Economy - Copperbelt Katanga Mining

AfDB Urges Integration of Africa's Natural Capital into GDP Measurement 1

Africa’s forests play a crucial role in stabilizing the global climate by sequestering carbon, controlling pollution, retaining water, and enhancing soil fertility. The African Development Bank (AfDB) has estimated the value of these ecosystems at $6.2 trillion, according to a report released during the 29th International Climate Conference (COP29) in Baku, Azerbaijan. The AfDB has called for the inclusion of this natural capital in the Gross Domestic Product (GDP) calculations of African nations. The report reveals that, in 2018, Africa’s overall GDP was valued at $2.5 trillion, while the value… Read More Here

Mining in DRC Economy

U.S. Ambassador Highlights Challenges in DRC’s Business Climate at Kinshasa Workshop

November 24, 2024November 24, 2024 Constance

At a recent workshop in Kinshasa, U.S. Ambassador Lucy Tamlyn outlined the challenges facing the business climate in the Democratic Republic of Congo (DRC), stressing that some large international companies are reluctant to invest in the country due to concerns over its reputation. The event, which brought together government officials, private sector leaders, and civil society members, focused on creating a national action plan for the DRC. Ambassador Tamlyn highlighted the importance of the Human Rights and Security Volunteers initiative, established in 2000, which seeks to ensure that companies in… Read More Here

Mining in DRC Economy

DRC Raises $65.57 Million in Treasury Bond Auction to Support National Projects

November 24, 2024November 24, 2024 Constance

The Government of the Democratic Republic of Congo (DRC) raised $65.57 million through a local Treasury Bond auction held on November 19, 2024, as announced by Minister of Finance, Doudou Fwamba. The auction, which attracted six bidders, including banks and credit companies, saw a coverage rate of 65.57%, falling short of the initial $100 million target. Despite not reaching the full target, the Minister emphasized that the funds raised are critical to supporting national projects and maintaining the country’s economic stability. The bonds issued carry an interest rate of 9%… Read More Here

Mining in DRC Economy Infrastructural Development

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

November 17, 2024November 17, 2024 Constance

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 Constance

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 Constance

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 Constance

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 Constance

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 Constance

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 Constance

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