Economy - Copperbelt Katanga Mining

DRC Poised to Capitalize on Germanium Market Amid China’s Export Ban 1

China’s recent ban on exporting germanium to the United States has positioned the Democratic Republic of Congo (DRC) as a potential key player in the global market for this critical metal. Analysts suggest the DRC could leverage this opportunity to expand its influence and meet rising international demand. With a production plant launched in Lubumbashi in 2023, the DRC is targeting an annual output of 30 tonnes of germanium. State-owned mining company Gécamines is driving this initiative, aspiring to position the DRC as a viable alternative to China in the… Read More Here

FQM Signs New Agreement with Unions to Enhance Salaries and Benefits for 2025-2026

December 5, 2024December 5, 2024 Constance

First Quantum Minerals (FQM), through its subsidiaries Kansanshi Mining and FQM Trident, has signed a new agreement with six major unions to improve employee salaries and benefits for the years 2025 and 2026. Under the new agreement, eligible workers will receive a 15% salary increase starting in January 2025, followed by an additional 15% raise in 2026. . The deal also includes improved allowances for education and leave, enhanced pension contributions, and better rewards for long service. The unions involved in the agreement are the National Union of Miners and… Read More Here

Mining in Zambia Copper Economy Infrastructural Development

FQM Partners with Zambian Govt to Upgrade Mutanda-Kaoma Road for Economic Growth

December 5, 2024December 9, 2024 Constance

First Quantum Minerals (FQM) has partnered with the Zambian government to upgrade the 371-kilometre Mutanda-Kaoma road, a vital route for transporting materials and copper products to the ports of Walvis Bay and Durban. The initiative aims to improve Zambia’s road infrastructure, which is critical for strengthening the mining sector and driving economic growth. FQM Country Manager Dr. Godwin Beene highlighted the project’s alignment with Vision 2030 and the Eighth National Development Plan (8NDP). He emphasized its potential to enhance logistics efficiency, promote rural development, and unlock new economic opportunities. “This… Read More Here

International Economy Gold

Gold Prices Dip Amid Stronger Dollar and Geopolitical Shifts

December 5, 2024December 5, 2024 Constance

Gold prices edged lower on Monday, pressured by a strengthening US dollar following comments from President-elect Donald Trump, who warned BRICS nations against forming a new currency. The rising dollar has made gold more expensive for holders of other currencies, further dampening demand. Spot gold traded at $2,635 an ounce in early Asian hours, after falling nearly 3% the previous week. As of 9:13 a.m. in Singapore, the metal was down 0.4% to $2,632.11, while the Bloomberg Dollar Spot Index rose 0.3%. Other precious metals, including silver, platinum, and palladium,… Read More Here

Mining in Zambia Copper Economy

Zambia Advances Mining Reforms to Boost Copper Production to 3 Million Metric Tonnes by 2031

December 3, 2024December 3, 2024 Constance

Zambia is advancing two mining reform bills aimed at transforming its mining sector and quadrupling copper production from the current 800,000 metric tonnes to 3 million metric tonnes annually by 2031. The Mining Regulations Commission Bill and the Geological and Minerals Development Bill will replace the Mines and Minerals Development Act of 2015, pending parliamentary approval and presidential assent following a multi-stakeholder consultation process. Chaanza Chifwepa, Principal Exploration Geologist at the Ministry of Mines and Minerals Development, explained during The Mining Show in Dubai that the reforms are designed to… Read More Here

Mining in Zambia Economy

Zambia’s Economy to Grow Over 6% in 2025 with Key Investments and Social Support

November 30, 2024November 30, 2024 Constance

Zambia’s economy is projected to grow by over 6% in 2025, according to Finance and National Planning Minister Situmbeko Musokotwane, who remains optimistic about maintaining this growth unless the country faces another drought. However, Minister Musokotwane noted that Zambia’s 2024 economic growth forecast has been downgraded to 1.1% due to the adverse effects of the drought, which significantly impacted agricultural production. The drought also negatively affected electricity generation, leading to setbacks in manufacturing and other sectors. Dr. Musokotwane made these remarks today in Lusaka at the 2025 Post-Budget and Economic… Read More Here

Mining in Zambia Economy Transport and Logistics

Zambia Advances SME Growth with Lobito Corridor Trade Facilitation Project

November 30, 2024November 30, 2024 Constance

Zambia has taken a major step toward supporting Small and Medium Enterprises (SMEs) by signing a Memorandum of Understanding (MOU) for the Lobito Corridor Trade Facilitation Project. This initiative, backed by the African Development Bank (AfDB), involves collaboration between Zambia’s Ministry of Commerce, Trade, and Industry and the Ministry of Small and Medium Enterprise Development. The project seeks to strengthen trade among the Lobito Corridor states—Zambia, Angola, and the Democratic Republic of Congo (DRC). The MOU was signed during a ceremony in Lusaka attended by senior government officials, directors, and… Read More Here

Mining in DRC Copper Economy

Copper Prices to Fall 2.85% in November 2024, Impacts DRC Economy

November 30, 2024November 30, 2024 Constance

Copper, a key mineral for the Democratic Republic of Congo’s (DRC) economy, is expected to experience a notable price decline on international markets. Between November 25 and 30, 2024, copper is forecast to trade at USD 8,924.05 per ton, marking a 2.85% decrease from the previous period when it was priced at USD 9,186.25. This drop is part of a broader trend in which several other metals, including zinc, tin, gold, and silver, have also seen price reductions. Zinc is now trading at USD 29,490.05, down 0.64%, while gold has… Read More Here

Mining in DRC Coltan Economy

DRC’s Coltan Exports Generate $6.7 Million Amid Challenges in the First Quarter of 2024

November 30, 2024November 30, 2024 Constance

The Democratic Republic of Congo (DRC) maintained its pivotal role in the global coltan market during the first quarter of 2024, exporting 265.90 tons of coltan valued at $6.7 million, according to official data. Artisanal mining dominated production, accounting for 242.30 tons during this period. This form of mining, prevalent in North and South Kivu provinces, often takes place under precarious conditions with minimal regulation. Coltan, a critical mineral for the electronics industry, is essential for manufacturing components like capacitors. The rising global demand, driven by advancements in digital technologies,… Read More Here

Mining in DRC Economy

DRC Faces Budget Deficit of $164 Million Amid Rising Public Expenditures

November 30, 2024November 30, 2024 Constance

The Democratic Republic of Congo (DRC) reported a budget deficit of approximately 575.9 billion Congolese Francs (CDF), equivalent to over $164 million, as of November 13, 2024, according to the Central Bank of Congo (BCC). Public revenues totaled 22,548.8 billion CDF for the year, while expenditures reached 23,124.7 billion CDF, highlighting a financial imbalance that raises concerns about the sustainability of public finances and the government’s capacity to fulfill its obligations. Economic analysts attribute this deficit to surging expenditures, particularly on civil servant salaries and exceptional outlays. A significant portion… Read More Here