Economy - Copperbelt Katanga Mining

DRC Govt Launches $70 Million Treasury Bond Auction to Strengthen Financial Resources 1

The Government of the Democratic Republic of Congo (DRC) has announced the opening of a $70 million Treasury Bond auction on January 7, 2025, as part of its efforts to bolster national finances amidst ongoing challenges. This was confirmed in a press release from the Ministry of Finance on January 6, 2025. The bond issuance aims to enhance the state’s financial stability at the beginning of the year and is critical to addressing the country’s persistent economic difficulties. For this initial offering, the interest rate remains at 9%, the same… Read More Here

Mining in DRC Economy

DRC Secures $324 Million Annually in Revised Chinese Mining Contract

January 8, 2025January 8, 2025 Constance0 comment

The Democratic Republic of Congo (DRC) is set to receive 957.2 billion Congolese Francs (CDF), equivalent to $324 million, in annual royalties under a revised contract with Chinese companies, effective in 2025. This amendment, signed in January 2024, seeks to enhance infrastructure investment in the country. Key Terms of the Agreement Funds from the agreement will primarily support the construction of roads and other essential infrastructure, a move aimed at opening up remote provinces and fostering regional connectivity. The revised contract was prompted by a study conducted by the General… Read More Here

Mining in Zambia Economy Emeralds

Zambia re-introduces 15% export duty on emeralds

January 8, 2025January 8, 2025 Constance0 comment

Gemfields has become aware that a new statutory instrument in Zambia dated 30 December 2024 and which came into effect on 1 January 2025 (S.I. No. 88 of 2024, the Customs and Excise (Precious Stones) (Export Duty) (Suspension) (Revocation) Order, 2024) has revoked the 2019 suspension of a 15% export duty on precious gemstones. This directly impacts the Zambian emeralds mined by Kagem Mining Limited (“Kagem”) which is 75% owned by Gemfields and 25% owned by the Zambian Government’s Industrial Development Corporation. This 15% export duty now applies on top… Read More Here

Mining in DRC Copper Economy

Copper Prices Remain Volatile, Straining DRC’s Economy

January 4, 2025January 4, 2025 Constance0 comment

Copper, the Democratic Republic of Congo’s (DRC) main export product, continues to experience significant price fluctuations on international markets. According to the latest data from the National Commission of Mercuriales at the Ministry of Foreign Trade, the price of copper dropped to 8,824 US dollars per ton during the week of December 30, 2024, to January 4, 2025, marking a decrease of 1.33% compared to the previous week. This ongoing volatility is causing concern for the Congolese economy, which relies heavily on copper exports for revenue. Experts warn that these… Read More Here

Mining in Zambia Economy

Zambia Among Africa’s Top 10 Fastest-Growing Economies for 2025

January 3, 2025January 3, 2025 Constance0 comment

Zambia has been ranked among the top 10 African countries expected to experience significant Gross Domestic Product (GDP) growth in 2025, according to the latest World Economic Outlook report by the International Monetary Fund (IMF). The IMF projects a 6.6% GDP growth for Zambia, placing it sixth on the continent. This growth is anticipated to stem from the easing of adverse weather effects and supply chain constraints. The Economics Association of Zambia (EAZ) has endorsed the IMF’s projection, describing it as realistic due to the government’s implementation of long-term economic… Read More Here

Copper Economy Mining in Zambia

Zambia Partners with Mercuria and IDC to Enhance Copper Trade

January 3, 2025January 3, 2025 Constance0 comment

Independent energy and commodity group Mercuria has entered into a strategic joint venture (JV) partnership with Zambia’s state-owned Industrial Development Corporation (IDC) to establish a metals trading company through Industrial Resources Limited, a wholly owned IDC subsidiary. This partnership positions Zambia, Africa’s second-largest copper producer, to actively participate in minerals trading. Mercuria will support Zambia in building independent institutional marketing and trading capacity for its copper resources. “Our joint venture with IDC marks a significant milestone for Zambia as it positions itself more strategically in the global minerals market,” said… Read More Here

Mining in Zambia Economy

ZDA Achieves $9.89 Billion in Realized Investments, Creating Over 40,000 Jobs

January 3, 2025January 3, 2025 Constance0 comment

The Zambia Development Agency (ZDA) has successfully actualized $9.83 billion of the $58.78 billion in committed investments, translating into 497 projects across various sectors. These initiatives, representing a commitment of $18.74 billion, have generated 40,395 jobs, surpassing the initial target of 38,119 jobs. ZDA Director General Albert Halwampa highlighted the Agency’s intensified efforts to support investment projects that foster job creation and economic growth. In 2024, ZDA ramped up its trade, investment, and business development activities through targeted trade missions and enhanced support services to boost competitiveness in key economic… Read More Here

Mining in DRC Economy Governance

DRC Prime Minister Grants Moratorium on End-of-Year Audits for Businesses

December 30, 2024December 30, 2024 Constance0 comment

Prime Minister Judith Suminwa has announced a nationwide moratorium on state services’ control missions targeting companies. The suspension, effective from December 16, 2024, to January 30, 2025, was granted in response to concerns raised by the Federation of Congolese Enterprises (FEC) over administrative burdens at the end of the fiscal year. “I have decided to grant a moratorium on all tax audits, non-tax revenue audits, and routine economic audits to allow economic operators to prepare their financial statements with peace of mind,” wrote the Prime Minister in a letter dated… Read More Here

Mining in Zambia Economy

Bank of Zambia Announces Plan to Phased Out Cheques by 2026

December 28, 2024December 28, 2024 Constance

The Bank of Zambia (BoZ) has unveiled a comprehensive plan to phase out the use of bank cheques nationwide, with the final discontinuation scheduled for June 24, 2026. This major decision comes in response to an 80% decline in cheque transactions over the past decade. In an official statement, the BoZ cited the rapid rise of electronic payment methods and growing concerns over security as key factors driving the transition. The bank pointed out that cheques are highly susceptible to fraud, including forgery, alteration, theft of cheque books, and unauthorized… Read More Here

Diamond Economy Mining in DRC

DRC Diamond Exports Continue Strong Performance in Early 2024

December 28, 2024December 28, 2024 Constance

In the first quarter of 2024, the Democratic Republic of Congo (DRC) reported diamond exports totaling 1,970,188.55 carats, generating revenues of USD 17.96 million, according to the Technical Cell for Coordination and Mining Planning (CTCPM). This underscores the DRC’s sustained significance in the global diamond industry. The primary markets for Congolese diamonds remain Belgium and the United Arab Emirates, both of which play pivotal roles in the international diamond trade. Belgium, historically a key diamond trading hub, imported 890,005.74 carats, valued at USD 7.28 million. Of these exports, industrial diamonds… Read More Here