Economy - Copperbelt Katanga Mining

Zambia’s Copper Production Set to Surge by 2027

July 26, 2024July 26, 2024 Constance

Zambia’s annual copper production is projected to grow by more than 40% to reach 1 million tons by 2027, according to the country’s Finance Ministry. As Africa’s second-largest copper producer, Zambia aims to capitalize on the anticipated supply shortfall driven by the energy transition, which is increasing demand for copper in electric vehicles and wind farms. In 2023, Zambia’s copper output fell to a 14-year low of 698,566 tons due to frequent tax changes and conflicts with the previous government. However, the Ministry of Finance and National Planning’s medium-term budget… Read More Here

Mining in DRC Economy Oil & Gas

DRC Tackles Mining and Oil Sector Fraud to Boost Public Revenue

July 21, 2024July 21, 2024 Constance

In the Democratic Republic of Congo (DRC), the mining and oil sector continues to grapple with widespread fraud, undermining the country’s economic development. On Thursday, July 17, 2024, Prime Minister Judith Suminwa Tuluka chaired a meeting of the Economic Situation Committee. Following the session, Daniel Mukolo Samba, Minister of National Economy, announced that measures are being considered to enhance public revenue. The committee identified fraud as a significant issue, involving the undervaluation of both mining and petroleum products leaving the country. “We are considering measures to address these fraudulent practices… Read More Here

Mining in DRC Diamond Economy

DRC to Establish Joint Company for Local Diamond Processing and Jewelry Manufacturing

July 21, 2024July 21, 2024 Constance

The Democratic Republic of Congo (DRC) is set to establish a joint company dedicated to the local cutting and polishing of diamonds and colored stones, as well as jewelry manufacturing. This initiative was announced on Tuesday, July 16, following a meeting between Kizito Pakaboma, head of the Congolese mining sector, and Teit Ritzau, Managing Director of the Swiss firm Adex Platform, an international consortium specializing in diamonds and precious stones. According to the Ministry of Mines’ communications unit, the Adex Platform AG delegation presented a report detailing the progress of… Read More Here

Mining in DRC Economy Gold

Gold Prices Surge as DRC Poised for Increased Production in 2024

July 20, 2024July 20, 2024 Constance

The price of gold has stabilized above $2,400 per ounce, with recent trading at $2,412 per ounce, nearing its historic high of $2,450 reached in May 2024. This positive trend comes as welcome news for the Democratic Republic of Congo (DRC), which is anticipating a rise in gold production this year. According to data from Bloomberg and other sources, gold prices have surged by 17% since the beginning of 2024. This increase has occurred despite challenges such as high interest rates and persistent inflation. On July 11, 2024, gold prices… Read More Here

Mining in Zambia Copper Economy Electricity

Zambia Urges Mining Companies to Double Power-Saving Efforts Amid Severe Drought

July 20, 2024July 20, 2024 Constance

Zambia has requested mining companies, operating in Africa’s second-largest copper producer, to double their power-saving measures to 40% of their normal demand due to the worst drought in decades impacting hydroelectric power generation. Zesco Ltd., the state-owned power utility, has asked operators to either increase their power curtailments or source emergency power independently starting this month. First Quantum Minerals Ltd., which is responsible for over half of Zambia’s copper output, confirmed this request. Zesco did not respond to a request for comment. First Quantum has managed to cover more than… Read More Here

Mining in Zambia Cobalt Copper Economy

Vedanta Holdings Deposits $245.75 Million for Full Control of Konkola Copper Mines

July 20, 2024July 20, 2024 Constance

Friday, 19th July 2024, Lusaka, Zambia – Vedanta Resources Holdings Limited (“VRHL” or “Vedanta Holdings” or “Vedanta”) yesterday confirmed the deposit of USD 245.75 million into an escrow account designated by the Hon. High Court of Zambia. This critical financial move paves the way for the imminent reinstatement of the Board of the Konkola Copper Mines (KCM) and the return of full management control to Vedanta. This transition will enable Vedanta to take the necessary steps to allow KCM to operate at its full potential, thereby contributing significantly to Zambia’s… Read More Here

Mining in Zambia Economy

Zambia’s Finance Minister Proposes Key Reforms to Strengthen Financial Stability

July 14, 2024July 14, 2024 Constance

In a recent address to the National Assembly, Dr. Situmbeko Musokotwane, Minister of Finance and National Planning, outlined proposed measures by the Bank of Zambia aimed at reforming the financial landscape. These proposals include potentially prohibiting foreign currencies in local transactions and gradually phasing out cheques. Dr. Musokotwane emphasized that these initiatives are currently in the consultation phase, inviting stakeholder feedback through the Public Private Dialogue Forum. The Minister highlighted several key objectives of the draft regulations, including strengthening monetary policy effectiveness and enhancing financial sector stability. “The use of… Read More Here

Mining in DRC Economy Infrastructural Development

World Bank to Boost Support for DRC’s Energy and Infrastructure Projects

July 12, 2024July 12, 2024 Constance

The World Bank aims to accelerate its support for energy and infrastructure projects to boost growth in the Democratic Republic of Congo (DRC). This was revealed during discussions between DRC Finance Minister Doudou Fwamba and World Bank Operations Director Albert Zeufack on July 10, 2024. The discussions centered on the development of micro-dam projects and the importance of providing access to energy for the Congolese population. “We discussed several critical issues, including reforms to help Congo realize its vision, enabling the President of the Democratic Republic of Congo to create… Read More Here

International Economy

Zimbabwe Urged to Reduce Reliance on the US Dollar

July 12, 2024July 12, 2024 Constance

Zimbabwe must take decisive steps to end its reliance on the US dollar and increase the use of its own currency, according to Information Secretary Nick Mangwana. “The benefits of de-dollarization far outweigh the costs, making it an urgent imperative for Zimbabwe to break free from the US dollar grip,” Mangwana stated in an opinion piece published in the Herald newspaper. Currently, over 80% of Zimbabwe’s transactions are conducted in US dollars, as per government data. The nation lifted a ban on the US currency in March 2020 at the… Read More Here

Gold Economy Mining in Uganda

Uganda Turns to Gold to Bolster Currency and Support Local Miners

July 12, 2024July 12, 2024 Constance

Uganda has joined a growing list of African countries turning to gold to support their currencies. The Bank of Uganda (BOU) will directly purchase gold from artisanal miners to support local miners and reduce the importation of raw gold. According to a report posted on its website, the BOU stated that by purchasing domestic gold supplies, Uganda will strengthen its foreign exchange reserves and mitigate risks associated with traditional reserve investments. The BOU emphasized, “By purchasing gold directly from the artisanal miners, the BOU will also be supporting the livelihoods… Read More Here