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Category: Economy

China Non-Ferrous Invests $100 Million in Zambia’s Shaft 28 Mine 1 Mining in Zambia Copper Economy 

China Non-Ferrous Invests $100 Million in Zambia’s Shaft 28 Mine

Constance
China Non-Ferrous Metal Company has emphasized its commitment to creating opportunities for the local community through its operations. Robert Kamanga, Deputy Chief Executive Officer of Shaft 28 Technical, announced significant progress in the mine’s dewatering process, supported by a $100 million investment. This development was highlighted during a visit to the mine in Luanshya by Water Development and Sanitation Minister, Collins Nzovu. Minister Nzovu noted that the dewatering process will not only help regulate the water levels of the Kafue River but will also benefit small-scale farmers by providing irrigation… Read More Here
KCM to Invest $700 Million in Boosting Copper Production 2 Mining in Zambia Copper Economy 

KCM to Invest $700 Million in Boosting Copper Production

Constance
Konkola Copper Mines (KCM) has announced a $700 million investment over the next five years to unlock the full potential of its operations in Chililabombwe, Zambia. KCM Chief Operating Officer Malcolm Mewett revealed that this investment constitutes a significant portion of the $1 billion pledged by Vedanta Resources Limited for KCM’s growth. He emphasized that the funds will primarily focus on underground developments at the Konkola Mine, enabling the extraction of vast copper reserves and significantly increasing production. “This investment will help the mine achieve its target of producing 300,000… Read More Here
DRC Govt Takes Charge of Kamoa Mining Product Sales 3 Mining in DRC Cobalt Copper Economy 

DRC Govt Takes Charge of Kamoa Mining Product Sales

Constance
The Government of the Democratic Republic of Congo (DRC) has announced its direct involvement in the sale of mining products from Kamoa, a company in which the State holds a 20% stake. This move aims to better secure national economic interests within the crucial mining sector. Kamoa’s turnover is projected to reach $3 billion, and as part of this new strategy, the Government, through the Minister of the Portfolio, will oversee the pricing and sale of mining products. Minister Jean-Lucien Bussa made this announcement during the Estates General of the… Read More Here
AfDB Approves $108 Million Loan to Boost Zambia’s Economic Reforms 4 Mining in Zambia Economy 

AfDB Approves $108 Million Loan to Boost Zambia’s Economic Reforms

Constance
The African Development Bank (AfDB) Group has approved a $108 million loan to Zambia to enhance economic governance and implement critical public sector reforms. This new funding increases the AfDB’s active portfolio in Zambia to $872.3 million, comprising 24 projects as of November 30, 2024. The loan will finance the Fiscal Sustainability and Economic Resilience Support Programme, a key initiative aimed at fostering a resilient and diversified Zambian economy. The AfDB Group Board of Directors announced the approval in a statement issued in Lusaka. Raubil Durowoju, the AfDB’s Country Manager… Read More Here
President Tshisekedi Highlights DRC's Economic Resilience Amid Global Challenges 5 Mining in DRC Economy Governance 

President Tshisekedi Highlights DRC’s Economic Resilience Amid Global Challenges

Constance
On Wednesday, addressing a joint session of parliament in Kinshasa, President Félix Tshisekedi outlined the Democratic Republic of Congo’s economic situation. Despite global economic shocks and geopolitical tensions, Tshisekedi emphasized that the country has demonstrated “exemplary” resilience and is adapting “successfully” to contemporary challenges, with promising signs of economic stability. “We are forecasting 6% growth this year, well above the 3.8% average expected for sub-Saharan Africa. Despite a slight slowdown, this result showcases our resilience to global and local challenges, providing a foundation for a more diversified, sustainable, and forward-looking… Read More Here
Zambia’s Finance Minister Refutes Tax Holidays for Multinational Mining Companies 6 Mining in Zambia Economy Mining tax 

Zambia’s Finance Minister Refutes Tax Holidays for Multinational Mining Companies

Constance
Zambia’s Finance Minister, Situmbeko Musokotwane, has dismissed allegations that the government provides tax holidays to multinational mining companies, asserting, “There is no mine that has been given a tax holiday.” Speaking in Parliament, Musokotwane emphasized that Zambia’s tax policies are designed to align with international standards, ensuring stability in the mining sector while fostering investment. . He noted that previous policy inconsistencies had led to production declines and mine closures, prompting the government to adopt a more consistent approach. The Minister criticized misinformation from certain civil society organizations and political… Read More Here
Zambia Seeks EU Support to Strengthen Mining and Economic Development 7 Mining in Zambia Copper Economy 

Zambia Seeks EU Support to Strengthen Mining and Economic Development

Constance
Zambia’s Minister of Mines and Mineral Development, Hon. Paul Kabuswe, has called on the European Union (EU) to bolster its support for Zambia’s mining sector and overall economic growth. The Minister made the appeal during a bilateral meeting with EU International Partnership Commissioner Jozef Sikela in Brussels. Hon. Kabuswe emphasized Zambia’s political stability, adherence to the rule of law, and peaceful environment as key factors in attracting European investors. He highlighted the mining sector’s impressive $10 billion investment growth over the past three years and acknowledged the EU’s valuable contributions… Read More Here
Kamoa-Kakula Achieved a Record 45,019 Tonnes of Copper in November 8 Mining in DRC Copper Economy 

Kamoa-Kakula Achieved a Record 45,019 Tonnes of Copper in November

Constance
Kolwezi, Democratic Republic of Congo – Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chairman Robert Friedland and President Marna Cloete announced that the Phase 1, 2, and 3 concentrators at the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC) achieved a monthly combined production record of 45,019 tonnes of copper in concentrate during the 30 days of November. The concentrators milled 1.2 million tonnes of ore at an average feed grade of 4.58% copper. Production for the year to November 30, 2024, from Kamoa-Kakula now totals 390,061 tonnes of… Read More Here
Copper Price Stability Crucial for DRC’s Economic Future 9 Copper Economy Mining in DRC 

Copper Price Stability Crucial for DRC’s Economic Future

Constance
The price of copper on global markets reached USD 9,044.50 per tonne, marking a slight increase of 0.04% compared to the previous week. This stability is crucial for the Democratic Republic of Congo (DRC), one of the world’s top producers of copper, a key metal in the global economy. Copper accounts for a significant portion of the DRC’s exports, making it a cornerstone of the national economy. The country has experienced a steady rise in copper prices over recent years, with prices even reaching historic highs. In 2023, copper exports… Read More Here
Primera Gold Renamed DRC Gold Trading as State Gains Full Ownership 10 Mining in DRC Economy Gold 

Primera Gold Renamed DRC Gold Trading as State Gains Full Ownership

Constance
The Congolese government has renamed Primera Gold DRC SA to DRC Gold Trading SA following its complete acquisition of the company. Initially established as a joint venture between the Democratic Republic of Congo (DRC) and the United Arab Emirates in December 2022, the company is now fully under Congolese control. Revised statutes formalized the name change, with the shareholding structure now comprising 55% ownership by the state, 15% by Gécamines, and 30% by the Mining Fund for Future Generations (FOMIN). During the 60th anniversary of Blessed Anuarite Nengapeta in Buta… Read More Here

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