Economy - Copperbelt Katanga Mining

IFC’s $550 Million Investment Boosts DRC’s Energy and Infrastructure Sectors 1

Since 2021, the Democratic Republic of Congo (DRC) has received significant financial support totaling US$550 million from the International Finance Corporation (IFC). This funding, primarily directed toward infrastructure and energy projects, aims to foster sustainable growth and improve the daily lives of Congolese citizens. During a meeting on Thursday, November 14, 2024, Sergio Pimenta, IFC Vice-President for Africa, and Judith Tuluka Suminwa, Prime Minister of the DRC, discussed the impact of this support. According to Pimenta, the IFC’s investments have directly benefited the Congolese population by addressing critical infrastructure and… Read More Here

Mining in DRC Economy Governance

Minister Bussa and ARSP Director Sign MOU to Boost State Portfolio Cooperation

November 17, 2024November 17, 2024 Constance0 comment

Jean-Lucien Bussa, Minister of Portfolio, and Miguel Kashal Katemb, Director General of the Regulatory Authority for Subcontracting in the Private Sector (ARSP), signed a memorandum of understanding (MOU) on Tuesday, November 12, 2024, aimed at fostering inter-company cooperation. The agreement follows a proposal made by the Minister of Portfolio to the Council of Ministers on July 19, 2024. The signing ceremony took place in the Minister of Portfolio’s Cabinet meeting room, with experts from both parties in attendance. The MOU facilitates collaboration and mutual support between companies in the state… Read More Here

Mining in DRC Economy Gold

Congolese Gold Price Sees Modest Increase Amid Global Uncertainty

November 17, 2024November 17, 2024 Constance0 comment

During the week of November 11 to 16, 2024, the price of Congolese gold saw a slight increase of 0.07%, reaching $88.72 per gram, up from $88.66 the previous week, according to a report from the National Commission of Mercuriales under the Ministry of Foreign Trade. While this rise is modest, it reflects growing global interest in the precious metal as markets remain sensitive to fluctuations in raw material prices. Gold, often seen as a safe haven in times of economic uncertainty, continues to see increased demand. Even small price… Read More Here

Mining in DRC Copper Economy

Copper Price Surge Offers Opportunities and Risks for DRC’s Economy

November 17, 2024November 17, 2024 Constance0 comment

As of October 24, 2024, copper prices reached $9,561 per tonne, marking a 0.34% increase from the previous week. This rise is part of a broader trend of growing base metal prices, driven by rising global demand and infrastructure investments. Compared to the end of December 2023, copper has risen by 12.07%, providing a significant boost to producing nations like the Democratic Republic of Congo (DRC), one of the world’s leading copper exporters. This price surge could substantially impact the Congolese economy, potentially enhancing public revenues. The increased demand for… Read More Here

Mining in DRC Economy

DRC Secures $2.87 Billion IMF Package for Economic Growth and Climate Resilience

November 17, 2024November 17, 2024 Constance0 comment

The Democratic Republic of Congo (DRC) has secured two agreements from the International Monetary Fund (IMF) totaling $2.87 billion. These funds will support the country’s economic development and efforts to combat climate change. During a press conference on Thursday, November 14, 2024, Minister of Finance Doudou Fwamba Li-Botayi, alongside Budget Minister Aimé Boji and an IMF representative, detailed the two agreements. The first is a three-year program under the Extended Credit Facility (ECF), valued at $1.75 billion, while the second focuses on climate resilience (RST), amounting to $1.1 billion. Minister… Read More Here

Mining in DRC Economy Gold News in Brief

DRC Loses Billions to Gold Mining Fraud, Warns DRC Gold Trading

November 17, 2024November 17, 2024 Constance0 comment

The Democratic Republic of Congo (DRC) is facing significant financial losses in its mining sector due to widespread fraud. Joseph Kazibaziba, Managing Director of DRC Gold Trading SA, a company operating in the gold mining industry, revealed that “more than 50 tons of gold are fraudulently exported to the east coast of Congo, amounting to over 5 billion USD.” He acknowledged that one of the major challenges remains integrating the substantial quantity of gold extracted through artisanal methods back into the official economy. The causes of this fraud are numerous,… Read More Here

Mining in Zambia Copper Economy

North-Western Province Leads Zambia’s Copper Boom and Economic Transformation

November 17, 2024November 17, 2024 Constance0 comment

Minister of Mines Paul Kabuswe has highlighted increased copper production in North-Western Province’s major mines as a testament to the sector’s robust growth. Speaking at a media briefing in Kalumbila District, Mr. Kabuswe revealed that Zambia’s annual copper production now stands at 810,000 metric tonnes. He expressed confidence that the country’s target of three million metric tonnes per year is achievable with the revival of Konkola Copper Mines (KCM) and Mopani Copper Mines, alongside new mining projects spearheaded by President Hakainde Hichilema. Mr. Kabuswe also dispelled rumors about Kansanshi gold… Read More Here

Mining in Zambia Copper Economy

Barrick Lumwana Mine to Double Copper Output by 2028

November 17, 2024November 17, 2024 Constance0 comment

Barrick Lumwana Mine is set to double its annual copper production from 120,000 metric tonnes to 240,000 metric tonnes by 2028, driven by the expansion of its Super Pit Mine. During a visit to the mine by a delegation of three Cabinet Ministers led by Minister of Mines and Mineral Development Paul Kabuswe, Barrick Lumwana Country Manager Anthony Malenga credited the anticipated growth to the government’s stable policy environment. Mr. Malenga highlighted the company’s dedication to local employment, noting that 99% of its workforce comprises Zambians, with 40% being community… Read More Here

Mining in Zambia Economy Partnership

Zambia and Eswatini Strengthen Economic Ties with Strategic Partnership

November 16, 2024November 16, 2024 Constance0 comment

The Zambia Development Agency (ZDA) and the Eswatini Investment Promotion Authority (EIPA) have reinforced their commitment to deepening economic cooperation through a newly signed Memorandum of Understanding (MoU). The agreement sets the stage for enhanced investment and trade relations between the two nations, focusing on institutional capacity-building and creating business linkages. Key areas of collaboration include investment promotion, trade facilitation, and the exchange of critical information on trade policies, regulations, and opportunities. The MoU also prioritizes fostering connections among small and medium-sized enterprises (SMEs) in Zambia and Eswatini, encouraging local… Read More Here

Mining in Zambia Economy

IMF Reaches Staff-Level Agreement to Release $185.5 Million for Zambia

November 13, 2024November 13, 2024 Constance0 comment

The Zambian government and the International Monetary Fund (IMF) have reached a staff-level agreement to disburse $185.5 million to Zambia, pending approval from IMF management and the executive board. The agreement follows an IMF mission to Zambia from October 2-15, led by Mercedes Vera Martin, and subsequent discussions held in Washington. The IMF highlighted the severe impact of recent drought conditions on Zambia’s agricultural output and electricity supply. Commenting on the government’s response, the IMF noted, “The authorities mobilized emergency relief for the most vulnerable populations while maintaining fiscal consolidation… Read More Here