Zambian Energy Minister Peter Kapala announced negotiations between ZESCO and Mozambique’s EDM to increase electricity imports to 120 MW. Currently, Zambia imports 50 to 90 MW from Mozambique and plans to boost it to meet demand. This move, however, will result in a revenue loss of $110 million. Last October, EDM agreed to resume electricity sales to Zambia under a contract potentially reaching 250 MW. The agreement includes firm sales of 50 MW during off-peak hours and an additional 200 MW on a non-firm basis. Additionally, both parties renewed an… Read More Here

Mining in Zambia Copper Mergers & Acquisitions

Sinomine Resource Group Makes Significant Investment in Zambian Copper Mine

March 17, 2024March 17, 2024 Constance

Shares of Sinomine Resource Group experienced a notable surge following the announcement of its plan to acquire a majority stake in a Zambian copper mine for USD 58.5 million. Sinomine closed 6.8 percent higher at CNY 40.79 (USD 5.67) on the Shenzhen stock exchange today. The acquisition will be conducted through Sinomine’s subsidiary, African Minerals, which will purchase a 65 percent stake in Junction Mining from Momentum Ventures and Chifupu Resources. Junction Mining’s primary asset is the Kitumba copper project in Zambia, boasting 27.9 million tons of proven… Read More Here

International Transport and Logistics

Benguela Entrepreneurs Encouraged to Seize Lobito Corridor and Refinery Opportunities

March 17, 2024March 17, 2024 Constance

The provincial governor of Benguela has called on the business community in Benguela to fully leverage the economic prospects presented by the Corridor and Refinery located in Lobito. Speaking at the inauguration of Aliança Empresarial’s new headquarters, Governor Luís Nunes underscored the importance of unity among business leaders. Aliança Empresarial, currently comprising 17 members, welcomed four new members during the event, with a mission to bolster the province’s socioeconomic activities through collaborative efforts. Among the newly incorporated members are prominent associations such as the Angola Industrial Association (AIA), Salt Producers… Read More Here

Mining in DRC Infrastructural Development

Freddy Shembo Vows Stringent Oversight for SICOMINES Infrastructure Projects

March 17, 2024March 17, 2024 Constance

Freddy Yodi Shembo, Director General of the Collaboration Agreement Steering, Coordination, and Monitoring Agency (APCSC), assures rigorous supervision of infrastructure projects linked to the renegotiated Chinese contract in the Democratic Republic of Congo (DRC). Following the signing of Amendment No. 5 to the Sino-Congolese “mines against infrastructure” Convention, Shembo pledges meticulous monitoring to ensure quality and transparency in project execution. He emphasizes the APCSC’s commitment to diligent oversight, leveraging agencies like the Major Works Agency (ACGT) and the Technical Control Office (BTC) for effective scrutiny. Shembo underscores the importance of… Read More Here

Mining in DRC

DRC Government Unveils Pioneering Initiative Led by Minister of Mines

March 17, 2024March 17, 2024 Constance

The Government, led by Minister of Mines Antoinette N’samba Kalambayi, unveiled a pioneering initiative on Monday, March 11, 2024, during a workshop dedicated to the cause. Deputy Minister of Mines Godard Motemona and Minister of Social Affairs Modeste Mutinga also participated, alongside experts and senior committee members. During the event, Minister Kalambayi highlighted significant achievements resulting from the allocation of 0.3% of mining turnover to local communities. Notable developments include the construction of healthcare facilities, modern morgues, durable bridges, and equipped educational institutions, among others. These projects aim to enhance… Read More Here

International Economy

Africa: IMF calls on African leaders to rethink fiscal policy in the region

March 17, 2024March 17, 2024 Constance

At the 12th African Forum focusing on budgetary strategies amidst Africa’s escalating debt, speakers, including various institution departments and invited African ministers, emphasized the urgent need for African leaders to reevaluate budgetary policies to expedite economic growth. Acknowledging the mounting debt vulnerabilities due to internal and external shocks, stakeholders underscored the necessity of rethinking fiscal policies to prevent a continual rise in the region’s public debt-to-GDP ratio, which could hamper private investment and limit countries’ ability to invest in vital resources. To address future shocks, stakeholders advocate for the development… Read More Here