Economy - Copperbelt Katanga Mining

Zambia Pins Economic Revival Hopes on Mining Sector Amid Drought Challenges

January 22, 2025January 22, 2025 Constance

Zambia is looking to the mining sector for an economic recovery after facing a sharp slowdown in growth due to the worst drought in living memory, according to Finance Minister Situmbeko Musokotwane. Speaking at an event discussing the economic outlook, Musokotwane highlighted that new mines were set to open soon, and existing mines were reinvesting to boost production. “If all goes according to plan, 2025 should mark the start of this revival, and it will strengthen year after year,” he said. The government estimates that copper production in 2023 exceeded… Read More Here

Mining in DRC Economy

IMF Approves $2.87 Billion Agreement with DRC for Economic Growth and Climate Resilience

January 19, 2025January 19, 2025 Constance

On January 15, 2025, the International Monetary Fund (IMF) Executive Board approved a new cooperation agreement with the Democratic Republic of Congo (DRC), encompassing two major programs worth $2.87 billion. The package includes a $1.77 billion Extended Credit Facility (ECF) and a $1.1 billion Climate Resilience Facility (CRF). Prime Minister Judith Suminwa Tuluka announced the agreement following an extraordinary Council of Ministers meeting chaired by President Félix-Antoine Tshisekedi. Minister of Communication and Media, Patrick Muyaya, confirmed that disbursements will occur in tranches, contingent on progress in implementing agreed economic reforms.… Read More Here

Mining in DRC Economy

DRC’s Economy Thrived in 2024 Amid Challenges, Records 6% GDP Growth

January 19, 2025January 20, 2025 Constance

Despite persistent security challenges in the eastern regions, the Democratic Republic of Congo (DRC) achieved remarkable economic growth in 2024, with its real GDP growth rate estimated at 6.0%, according to the International Monetary Fund (IMF). This economic performance surpassed initial IMF projections of 4.7%, highlighting the country’s resilience in navigating economic and security challenges. Finance Minister Doudou Fwamba credited the growth to effective public financial management and the stabilization of the macroeconomic framework. “Prudent fiscal policies have laid the foundation for this exceptional growth,” he stated. The mining sector,… Read More Here

Mining in Zambia Copper Economy

Chinese Investments Strengthen Copperbelt Mining Sector and Economic Growth in Zambia

January 13, 2025January 13, 2025 Constance

Copperbelt Minister Elisha Matambo has highlighted a surge in Chinese investment in the province’s mining sector, which has significantly boosted economic activity. Speaking at a Rongxing Mining Company event in Kitwe honoring employees in 2024, Mr. Matambo acknowledged the positive impact of Chinese investments on the Copperbelt’s economy. He urged mining companies in the region to prioritize fair wages and ensure decent working conditions for their employees. Kalulushi District Commissioner Kelly Jibinga also commended Rongxing Mining Company for its contributions to the district, emphasizing the importance of partnerships that foster… Read More Here

Mining in Zambia Copper Economy

Zambia to Benefit from Rising Copper Prices in 2025

January 12, 2025January 12, 2025 Constance

Senior Economist Andrew Nsunge believes Zambia stands to benefit significantly from the anticipated rise in copper prices in 2025. Mr. Nsunge emphasized the need for Zambian businesses to increase their supply to the mining sector, enabling more indigenous Zambians to capitalize on the growth. He also suggested that Zambians could benefit further by becoming more involved in copper transportation. In a phone interview with ZNBC News, Mr. Nsunge stressed the importance of implementing and enforcing policies that support the participation of local businesses in the mining industry. He attributed the… Read More Here

Mining in Zambia Copper Economy

Zambia Poised to Achieve 1 Million Tonnes of Copper Output by Late 2025

January 12, 2025January 12, 2025 Constance

Copper production in Zambia is forecasted to reach one million tonnes annually by the close of 2025, according to the Ministry of Mines. Permanent Secretary Hapenga Kabeta attributes this growth to increasing production levels at key mining operations, including Barrick Lumwana, Trident in Kalumbila, and Kansanshi Mines. This achievement represents significant progress toward President Hakainde Hichilema’s ambitious target of three million tonnes annually by 2030. Copper production has been steadily climbing since 2022, shortly after President Hichilema assumed office. In a notable turnaround, operations resumed at Mopani Mines and Konkola… Read More Here

Mining in DRC Economy Governance

DRC Prime Minister Announces Temporary Suspension of Business Audits

January 10, 2025January 10, 2025 Constance

Prime Minister Judith Suminwa has declared a nationwide moratorium on state control missions targeting businesses, addressing concerns raised by the Federation of Congolese Enterprises (FEC) about administrative challenges during the fiscal year-end. The suspension, effective from December 16, 2024, to January 30, 2025, aims to ease pressure on businesses during this crucial period. “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,” the Prime Minister stated in a… Read More Here

Mining in DRC Economy

Tshisekedi Promotes DRC as Investment Hub During Visit to Qatar

January 8, 2025January 8, 2025 Constance

On Sunday, January 5, 2025, in Doha, President Félix Tshisekedi of the Democratic Republic of Congo (DRC) highlighted the country as a prime destination for investment, in the presence of his counterpart, Emir Tamim Bin Hamad Al-Thani of Qatar. During the meeting, President Tshisekedi emphasized the favorable business climate in the DRC, offering opportunities for both local and foreign investors and paving the way for mutually beneficial partnerships. A statement from the Congolese presidency confirmed that at the Diwan Amiri Palace in Doha, the two leaders discussed strengthening bilateral cooperation,… Read More Here

Mining in DRC Economy

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

January 8, 2025January 8, 2025 Constance

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 Constance

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