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Category: Economy

Uganda Turns to Gold to Bolster Currency and Support Local Miners 1 Gold Economy Mining in Uganda 

Uganda Turns to Gold to Bolster Currency and Support Local Miners

Constance
Uganda has joined a growing list of African countries turning to gold to support their currencies. The Bank of Uganda (BOU) will directly purchase gold from artisanal miners to support local miners and reduce the importation of raw gold. According to a report posted on its website, the BOU stated that by purchasing domestic gold supplies, Uganda will strengthen its foreign exchange reserves and mitigate risks associated with traditional reserve investments. The BOU emphasized, “By purchasing gold directly from the artisanal miners, the BOU will also be supporting the livelihoods… Read More Here
A.I. Technology Uncovers Vast Copper Deposit in Zambia 2 Mining in Zambia Copper Economy 

A.I. Technology Uncovers Vast Copper Deposit in Zambia

Constance
Last year in California, data scientists peered into their screens and witnessed a remarkable revelation: a massive copper deposit deep in Zambia’s bedrock. This discovery, driven by years of A.I.-based research, marks a significant milestone for KoBold Metals. On Thursday, KoBold announced this potentially largest copper discovery in over a decade. Estimates reviewed by The New York Times suggest the mine could produce at least 300,000 tons of copper annually, translating to billions of dollars over decades. An independent third-party assessment largely confirmed the size of the deposit. KoBold anticipates… Read More Here
CMOC Group Plans to Double Copper Output in the DRC by 2028 3 Mining in DRC Cobalt Copper Economy 

CMOC Group Plans to Double Copper Output in the DRC by 2028

Constance
CMOC Group plans to more than double its copper output from mines in the Democratic Republic of Congo (DRC) over the next four years, anticipating stronger future demand for the metal. The Chinese producer aims to increase its copper production to between 800,000 and 1 million tons by 2028 by expanding operations at its flagship Tenke Fungurume and Kisanfu (KFM) mines in the DRC, according to a company spokesperson. In 2023, CMOC produced approximately 420,000 tons of copper and is forecast to increase output to about 570,000 tons this year.… Read More Here
IMF Applauds DRC's Infrastructure Commitment with Sicomines 4 Mining in DRC Economy Infrastructural Development 

IMF Applauds DRC’s Infrastructure Commitment with Sicomines

Constance
Gabriel Leost, the IMF representative in the Democratic Republic of Congo (DRC), commended the government’s dedication to including $324 million annually in the finance law over seven years for road infrastructure construction. This commitment is part of a contract between the DRC and the Chinese Enterprise Group (GEC), specifically Sino-Congolese Mines (Sicomines). “This marks a significant achievement compared to previous years. The authorities have published most of the mining contracts, including the latest amendment with Sicomines. As part of the latest review, they committed to incorporating revenues and expenditures related… Read More Here
DRC Initiates New IMF Programs to Boost Economic Reforms 5 Mining in DRC Economy 

DRC Initiates New IMF Programs to Boost Economic Reforms

Constance
Following the successful conclusion of the sixth and final review of the economic program in 2021 with the International Monetary Fund (IMF) under the Extended Credit Facility (ECF), the Democratic Republic of Congo (DRC) is preparing to negotiate a new three-year program. This announcement comes from a press release issued on Wednesday, July 3, 2024, by Minister of Finance Doudou Fwamba Likunde. In the statement, Minister Likunde reaffirmed the government’s commitment, led by Prime Minister Judith Suminwa Tuluka, to embark on significant structural reforms aimed at fostering economic growth for… Read More Here
Zimbabwe Plans Transition to Gold-Backed Currency ZiG by 2030 6 International Economy Gold 

Zimbabwe Plans Transition to Gold-Backed Currency ZiG by 2030

Constance
Zimbabwean President Emmerson Mnangagwa has outlined plans for ZiG, the nation’s new gold-backed currency, to replace the US dollar as the sole legal tender before the 2030 deadline, effectively phasing out the current multicurrency system, Bloomberg reported. Last October, Zimbabwe extended its multi-currency system, anchored by the US dollar, until 2030 to mitigate concerns over upcoming currency policy changes. Speaking at an event in Mutare on Thursday, Mnangagwa emphasized the importance of ZiG’s adoption nationwide: “In two years’ time — in fact, two years is too far — we will… Read More Here
Félix Tshisekedi Emphasizes Business Climate Reform 7 Mining in DRC Economy Governance 

Félix Tshisekedi Emphasizes Business Climate Reform

Constance
President Félix Tshisekedi underscored the imperative of enhancing the business climate during the second Council of Ministers meeting held on June 21, 2024, at the Cité de l’Union Africaine. He emphasized that improving the business environment is pivotal to public policy reforms aimed at addressing economic operators’ concerns. Acknowledging previous efforts by reform ministries over the past five years, President Tshisekedi noted the challenges persisting due to the slow pace of reform implementation. He referenced the inaugural national business climate barometer and other reports, which highlight ongoing difficulties faced by… Read More Here
DRC Celebrates 64th Independence Anniversary with New Push for "Minerals for Infrastructure" Program 8 Mining in DRC Economy Governance 

DRC Celebrates 64th Independence Anniversary with New Push for “Minerals for Infrastructure” Program

Constance
On June 30, 2024, the Democratic Republic of Congo (DRC) commemorated the 64th anniversary of its independence. To mark the occasion, President Félix Tshisekedi addressed the nation with a significant announcement. In his message, broadcast on public television (RTNC), President Tshisekedi directed the government to expedite the second phase of the extensive “minerals for infrastructure” program starting this year. This ambitious initiative aims to “promote the internal market and create jobs.” Since 2018, the DRC has been engaged in an agreement that exchanges mineral resources for the development of infrastructure,… Read More Here
Vedanta Regains Control of Konkola Copper Mines in Zambia After Court Approval 9 Mining in Zambia Copper Economy 

Vedanta Regains Control of Konkola Copper Mines in Zambia After Court Approval

Constance
Vedanta Resources Ltd. can regain control of the Konkola Copper Mines (KCM) project in Zambia following a court-sanctioned plan to settle the mine’s debts. On Friday, a court in Lusaka approved a scheme of arrangement supported by KCM’s creditors, as announced by Zambia’s Mines Minister, Paul Kabuswe, on Facebook. Billionaire Anil Agarwal’s Vedanta has been striving to reclaim the significant copper asset since 2019. At that time, KCM was placed into provisional liquidation by the previous government, which accused the owner of misleading about expansion plans and underpaying taxes. To… Read More Here
IMF Highlights Uncertainty in Panama's Economic Outlook Amid Copper Mine Closure 10 International Copper Economy News in Brief 

IMF Highlights Uncertainty in Panama’s Economic Outlook Amid Copper Mine Closure

Constance
Panama’s short-term economic outlook faces significant uncertainty due to the closure of a lucrative copper mine operated by First Quantum Minerals, the International Monetary Fund (IMF) reported on Thursday. Key risks to Panama’s economy include the potential loss of its investment-grade status from credit rating agencies, increased social unrest, and international arbitration proceedings resulting from the halt in copper mining activities, the IMF stated. SOURCE:mining.com Read More Here

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