Economy - Copperbelt Katanga Mining

Zambia Eyes Inflation Target for First Time Since 2019 Amid Economic Recovery 1

For the first time in six years, Zambia is on track to bring its inflation rate within the central bank’s target range—a key milestone in the country’s economic recovery. Secretary to the Treasury, Felix Nkulukusa, announced on Thursday that annual consumer price inflation is projected to fall below 8% by the end of 2025, aligning with the Bank of Zambia’s target range of 6% to 8%. “We expect inflation to continue to decline,” Nkulukusa said during a speech in Lusaka. “We are confident that we can probably reach the 6–8%… Read More Here

Zambia Urges European Investment in Mining and Energy Sectors

April 20, 2025April 20, 2025 Constance

Zambia’s Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, has called on European nations to invest in Zambia’s mining and energy sectors, emphasizing the country’s growing openness to new international partnerships. His remarks followed his participation in the 10th Annual Delphi Economic Forum held in Greece. Speaking from Addis Ababa, Dr. Musokotwane highlighted Greece as an untapped partner in Zambia’s development agenda. “The Delphi Forum offered a strategic platform to promote investment and strengthen partnerships,” he said. “We are focused on attracting investments that create jobs, generate wealth, and… Read More Here

International Economy

IMF Warns U.S. Tariffs Could Deepen Global Economic Strain

April 5, 2025April 5, 2025 Constance

International Monetary Fund (IMF) Managing Director Kristalina Georgieva has warned that newly announced U.S. tariffs pose a “significant risk” to the global economy, particularly at a time of slow and fragile growth. In a statement released today, Georgieva stressed the need for constructive dialogue between the U.S. and its trading partners to avoid further economic disruption. “We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth,” she said. “It is important… Read More Here

Mining in Zambia Copper Economy

IRH Invests Over $800 Million in Mopani Copper Mines to Drive Growth and Sustainability

April 5, 2025April 5, 2025 Constance

International Resources Holdings (IRH) has committed over $800 million towards revitalizing Mopani Copper Mines on Zambia’s Copperbelt, marking a significant milestone in the country’s mining sector. This investment is part of a broader $1 billion initiative aimed at enhancing production capacity and promoting long-term sustainability at the mine. Mopani Copper Mines’ CEO, Charles Sakanya, confirmed the financial injection, emphasizing its role in modernizing operations and fostering future growth. The funds will be used to improve infrastructure, boost operational efficiencies, and create opportunities for local suppliers and contractors. During a recent… Read More Here

International Economy

Zimbabwe’s Gold-Backed Currency Struggles as US Dollar Dominates Amid Economic Crisis

April 5, 2025April 5, 2025 Constance

Zimbabwe’s liquidity crunch is worsening the economy’s reliance on the US dollar, undermining the gold-backed currency, the Zimbabwe Gold (ZiG), introduced nearly a year ago. The ZiG, launched on April 8, is Zimbabwe’s sixth attempt since 2009 to replace the US dollar with a functional local currency, but the initiative has faced significant challenges. In September, the Reserve Bank of Zimbabwe devalued the ZiG by 43% after it weakened persistently against the dollar. The central bank also raised the key interest rate from 20% to 35% and increased cash reserve… Read More Here

Mining in Zambia Copper Economy

Zambia Targets 1 Million Tons of Copper in 2025 as Mine Revivals Boost Output

April 5, 2025April 5, 2025 Constance

Zambia’s copper production is expected to reach approximately 1 million metric tons in 2025, up from an estimated 820,000 tons in 2024, according to Finance Minister Situmbeko Musokotwane. This projected 22% year-over-year increase signals a major recovery for Africa’s second-largest copper producer and reflects a broader resurgence in the country’s mining sector. The growth is being fueled by the revival of key operations, including the Lubambe, Luanshya, and Kalengwa mines. Despite falling short of the 1 million-ton target in previous years, the government remains committed to reaching its long-term goal… Read More Here

Mining in Zambia Economy

Zambia’s Economy Surpasses Growth Forecasts Amid Strong Q4 Performance

March 28, 2025March 28, 2025 Constance

Zambia’s economy outperformed expectations in 2023, exceeding growth forecasts from both the government and the International Monetary Fund (IMF), driven by a sharp rise in fourth-quarter output. According to preliminary data, the country’s gross domestic product (GDP) grew by 4% in 2023, down from 5.4% in 2022, acting Statistician-General Sheila Mudenda announced on Thursday. This figure far exceeded the IMF’s projection of 1.2% and the estimates of President Hakainde Hichilema’s administration, Bloomberg reported. The economy recorded an impressive 8.6% growth in the last quarter—the fastest pace in over a decade—bolstered… Read More Here

Mining in Zambia Economy

Bank of Zambia to Launch New Kwacha Banknotes on March 31

March 28, 2025March 28, 2025 Constance

The Bank of Zambia will introduce a new family of Kwacha banknotes on Monday, March 31, making them immediately legal tender while beginning the gradual phase-out of the existing designs. The new series includes the 500, 200, 50, 20, and 10 Kwacha notes, featuring: According to Kagolis Mwamulowe, Director of the National Heritage Conservation Commission, the new notes highlight Zambia’s unique natural heritage, including its diverse flora and fauna. Leonard Mwanza, CEO of the Bankers’ Association of Zambia, reassured the public that banks and ATMs are fully prepared for the… Read More Here

Mining in Zambia Economy

Zambia Records First Inflation Decline in Over a Year

March 27, 2025March 27, 2025 Constance

For the first time since July 2023, Zambia’s annual inflation rate has declined, offering some much-needed economic relief. Reports indicate that in March 2025, inflation dropped to 16.5%, down from 16.8% in February. The announcement was made by Acting Statistician-General Sheila Mudenda on Thursday in Lusaka. A key driver of the decline was a drop in food prices, particularly for essentials such as bread and cereal. This was largely due to increased rainfall following one of the worst droughts in nearly a century. Food price inflation fell to 18.9% in… Read More Here

Mining in Zambia Economy

Zambia Secures $120 Million from World Bank to Boost Digital Infrastructure and Innovation

March 26, 2025March 26, 2025 Constance

Zambia has secured $120 million in funding from the World Bank’s Digital Development Partnership to advance its Digital Public Infrastructure (DPI) agenda, Minister of Science and Technology Felix Mutati announced. Speaking at the Global Digital Summit in Washington, D.C., Mutati highlighted that the funds will support AI development, expand connectivity, and promote digital skills training. This financial support builds on Zambia’s Digital Zambia Acceleration Project (DZAP), which previously received $100 million from the World Bank to develop a strong digital ecosystem for public service delivery. Mutati emphasized the importance of… Read More Here