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Zambia's Kwacha Emerges as Top-Performing African Currency Amid Aggressive Monetary Policy 1 Mining in Zambia Economy 

Zambia’s Kwacha Emerges as Top-Performing African Currency Amid Aggressive Monetary Policy

Constance
Zambia’s kwacha has emerged as the top-performing African currency against the U.S. dollar in 2024, with a remarkable surge of 13.8% to 22.8, according to LSEG data. This surge is attributed to the central bank’s aggressive monetary policy tightening, which included measures such as raising commercial banks’ reserve ratios and increasing interest rates to counter the currency’s decline and rising inflation. Analysts highlight the importance of sustaining the kwacha’s strengthening by attracting more foreign investment. Zambian officials acknowledge that prolonged debt restructuring and declining copper production have hindered foreign investment… Read More Here
Zambia's Govt to Finalize Handover of Mopani and Konkola Copper Mines to new Investors 2 Mining in Zambia Copper Economy 

Zambia’s Govt to Finalize Handover of Mopani and Konkola Copper Mines to new Investors

Constance
The Zambian government has announced its plans to finalize the handover of Mopani Copper Mines to a new investor by the end of February 2024. Additionally, Finance and National Planning Minister Situmbeko Musokotwane revealed that only one step remains for Konkola Copper Mines to be returned to Vedanta, after which production will resume. Dr. Musokotwane emphasized that once these processes are completed, both mining giants will resume production, bringing economic revival to the Copperbelt region and the entire country. He highlighted that even before production restarts, investors are already sending… Read More Here
FQM shares jump on refinancing measures 3 Copper International 

FQM shares jump on refinancing measures

Constance
First Quantum Minerals (TSE: FM) shares surged as much as 11% after it agreed to sell $1 billion in stock and raise $1.6 billion from a notes offering to strengthen its balance sheet after Panama closed the company’s flagship copper mine. The Vancouver-based metals producer has been under growing pressure to provide answers on how it will continue to meet obligations, with billions of dollars maturing in the coming years while its biggest profit driver remained indefinitely closed. In an announcement on Wednesday, First Quantum said it also agreed with… Read More Here
SkyPower Global Partners with AFC for 200 MW Solar Power Project in DRC 4 Mining in DRC Energy 

SkyPower Global Partners with AFC for 200 MW Solar Power Project in DRC

Constance
SkyPower Global, a solar energy company, has announced a partnership with the Africa Finance Corporation (AFC) to develop a 200 MW solar power project in the Democratic Republic of the Congo (DRC). The agreement marks a significant step forward in the DRC’s efforts to increase its renewable energy generation capacity and improve electrification rates while addressing climate change concerns. The project, which is part of a larger 1 GW solar power purchase agreement previously signed by SkyPower with the state-owned utility Société Nationale d’Electricité (SNEL), is expected to commence construction… Read More Here
ARSP Cancels Three Subcontracting Contracts Worth Estimated $1 Billion for Law Violation 5 Mining in DRC Governance News in Brief 

ARSP Cancels Three Subcontracting Contracts Worth Estimated $1 Billion for Law Violation

Constance
CRSN (CREC 7, CREC 9) and INTERNATIONAL FOURTEENTH FIRST CONGO SARL are the first two companies affected by this cancellation measure, both held by shareholders of SICOMINES disguised as subcontractors for excavation works within the same main company. The third company sanctioned for the same offense is BANGDE CONSTRUCTION. Despite not being eligible, these three subcontractors alone hold contracts worth over a billion dollars, which constitutes a violation of the law. Therefore, this measure will enable companies with majority Congolese capital to obtain more contracts in line with the vision… Read More Here
FQM Implements Leadership Changes to Address Challenges in Zambian's Operations 6 Mining in Zambia Copper Mining Personality 

FQM Implements Leadership Changes to Address Challenges in Zambian’s Operations

Constance
First Quantum Minerals Ltd (FQM) is undergoing a significant restructuring of its top-tier personnel at its Zambian operations to address production and safety issues, according to an internal memo obtained by Reuters. The company’s decision comes amid ongoing challenges, including the recent closure order of its flagship Panama mine, which has led to a significant decline in market value since public protests against the Cobre Panama project began in October. In an email sent by chief operating officer Rudi Badenhorst to Kansanshi mine employees, it was acknowledged that the Zambian… Read More Here
FQM inks $500 million copper deal with Jiangxi amid Panama mine struggles 7 Mining in Zambia Copper 

FQM inks $500 million copper deal with Jiangxi amid Panama mine struggles

Constance
First Quantum Minerals (TSX: FM) said on Wednesday it would get a $500-million shot in the arm from Jiangxi Copper, the Canadian miner’s largest shareholder, that will help it to shore up finances. The three-year, prepay arrangement with Jiangxi will see First Quantum deliver 50,000 tonnes of copper anode per year to the Chinese miner. The material will be extracted at the Kansanshi mine in Zambia and is payable at market prices, the company said. “This arrangement is a reminder of the strategic nature of copper as supply challenges abound… Read More Here
Midnight Sun Partners with KoBold Metals to Explore Dumbwa Target in Zambia 8 Mining in Zambia Exploration New Mining Projects 

Midnight Sun Partners with KoBold Metals to Explore Dumbwa Target in Zambia

Constance
Midnight Sun Mining Corp. (TSX-V: MMA / OTCQB: MDNGF) has announced the signing of an earn-in agreement with KoBold Metals Company, marking a significant milestone in the exploration of the Dumbwa Target within the Solwezi Project in Zambia. KoBold Metals Company, renowned for its innovative approach to battery metal exploration, will undertake exploration activities on Dumbwa. Backed by investors such as Breakthrough Energy Ventures and Andreessen Horowitz, KoBold aims to leverage its advanced technology to accelerate the discovery of critical minerals. Under the agreement, KoBold can earn a 75% interest… Read More Here
Solwezi MP Stafford Mulusa Leads Delegation to Review Kansanshi Mine's Expansion 9 Mining in Zambia Copper 

Solwezi MP Stafford Mulusa Leads Delegation to Review Kansanshi Mine’s Expansion

Constance
In a demonstration of commitment to progress and community engagement, Kansanshi Mine in Solwezi welcomed Solwezi Central Member of Parliament, Stafford Mulusa, along with a delegation of civic leaders, including Solwezi Mayor Remmy Kalepa and Town Clerk Stanley Mbewe, as well as all twelve district councillors. The visit aimed to provide insights into the ongoing expansion projects at Kansanshi Mine and their impact on the local community. Kyansenga Chitoshi, Corporate Affairs Manager at Kansanshi Mining, warmly greeted the delegation upon their arrival at the mine site. They were then led… Read More Here
DRC Prime Minister Resigns to Assume Legislative Role 10 Mining in DRC Governance 

DRC Prime Minister Resigns to Assume Legislative Role

Constance
In a surprising turn of events, Prime Minister Jean-Michel Sama Lukonde of the Democratic Republic of Congo (DRC) has tendered his resignation to President Félix Tshisekedi. This decision comes just eight days after the validation of his mandate as a national Deputy, signaling a swift transition from executive to legislative responsibilities. Under the unique electoral provisions of the DRC, government officials who are elected as National Deputies are granted an 8-day window to decide whether to accept their elected posts. As the deadline approached on Tuesday, February 20th at midnight… Read More Here

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