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Decline in Zinc Ore Production Hits Mining Sector in DRC

March 11, 2024March 11, 2024 Constance

Mining companies in the Democratic Republic of Congo (DRC) have experienced a significant reduction in zinc ore production over the past two years, according to recent statistics from the Central Bank of Congo (BCC). The BCC’s report, released last week, indicates a notable decrease in zinc production, with only 11,287 tonnes produced in 2023. This marks a decline of 15.6% compared to the previous year, where production stood at 12,309 tonnes. Moreover, compared to 2021’s production of 16,079 tonnes, the drop is even more significant, estimated at around 29.8%. Despite… Read More Here

Market Forecast: Cobalt, Nickel, and Lithium Prices to Decline by December 2024

March 11, 2024March 11, 2024 Constance

Goldman Sachs Predicts Drop in Key Minerals for Energy Transition Goldman Sachs, renowned for its market analysis, foresees a downturn in cobalt, nickel, and lithium prices by December 2024, essential minerals for the energy transition. Analysts attributed this projected decline to decreasing demand from the electric vehicle industry in Western nations. According to Goldman’s forecast estimates, cobalt prices are expected to decrease by 12%, nickel by 15%, and lithium by 25% over the next twelve months. The bank’s analysts emphasized that despite supply constraints in late 2023 due to margin… Read More Here

Economy Mining in DRC

DRC’s Ministry of Finance Responds to Allegations Regarding Retrocession Payments

March 11, 2024March 11, 2024 Constance

The Ministry of Finance has refuted claims made by the National Intersyndicale of Public Administration (INAP) regarding the non-payment of retrocessions owed to financial authorities. In a press release received by ACTUALITE.CD on Sunday, March 10, the Ministry clarified that no authorization files are pending in its office. According to the press release, retrocessions owed to financial authorities are typically paid in the month following the one to which they relate. The Ministry stated that retrocessions up to November 2023 have been fully paid, with the last disbursement made on… Read More Here

Mining in DRC Economy

Nicolas Kazadi Advocates for Collective 2024 Budget Alignment

March 11, 2024March 11, 2024 Constance

In a context marked by the continued deterioration of the security situation in the east of the country, thus causing an increase in security expenditure, the Congolese Minister of Finance, Nicolas Kazadi, spoke, during the one hundred and twenty-eighth meeting of the Council of Ministers, the need to resort to a collective budget for the current financial year. The National Argentier outlined the country’s financial situation, indicating that the context for developing the State Budget for the year 2024 no longer currently fits with the latest developments underway, particularly in… Read More Here

Mining in Uganda

Uganda’s Makuutu Rare Earth Project Nears First Production

March 11, 2024March 11, 2024 Constance

First production at the Makuutu Rare Earth project in Uganda is scheduled for this March, following the commissioning of a technical facility and demonstration plant at the mine. Developed by mining company Rwenzori Rare Metals Limited, construction took nine months to complete, signaling the completion of Phase 1 of the project. Tim Harrison, Managing Director of Ionic Rare Earths – the parent firm of Rwenzori Rare Metals Limited – said the project “reaffirms our position as a strategic resource for near-term development and a secure, long-term supply of magnet and… Read More Here

International Economy

IMF backs Uganda’s growth agenda with $120 million

March 11, 2024March 11, 2024 Constance

Uganda is set to receive a fresh loan from the International Monetary Fund (IMF). The global lender recently approved a $120 million loan to the East African country following approval from the IMF board. The loan under an Extended Credit Facility follows a line of disbursements that dates back to 2021. According to a report seen in The East Africa, Uganda has been granted a loan of $120 million following the the fifth evaluation of the Multilateral Lender’s Extended Credit Facility (ECF) program, which may see Kampala receive up to… Read More Here

International Economy

Nigeria reiterates its intention to join the BRICS group

March 11, 2024March 11, 2024 Constance

In an interview with the Russian news publication, Sputnik Africa, Yusuf Tuggar noted that Nigeria is planning to apply to join the BRICS group of nations once the required internal processes are completed. “We intend to do it. Like I said before, Nigeria runs a deliberative democratic system. So there tends to be a lot of engagement with different interest groups, different internal bodies before such an action is taken,” Tuggar said. He mentioned the 2023 BRICS Summit in South Africa, which the Vice President of the country, Kashim Shettima’… Read More Here

International Transport and Logistics

Africa Global Logistics Commences Operations at Port of Lobito

March 11, 2024March 11, 2024 Constance

Africa Global Logistics (AGL) marked a significant milestone last week as it received the first cargo ship at the Port of Lobito in the Benguela province of Angola. The arrival of the ship at the general cargo terminal signals the formalization of AGL’s activities in operating the Multipurpose terminal at Porto do Lobito. Managed by the firm Seatrade, the cargo ship, measuring 169.37 meters long, brought 6,500 tons of rice to the port. It has been docked at the south pier since Tuesday to commence unloading operations. This historic moment… Read More Here

Mining in Zambia Energy

Copperbelt Energy Corporation Reports 171% Profit Growth to US$137.6 Million in 2023

March 10, 2024March 10, 2024 Constance

Copperbelt Energy Corporation (#CEC) has recorded an increase in profit by 171 percent, from US$50.8 million in 2022 to US$137.6 million in 2023. According to CEC’s latest financial report signed by company secretary Julia Chaila, the energy firm also recorded an increase in revenue from US$374.4 million in 2022 to US$382.3 million in 2023, representing a two percent increase. Ms Chaila stated that the increase in revenue was underpinned by local and regional power sales that increased by five percent and two percent respectively. “The increase in earnings is as… Read More Here

International Economy

BRICS: China Enters Western Territory, Buys Gold Company With Hard Cash

March 10, 2024March 10, 2024 Constance

BRICS member China is entering Western territory and buying gold exploration companies with hard cash worth millions. China’s Yintai Gold firm struck a sale deal with Canada’s gold exploration company Osino for CAD 368 million, which is equivalent to $272 million. China will completely buy the Canadian gold exploration firm by paying hard cash worth $272.53 million. Before selling the company to China’s Yintai Gold, Osino will end its CAD 287 million deal with Canadian gold miner Dundee Precious Metals. The talks began in December last year between China’s Yintai… Read More Here