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Category: Economy

Russia Seeks Stronger Ties with the Democratic Republic of the Congo 1 Mining in DRC Economy Partnership 

Russia Seeks Stronger Ties with the Democratic Republic of the Congo

Constance
Russia has expressed a strong interest in strengthening its relationship with the Democratic Republic of the Congo (DRC). The Kremlin views the Central African nation as a highly promising partner for developing bilateral relations. This assessment was highlighted following the Congolese President’s visit to Moscow on Tuesday. The President of the DRC is equally enthusiastic about the prospect of collaboration with Russia across various industries. According to a report by the Russian newspaper Sputnik, Russia is keen to enhance its economic ties with the DRC, seeing significant potential for growth… Read More Here
IMF gives Zambia $385 million for Drought Response 2 Economy Mining in Zambia 

IMF gives Zambia $385 million for Drought Response

Constance
On 27 June, the International Monetary Fund granted Zambia an additional $385 million to the Extended Credit Facility (ECF) to provide financial aid the country after a six-month long drought. This came after both Zambia and the IMF reached agreements following the latter’s third review of Zambia’s 38-month ECF, after which both the management and Executive Board of the IMF approved it as well. This agreement has resulted in a further approval of an augmentation of 293 million Special Drawing Rights. The Zambian government are greatly appreciative of the IMF,… Read More Here
President Hichilema Inaugurates the 24th Annual General Meeting of the African Trade Insurance Agency 3 Mining in Zambia Economy Events & Expos 

President Hichilema Inaugurates the 24th Annual General Meeting of the African Trade Insurance Agency

Constance
President Hakainde Hichilema inaugurated the 24th Annual General Meeting of the African Trade Insurance Agency (ATIDI) in Livingstone on June 26. During the event, President Hichilema highlighted ATIDI’s mission to become a premier pan-African risk mitigation institution, aiming to transform Africa into a prime location for trade and investment. He emphasized the importance of regional cooperation and integration to alter Africa’s economic trajectory. President Hichilema, who previously served as the Chairperson of the ATIDI Board, underscored the organization’s commitment to fostering economic sustainability across the continent. This vision was echoed… Read More Here
FBN UK, ABSA, and AFC Partner to Boost DRC's Global Copper Market Position with Kamoa Mine Financing 4 Mining in DRC Copper Economy 

FBN UK, ABSA, and AFC Partner to Boost DRC’s Global Copper Market Position with Kamoa Mine Financing

Constance
A new strategic partnership has been formed for the syndication financing of the Kamoa mine, involving FBN UK, ABSA, and Africa Finance Corporation (AFC). This partnership aims to strengthen the Democratic Republic of Congo’s (DRC) position in the global copper market. Mustafa Rawji, CEO of Rawbank, commented, “AFC is a benchmark institution in Africa. We are proud to have them as partners in creating a Congolese copper champion.” The Kamoa-Kakula copper complex, recognized for its high performance and low carbon footprint, will benefit from this financing to expand its production… Read More Here
ZAMZINC Achieves $10 Million Investment Milestone in Lusaka Manganese Plant 5 Mining in Zambia Battery Metals Economy 

ZAMZINC Achieves $10 Million Investment Milestone in Lusaka Manganese Plant

Constance
ZAMZINC Industry Company Limited, registered with the Zambia Development Agency (ZDA) in 2021, has already realized over $10 million of its committed $50 million investment in a manganese processing plant in Lusaka. The plant, located in the Lusaka Multi-Facility Economic Zone (LS-MFEZ), currently produces 200 tonnes of manganese daily, with plans to increase production to 300 tonnes per day. During a visit by a ZDA team, ZAMZINC General Manager Mavis Chintu reported that production is progressing smoothly. The plant operates 24 hours a day in three shifts and employs 250… Read More Here
Zambia Plans to Create Billionaires from Mining While Enforcing Investor Accountability 6 Mining in Zambia Artisanal mining Economy 

Zambia Plans to Create Billionaires from Mining While Enforcing Investor Accountability

Constance
Mines and Development Minister Paul Kabuswe has announced the Zambian government’s ambitious plan to transform the mining industry by creating billionaires and empowering local miners. Speaking at the launch of the 2024 Zambia Mining and Investment Insaka, Kabuswe highlighted the administration’s commitment to supporting Zambian miners and enforcing strict regulations to ensure investor accountability. Kabuswe asserted that under President Hakainde Hichilema’s administration, the government would not tolerate any investor misconduct. “We want to support all Zambians. We want many small-scale Zambians to engage in mining. Our message to artisanal and… Read More Here
AFC Invests in Kamoa-Kakula, Africa's Largest Copper Deposit 7 Mining in DRC Copper Economy 

AFC Invests in Kamoa-Kakula, Africa’s Largest Copper Deposit

Constance
Kamoa-Kakula is a world-class, high-grade, low-carbon underground copper deposit located on the western edge of the prolific Central African Copperbelt. KINSHASA, Democratic Republic of the Congo, June 26, 2024/ — Africa Finance Corporation (AFC), the leader in infrastructure solutions on the continent, has announced the closing of a $150 million senior loan agreement with Kamoa Copper to support the expansion of the Kamoa-Kakula copper deposit in the Democratic Republic of the Congo. The loan provided by AFC, which acted as the financier and arranger, demonstrates its commitment to supporting the… Read More Here
Zambia Proposes K41.9 Billion Supplementary Budget to Combat Severe Drought and Manage Debt 8 Mining in Zambia Economy 

Zambia Proposes K41.9 Billion Supplementary Budget to Combat Severe Drought and Manage Debt

Constance
Dr. Situmbeko Musokotwane, Zambia’s Minister of Finance and National Planning, presented the Supplementary Estimates of Expenditure No. 1 of 2024 to Parliament, proposing a K41.9 billion budget to address the severe impacts of the ongoing drought and manage the country’s debt obligations. Dr. Musokotwane detailed the grave situation necessitating this supplementary budget. The drought, described as the worst in nearly sixty years, has affected over 9.8 million people—nearly 48 percent of the population—causing significant crop loss, water scarcity, and power generation issues. The agricultural sector is expected to decline by… Read More Here
Pressure Intensifies on Zambia's Mines Minister to Complete Konkola Copper Mines Transfer to Vedanta Resources 9 Mining in Zambia Copper Economy 

Pressure Intensifies on Zambia’s Mines Minister to Complete Konkola Copper Mines Transfer to Vedanta Resources

Constance
The Minister of Mines and Minerals Development, Honorable Paul Kabuswe, is under increasing pressure to fulfill the government’s promise of transferring control of Konkola Copper Mines (KCM) to Vedanta Resources by June 30, 2024. Advocates for National Development and Democracy (ANDD) have welcomed Minister Kabuswe’s assurance that the legal framework for the KCM-Vedanta transition will be finalized by the end of this month. Executive Director Samuel Banda emphasized the urgent need for KCM to resume operations swiftly to stimulate job creation and business opportunities. “We urge the minister to honor… Read More Here
AI-Driven Transformation Boosts Zambia Revenue Authority's Collection by 60% 10 Mining in Zambia Economy 

AI-Driven Transformation Boosts Zambia Revenue Authority’s Collection by 60%

Constance
The Minister of Technology and Science, Hon. Felix Mutati, has announced that the application of Artificial Intelligence (AI) has significantly enhanced the Zambia Revenue Authority’s (ZRA) revenue collection capabilities, increasing them by 60 percent over the past two years. During a lecture on AI at the University of Lusaka Silverest Campus in Chongwe District, Mr. Mutati highlighted the transformative impact of AI on revenue collection and tax compliance. He emphasized that AI has equipped ZRA with advanced tools that streamline and optimize these processes. “AI is here to stay, and… Read More Here

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