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Category: Economy

Central Bank of Congo Reports Mixed Trends in Commodity Prices for December 2024 1 Mining in DRC Economy 

Central Bank of Congo Reports Mixed Trends in Commodity Prices for December 2024

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The Central Bank of Congo (BCC), in its economic report for the second week of December 2024, highlighted varied price trends for major commodities as of December 12, 2024. Key Commodities Performance International food commodity prices generally showed a downward trend: The BCC report underscores the diverse performance of raw materials, with some commodities like gold and copper maintaining year-on-year growth, while others like cobalt and staple foods have seen declines. These trends reflect shifting global market dynamics and their impact on the DRC’s economy. Read More Here
Gold Price Increase Supports DRC's Economic Growth Amid Global Uncertainty 2 Mining in DRC Economy Gold 

Gold Price Increase Supports DRC’s Economic Growth Amid Global Uncertainty

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The price of gold, the Democratic Republic of Congo’s (DRC) leading export mineral, experienced a modest increase during the week of December 16 to 21, 2024. According to data from the National Commission of Mercuriales, part of the Ministry of Foreign Trade, the price of a gram of gold reached $86.05, reflecting a 0.66% increase compared to the previous week. This rise can be attributed to several factors, including increased demand for gold as a safe-haven asset amid global economic uncertainties. As a key source of revenue for the DRC,… Read More Here
Surge in Tin Prices Boosts DRC's Export Economy 3 Mining in DRC Economy Tin 

Surge in Tin Prices Boosts DRC’s Export Economy

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The Democratic Republic of Congo (DRC) has recently witnessed a significant rise in tin prices, a vital mineral for its export economy. According to the National Commission of Mercuriales, part of the Ministry of Foreign Trade, the price of tin reached $28,998 per ton between December 16 and 21, 2024, reflecting a 3.28% increase from the previous week’s price of $28,078. This upward trend in international markets could bring positive effects on the income of Congolese exporters and the overall national economy. The rise in tin prices comes amid growing… Read More Here
ZCCM-IH Invests $10 Million in Green Bond to Boost Zambia’s Renewable Energy 4 Mining in Zambia Economy Energy 

ZCCM-IH Invests $10 Million in Green Bond to Boost Zambia’s Renewable Energy

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ZCCM Investments Holdings PLC (ZCCM-IH) has announced a $10 million (approximately ZMW 275 million) investment in the second tranche of CEC Renewables Limited’s (CEC-R) Green Bond issuance. This strategic move underscores ZCCM-IH’s commitment to advancing sustainable energy and supporting Zambia’s capital market growth. The second tranche of the bond raised $96.7 million, earmarked for expanding the 60 MW Itimpi-1 solar photovoltaic (PV) plant into the 136 MW Itimpi-2 project. This initiative seeks to address Zambia’s persistent energy crisis by bolstering the country’s renewable energy infrastructure. Dr. Ndoba Vibetti, CEO of… Read More Here
World Bank Approves $100 Million to Bolster Zambia’s Climate and Economic Resilience 5 Mining in Zambia Economy 

World Bank Approves $100 Million to Bolster Zambia’s Climate and Economic Resilience

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The World Bank has approved a $100 million financing package to enhance Zambia’s capacity to manage natural disasters and strengthen its economic and climate resilience. The initiative integrates a Climate and Economic Resilience Development Policy Financing (DPF) grant with a Catastrophe Drawdown Option (Cat-DDO). The financing package includes $25 million to address Zambia’s current economic challenges and promote climate adaptation, alongside $75 million set aside as contingent funding for rapid response to national disasters. This dual approach is designed to help Zambia manage the immediate impact of a severe drought… Read More Here
UAE Investors Eye Zambia’s Natural Resources and Trade Potential 6 Mining in Zambia Economy 

UAE Investors Eye Zambia’s Natural Resources and Trade Potential

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Michael Joseph Staford, Chief Financial Officer at Rafmol Gold in the United Arab Emirates (UAE), has expressed the UAE’s interest in collaborating with the Zambian government to invest in Zambia for the benefit of its people. Staford highlighted Zambia’s abundant natural resources, which he believes should directly benefit the Zambian population. He also emphasized Zambia’s strategic position as a central trade hub in Africa, connecting eight countries and boasting a growing network. He noted that the UAE imports over $40 billion in precious metals annually, with 60% coming from Africa,… Read More Here
China Non-Ferrous Invests $100 Million in Zambia’s Shaft 28 Mine 7 Mining in Zambia Copper Economy 

China Non-Ferrous Invests $100 Million in Zambia’s Shaft 28 Mine

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China Non-Ferrous Metal Company has emphasized its commitment to creating opportunities for the local community through its operations. Robert Kamanga, Deputy Chief Executive Officer of Shaft 28 Technical, announced significant progress in the mine’s dewatering process, supported by a $100 million investment. This development was highlighted during a visit to the mine in Luanshya by Water Development and Sanitation Minister, Collins Nzovu. Minister Nzovu noted that the dewatering process will not only help regulate the water levels of the Kafue River but will also benefit small-scale farmers by providing irrigation… Read More Here
KCM to Invest $700 Million in Boosting Copper Production 8 Mining in Zambia Copper Economy 

KCM to Invest $700 Million in Boosting Copper Production

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Konkola Copper Mines (KCM) has announced a $700 million investment over the next five years to unlock the full potential of its operations in Chililabombwe, Zambia. KCM Chief Operating Officer Malcolm Mewett revealed that this investment constitutes a significant portion of the $1 billion pledged by Vedanta Resources Limited for KCM’s growth. He emphasized that the funds will primarily focus on underground developments at the Konkola Mine, enabling the extraction of vast copper reserves and significantly increasing production. “This investment will help the mine achieve its target of producing 300,000… Read More Here
DRC Govt Takes Charge of Kamoa Mining Product Sales 9 Mining in DRC Cobalt Copper Economy 

DRC Govt Takes Charge of Kamoa Mining Product Sales

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The Government of the Democratic Republic of Congo (DRC) has announced its direct involvement in the sale of mining products from Kamoa, a company in which the State holds a 20% stake. This move aims to better secure national economic interests within the crucial mining sector. Kamoa’s turnover is projected to reach $3 billion, and as part of this new strategy, the Government, through the Minister of the Portfolio, will oversee the pricing and sale of mining products. Minister Jean-Lucien Bussa made this announcement during the Estates General of the… Read More Here
AfDB Approves $108 Million Loan to Boost Zambia’s Economic Reforms 10 Mining in Zambia Economy 

AfDB Approves $108 Million Loan to Boost Zambia’s Economic Reforms

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The African Development Bank (AfDB) Group has approved a $108 million loan to Zambia to enhance economic governance and implement critical public sector reforms. This new funding increases the AfDB’s active portfolio in Zambia to $872.3 million, comprising 24 projects as of November 30, 2024. The loan will finance the Fiscal Sustainability and Economic Resilience Support Programme, a key initiative aimed at fostering a resilient and diversified Zambian economy. The AfDB Group Board of Directors announced the approval in a statement issued in Lusaka. Raubil Durowoju, the AfDB’s Country Manager… Read More Here

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