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Category: Economy

Nchanga KCM Open Pit Mining in Zambia Copper Economy 

ZUPED Urges Swift Action on Konkola Copper Mines to Revitalize Economy

Constance
The Zambians for Unity, Peace, and Development (ZUPED) has voiced serious concerns about the ongoing inactivity of Konkola Copper Mines Plc (KCM), stressing its detrimental impact on Zambia’s national economy. ZUPED President Ronnie Jere highlighted that the weakening of the kwacha is partly due to decreased revenue from copper exports, directly linked to KCM’s halt in operations. Mr. Jere emphasized that current favorable copper prices on the international market represent a missed opportunity for Zambia to boost production and secure essential foreign exchange. He urged the government to expedite the… Read More Here
Zambia Aims to Reclaim Title as Africa’s Leading Copper Producer 1 Mining in Zambia Copper Economy 

Zambia Aims to Reclaim Title as Africa’s Leading Copper Producer

Constance
Finance and National Planning Minister Dr. Situmbeko Musokotwane has expressed confidence that Zambia’s current policies and strategies will enable the country to reclaim its position as Africa’s leading copper producer. Dr. Musokotwane made these remarks during a courtesy call by Barrick Lumwana Country Manager Anthony Malenga in Lusaka. Mr. Malenga announced that the Lumwana super-pit expansion project, valued at $2 billion, will commence in 2025, following the completion of feasibility studies. The expansion is expected to create approximately 2,500 jobs. “In the interim, we will continue to ramp up production… Read More Here
Zambia to Leverage Economic Diplomacy for BEV Initiative Success 2 Mining in Zambia Battery Metals Economy Mining in DRC 

Zambia to Leverage Economic Diplomacy for BEV Initiative Success

Constance
Zambia will utilize its strengthened economic diplomatic capabilities to ensure the effective implementation of the joint Battery and Electric Vehicle (BEV) value chain initiative, according to Minister of Foreign Affairs and International Cooperation Mulambo Haimbe. Speaking on Voice of America’s Nightline Africa, Mr. Haimbe highlighted the impact of Zambia’s economic diplomacy under the New Dawn government on regional stability, peace, and security in the Southern African Development Community (SADC) region. Zambia has partnered with the Democratic Republic of Congo (DRC) to establish a value chain in the electric battery and… Read More Here
IMF Analysis: Global Economy Shows Resilience Amid Uneven Growth 3 International Economy 

IMF Analysis: Global Economy Shows Resilience Amid Uneven Growth

Constance
In a recent analysis published by the International Monetary Fund (IMF), experts assert that the global economy remains resilient despite uneven growth. Following the pandemic, supply chain disruptions, an energy and food crisis due to Russia’s war against Ukraine, and soaring inflation have prompted synchronized tightening of monetary policy worldwide. Global growth reached its lowest point of 2.3% at the end of 2022, just after the median headline inflation rate peaked at 9.4%. According to projections in the new World Economic Outlook, growth for this year and next is expected… Read More Here
Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover 4 Mining in Zambia Copper Economy Mining tax Taxes 

Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover

Constance
Mopani Copper Mines, under the management of International Resources Holdings (IRH) since March, has paid K341 million in taxes, as disclosed by the government. IRH took over management of Mopani with government support earlier this year, resulting in significant operational and financial improvements for the company. During a visit by IRH Chief Financial Officer Abhinay Khowala to Finance and National Planning Minister Situmbeko Musokotwane on June 11th, the substantial tax payments by the company were highlighted. Khowala praised Zambia as a favorable mining destination, emphasizing the company’s financial reliability and… Read More Here
Zambia to Establish New Mineral Investment Entity to Boost Revenue 5 Mining in Zambia Copper Economy 

Zambia to Establish New Mineral Investment Entity to Boost Revenue

Constance
Zambia’s Cabinet announced on Wednesday its approval to establish a new entity dedicated to investment and trading in minerals, aimed at enhancing earnings from the country’s natural resources. As Africa’s second-largest copper producer, Zambia currently holds various mining assets through ZCCM Investment Holdings. The government plans to create a Special Purpose Vehicle (SPV) for investment and trading purposes, shifting away from the traditional dividend payment model to a production-based sharing mechanism. This change is intended to ensure that benefits from mineral resources extend beyond statutory obligations to benefit the Zambian… Read More Here
DRC to Fully Control Gold Export Venture Amid Slumping Shipments 6 Mining in DRC Economy Gold 

DRC to Fully Control Gold Export Venture Amid Slumping Shipments

Constance
The Democratic Republic of Congo (DRC) is finalizing a deal to take full control of Primera Gold DRC SA, a gold-export joint venture with its Emirati partner, after experiencing a significant drop in shipments. Primera Gold DRC SA was launched in January 2023 by the DRC in partnership with Abu Dhabi-registered Primera Group Ltd. The venture aimed to curb gold smuggling that fuels conflicts in the country’s eastern provinces. In its first year, the partnership sold 5 tons of hand-mined gold worth about $300 million. However, sales have since plummeted,… Read More Here
Zambia Implements Strategic Measures to Restore Economic Stability and Foster Growth 7 Mining in Zambia Economy 

Zambia Implements Strategic Measures to Restore Economic Stability and Foster Growth

Constance
The Zambian government has launched strategic interventions aimed at restoring macroeconomic stability, enhancing economic efficiency, and promoting private sector-led growth through increased investments. Dr. Situmbeko Musokotwane, Minister of Finance and National Planning, reaffirmed the government’s commitment to collaborating with the private sector during his address at the Zambia Association of Manufacturers (ZAM) pre-budget meeting in Lusaka earlier this week. He emphasized that the private sector’s expansion and its ability to seize upcoming investment opportunities are crucial to Zambia’s economic prosperity. Minister Musokotwane identified several key challenges contributing to Zambia’s recent… Read More Here
Central Bank of Congo Takes Bold Steps to Strengthen Congolese Franc and Reduce Dollarization 8 Mining in DRC Economy 

Central Bank of Congo Takes Bold Steps to Strengthen Congolese Franc and Reduce Dollarization

Constance
The Central Bank of Congo (BCC) announced a series of measures on Tuesday aimed at bolstering the use of the Congolese franc (CDF) and curbing the economy’s heavy reliance on the US dollar. A key component of this initiative is requiring credit institutions and financial companies to configure their Electronic Payment Terminals (EPTs) to accept only the national currency, marking a significant move in the country’s monetary policy. The primary goal of these measures is to boost demand for the Congolese franc and decrease dependency on the US dollar. The… Read More Here
Zambia to receive $338 million in latest IMF Staff-Level Agreement 9 Mining in Zambia Economy 

Zambia to receive $338 million in latest IMF Staff-Level Agreement

Constance
In the third review of the Extended Credit Facility (ECF) Programme, the government has revealed that it has successfully reached an agreement on further economic policies and reforms. Part of the review is that Zambia will receive $338 million. The Finance and National Planning Minister, Situmbeko Musokotwane expressed his gratitude to the IMF for considering Zambia’s request for additional financial support to aid its response to the drought. The aim of the ECF is to restore macroeconomic stability in Zambia. The IMF hopes to achieve this by: ·      Restoring sustainability… Read More Here

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