Economy - Copperbelt Katanga Mining

ARSP Director General Discusses Collaboration with IGF to Strengthen Tax Base for 2025 Budget 1

On Tuesday, November 5, 2024, Miguel Kashal Katemb, Director General of the Regulatory Authority for Subcontracting in the Private Sector (ARSP), met with Jules Alingete Key, Inspector General and Head of Service of the General Inspectorate of Finance (IGF). The purpose of their meeting was to discuss how ARSP can contribute to enhancing the tax base of the Congolese State in preparation for the 2025 budget year. Katemb emphasized the importance of collaboration between ARSP and the IGF to streamline the subcontracting value chain. “The goal is to work in… Read More Here

Mining in DRC Cobalt Economy

Kisanfu Mine Leads Global Cobalt Supply Surge

October 31, 2024October 31, 2024 Constance

The Kisanfu cobalt mine in the Democratic Republic of Congo (DRC) is projected to be the largest contributor to global cobalt supply growth in 2024, adding an estimated 23,000 tonnes more than in 2023. This announcement, made by the Cobalt Institute on October 28, 2024, forecasts a substantial market surplus for the year. In its annual report from May 2024, the Cobalt Institute reported a cobalt surplus of 14,200 tonnes for 2023—nearly double that of 2022—highlighting the pivotal role of Kisanfu, which added 32,500 tonnes to the global supply in… Read More Here

Mining in DRC Economy

IMF Projects Substantial Wealth Growth for DRC by 2029

October 30, 2024October 30, 2024 Constance

The International Monetary Fund (IMF) forecasts a significant increase in wealth creation in the Democratic Republic of Congo (DRC) by 2029, projecting it to reach 372,325.2 billion Congolese Francs (CDF). These projections are detailed in the IMF’s latest report, “Economic Outlook for Sub-Saharan Africa, October 2024.” The IMF has revised its forecasts upward from previous estimates, with projections of 300,000 billion CDF in 2023 and 357,789 billion CDF in April 2024. This suggests an optimistic growth trajectory for the Congolese economy. However, the institution has downgraded the nominal dollar value… Read More Here

Mining in DRC Cobalt Economy

Cobalt Market Forecasts 37,000-Tonne Surplus Amid Slowing Demand in 2024

October 30, 2024October 30, 2024 Constance

The global cobalt market is projected to experience a notable surplus in 2024, with the Cobalt Institute forecasting a surplus of 37,000 tonnes. This outlook aligns with recent statements from CMOC, the world’s largest cobalt producer, which noted a slowing rate of supply growth in the latter half of the year. Key contributors to this surplus are increased production from the Kisanfu mine in the Democratic Republic of Congo (DRC), set to add an additional 23,000 tonnes over 2023 levels, and a 14,000-tonne increase from the Tenke Fungurume mine, also… Read More Here

International Economy

Zimbabwe to Replace US Dollar with Gold-Backed ZiG as Exclusive Legal Tender

October 29, 2024October 29, 2024 Constance

Zimbabwe’s ruling party, Zanu-PF, has passed a resolution to make the gold-backed ZiG currency the country’s sole legal tender, moving to phase out the US dollar. The resolution, finalized at Zanu-PF’s annual conference, mandates the government to “expedite dedollarization efforts” and prioritize the ZiG currency, though no specific timeline was provided. The ZiG, short for Zimbabwe Gold, marks Zimbabwe’s sixth currency shift in 15 years as an alternative to the US dollar, which remains legal tender until at least 2030 under current law. President Emmerson Mnangagwa has hinted at accelerating… Read More Here

Mining in Zambia Copper Economy

FQM REPORTS 13% RISE IN COPPER PRODUCTION FOR Q3

October 29, 2024October 29, 2024 Constance

First Quantum Minerals (FQM) has reported a 13 percent increase in copper production for the third quarter of this year, accompanied by a doubling of income tax payments globally. Production at the company’s Kansanshi mine in Solwezi rose to 49,810 tonnes of copper up 20 percent or 8,303 tonnes compared with the previous quarter, while its Sentinel mine in Kalumbila produced 58,412 tonnes, up 9 percent or 4,817 tonnes compared with the second quarter of 2024. “While it is pleasing to see continued strong operational performance from the Zambian operations… Read More Here

Mining in DRC Economy

Rawbank Partners with ARSP to Boost Funding for 20,000 SMEs in DRC

October 27, 2024October 27, 2024 Constance

RAWBANK CEO Mustafa Rawji is leveraging the expertise of the Private Sector Subcontracting Regulatory Authority (ARSP) to reach 20,000 small and medium-sized enterprises (SMEs) that will benefit from the $200 million allocated by the financial institution. He made this announcement during a working session held at the ARSP. “Rawbank is seizing an opportunity to create substantial wealth and expand SMEs in the DRC, particularly in the mining sector and other industries regulated by the ARSP. Traditionally, banks have focused on financing large companies, but we recognize the urgent need to… Read More Here

International Economy

BRICS Expands to Include New African Partners

October 25, 2024October 25, 2024 Constance

South Africa has long stood as Africa’s sole representative within BRICS, the alliance comprising Brazil, Russia, India, China, and South Africa. However, at the recent BRICS summit, the alliance announced the addition of 13 new nations as partners, including three African countries, marking a significant shift in its influence and reach. BRICS has been rapidly expanding over the past two years, aiming to reshape the global economic landscape. Together, BRICS members represent 42% of the world’s population, 30% of the global landmass, and 24% of the global economy. This expansion… Read More Here

Mining in Zambia Economy

Zambia Aims for Major Copper Output Boost Through Investor Partnerships

October 22, 2024October 22, 2024 Constance

Zambia is set to enhance its copper output by developing numerous mining licenses in collaboration with investors. The country aims to more than quadruple its production by the early next decade, a goal that will require significant financial investment to advance early-stage projects into operational mines. In an interview, Jito Kayumba, special assistant for finance and investment to President Hakainde Hichilema, stated that over 40 permits reserved by the Mines Ministry will be transferred to a state-owned company. This entity will negotiate partnerships with private investors, maintaining significant minority, non-operational… Read More Here

Mining in DRC Economy

DRC Set to Gain 922.4 Billion CDF from Sino-Congolese Contract Renegotiation

October 19, 2024October 19, 2024 Constance

The Democratic Republic of Congo (DRC) is poised to receive a significant boost of 922.4 billion Congolese Francs (CDF) in October 2024 due to the renegotiation of the Sino-Congolese contract. This anticipated cash flow plan outlines a total of public resources amounting to 2,483.4 billion CDF, which includes exceptional revenues from the revised agreement. Congolese authorities aim for this amendment to rebalance benefits between the two parties involved. For October 2024, public expenditure is estimated at 3,071.8 billion CDF, highlighting the necessity for rigorous management of public finances. The DRC… Read More Here