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Category: Economy

Zambia Aims for Copper Production Surge Amid $12 Billion Investment Boom 1 Copper Economy Mining in Zambia 

Zambia Aims for Copper Production Surge Amid $12 Billion Investment Boom

Constance
Zambia’s Minister of Mines and Minerals Development, Hon. Paul Kabuswe, MP, recently announced that the country’s mining sector has successfully attracted US$12 billion in investments. However, despite this impressive capital influx, the minister raised concerns about stagnant copper production, which has plateaued at 750,000 metric tons. Minister Kabuswe reaffirmed the government’s commitment to significantly increase production, with a target of three million metric tons within a set timeframe. “The mining sector remains the key driver of our country’s economic transformation,” Kabuswe stated, underscoring the sector’s essential role in fostering national… Read More Here
Kristalina Georgieva Reappointed as IMF Managing Director for Second Term 2 International Economy 

Kristalina Georgieva Reappointed as IMF Managing Director for Second Term

Constance
Kristalina Georgieva has been reappointed as Managing Director of the International Monetary Fund (IMF), beginning her second five-year term on October 1, 2024. The IMF’s Executive Board confirmed the decision on April 12, 2024, citing her influential leadership since taking on the role on October 1, 2019. Georgieva brings a deep well of experience, having previously served as CEO of the World Bank from January 2017 to September 2019, including a three-month stint as Interim President. Her distinguished career spans senior roles in the European Commission, where she served as… Read More Here
DRC Prime Minister Submits 2025 Budget Plan with Focus on Investments 3 Mining in DRC Economy Governance 

DRC Prime Minister Submits 2025 Budget Plan with Focus on Investments

Constance
On Monday, September 16, Prime Minister Judith Suminwa presented three key draft laws to the National Assembly: the 2025 finance bill, the 2024 budget performance report, and an amended 2024 budget law. The proposed 2025 budget amounts to 49,847 billion Congolese francs (approximately $18 billion USD), reflecting a 21% increase over the 2024 budget of 40,986 billion Congolese francs. The Prime Minister explained that the budget takes into account global economic disruptions, such as the ongoing conflicts in Ukraine and the Middle East, as well as internal challenges like the… Read More Here
U.S. Commits Support for DRC’s Lobito Corridor to Boost Regional Integration and Economic Growth 4 Mining in DRC Economy Transport and Logistics 

U.S. Commits Support for DRC’s Lobito Corridor to Boost Regional Integration and Economic Growth

Constance
During the 2nd edition of the DRC Battery Metals Forum, U.S. Ambassador to the Democratic Republic of Congo (DRC), Lucy Tamly, reaffirmed the United States’ commitment to supporting the Lobito Corridor project. This initiative is designed to enhance regional integration, create jobs, and boost global trade, particularly in agriculture, digital, and clean energy sectors. “We are focused on ways to assist the DRC in advancing the Lobito Corridor. This project is part of our global infrastructure and investment program aimed at improving regional connectivity—from mine to port—by linking the DRC… Read More Here
DRC Copper Production Reaches 1.74 Million Tonnes in First Seven Months of 2024 5 Mining in DRC Copper Economy 

DRC Copper Production Reaches 1.74 Million Tonnes in First Seven Months of 2024

Constance
Mining operators in the Democratic Republic of Congo (DRC) produced 1,738,800 tonnes of copper during the first seven months of 2024, according to data from the Central Bank of Congo (BCC). However, state-owned Gécamines contributed only a small portion to this total, with a production of 3,453 tonnes of copper within the same period. In comparison, the DRC’s mining sector achieved over 2.8 million tonnes of copper production throughout 2023, highlighting the continued significance of the sector to the country’s economy. Read More Here
Chi-Africa Mining Company to Invest $5 Million in Zambia's Kalulushi District 6 Mining in Zambia Economy 

Chi-Africa Mining Company to Invest $5 Million in Zambia’s Kalulushi District

Constance
The Chi-Africa Mining Company has announced plans to invest over $5 million (approximately K131 million) in mining, agriculture, and solar energy projects in the Kalulushi District of Copperbelt Province, Zambia. This announcement follows President Hakainde Hichilema’s successful participation in the Forum for China-Africa Cooperation in Beijing, where he secured a $1 billion upgrade for the Tazara railway line and agreements to enhance power generation at ZESCO. Copperbelt Minister Elisha Matambo praised Chi-Africa’s investment during a meeting with the company’s representatives. “His Excellency Hakainde Hichilema is focused and very hardworking,” he… Read More Here
Zambia and Zimbabwe Face Severe Power Crisis as Kariba Dam Water Levels Dwindle 7 Mining in Zambia Economy Electricity 

Zambia and Zimbabwe Face Severe Power Crisis as Kariba Dam Water Levels Dwindle

Constance
Zambia is set to shut down its hydropower plant at Kariba Dam on September 14, limiting households and businesses to just three hours of electricity per day. Meanwhile, Zimbabwe has warned it may be forced to turn off turbines at its hydropower station by December due to dwindling water levels caused by an El Niño-induced drought. Both Zambia and Zimbabwe are grappling with the effects of severe drought, driven by climate change, which has led to a dramatic drop in water levels at Kariba Dam—the world’s largest man-made lake and… Read More Here
DRC Strengthens Sino-African Cooperation to Boost Economic Diversification and Growth 8 Mining in DRC Economy Partnership 

DRC Strengthens Sino-African Cooperation to Boost Economic Diversification and Growth

Constance
The Democratic Republic of Congo (DRC) is working to deepen its trade partnership with China, following commitments made at the 2024 Forum on China-Africa Cooperation (FOCAC). On Monday, September 9, President Félix Tshisekedi briefed government officials on the outcomes of his recent mission to China. During the visit, China reaffirmed its commitment to Africa’s development, pledging $50 billion over the next three years to support infrastructure, agriculture, and green energy projects across the continent. President Tshisekedi views this pledge as a “tremendous opportunity” for the DRC to secure a significant… Read More Here
Kamoa Copper Signs Partnerships with 13 Congolese SMEs to Boost Local Economy 9 Mining in DRC Economy 

Kamoa Copper Signs Partnerships with 13 Congolese SMEs to Boost Local Economy

Constance
On August 22, Kamoa Copper formalized new partnership agreements with thirteen Congolese small and medium-sized enterprises (SMEs), under the oversight of the Regulatory Authority for Subcontracting in the Private Sector (ARSP). This initiative underscores Kamoa Copper’s commitment to supporting SME growth and fostering the development of a dynamic middle class in the Democratic Republic of Congo (DRC). In her address, Annebel Oosthuizen, Commercial Director of Kamoa Copper, expressed pride in the company’s role in organizing such initiatives. She emphasized Kamoa Copper’s crucial contribution to the DRC, the world’s leading cobalt… Read More Here
Félix Tshisekedi and Xi Jinping Strengthen China-DRC Partnership Ahead of 2024 FOCAC 10 Mining in DRC Economy Events & Expos 

Félix Tshisekedi and Xi Jinping Strengthen China-DRC Partnership Ahead of 2024 FOCAC

Constance
Félix Tshisekedi met with Chinese President Xi Jinping in Beijing last week, prior to the 2024 Forum on China-Africa Cooperation (FOCAC). Their talks centered on strengthening bilateral ties, trade, and diplomatic relations, with a special focus on China’s support for the DRC in the United Nations Security Council. During the meeting, President Tshisekedi reaffirmed the DRC’s commitment to the one-China policy, recognizing Taiwan as an integral part of Chinese territory. He expressed gratitude for China’s ongoing support within the UN, especially in maintaining the DRC’s sovereignty and stability in the… Read More Here

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