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Category: Economy

Goma Mining Conference Promotes Tax Compliance and Economic Development 1 Mining in DRC Economy Mining tax 

Goma Mining Conference Promotes Tax Compliance and Economic Development

Constance
The mining conference held on October 14, 2024, in Goma, North Kivu, Democratic Republic of Congo, served as a vital platform for local authorities to raise awareness among taxpayers in the mining sector about their obligations. The provincial government emphasized the importance of meeting tax responsibilities, warning that failure to comply could lead to the forfeiture of mining and quarry rights. “There was a pressing need to organize this mining day in Goma,” stated Peter Chirimwami Nkuba, the provincial governor. “It allowed the General Directorate of Revenue of North Kivu… Read More Here
Zambia Launches Outward Trade Mission to Boost Relations with DRC 2 Mining in Zambia Economy Mining in DRC 

Zambia Launches Outward Trade Mission to Boost Relations with DRC

Constance
The Zambia Outward Trade Mission to the Democratic Republic of Congo (DRC) officially commenced in Lubumbashi on October 17, marking a significant step towards enhancing trade relations between the two neighboring countries. The Zambian government has reiterated its commitment to supporting local businesses in accessing new export markets for their products and services. During the event, Lillian Bwalya, Permanent Secretary of the Ministry of Commerce, Trade and Industry, represented the government and emphasized the importance of building long-term networks to foster trade and investment between Zambia and the DRC. “The… Read More Here
Zambia Aims for Over 1 Million Tonnes of Copper Production by 2025 3 Mining in Zambia Copper Economy 

Zambia Aims for Over 1 Million Tonnes of Copper Production by 2025

Constance
Zambia’s Mines and Minerals Development Minister, Paul Kabuswe, has announced that the country aims to increase copper production to over 1 million tonnes by the end of 2025. He expressed optimism that the long-term goal of reaching 3 million tonnes by 2031 is achievable. Minister Kabuswe made these remarks during a high-level panel discussion focused on policies to meet the ambitious copper production target at the ongoing Mining and Investment Insaka in Lusaka. Finance Minister Situmbeko Musokotwane emphasized the importance of teamwork in achieving this target. He noted the necessity… Read More Here
President Hichilema Commits to Strengthening Zambia's Mining Sector for Economic Stability 4 Mining in Zambia Economy Events & Expos 

President Hichilema Commits to Strengthening Zambia’s Mining Sector for Economic Stability

Constance
President Hakainde Hichilema has expressed his commitment to growing Zambia’s mining sector to a level where minor shocks will not disrupt the stability of the economy. He emphasized that fluctuations within the mining industry have far-reaching effects on the entire economy. To achieve this goal, the government has set an ambitious target of producing three million tonnes of copper by 2031. During the official opening of the Mining Insaka in Lusaka, President Hichilema highlighted that reaching this target will help the mining sector become more resilient against minor disturbances. The… Read More Here
DRC Poised to Profit from Tin Price Surge as Alphamin Boosts Output 5 Mining in DRC Economy Tin 

DRC Poised to Profit from Tin Price Surge as Alphamin Boosts Output

Constance
The Democratic Republic of Congo (DRC) is well-positioned to benefit from a 34% rise in tin prices in 2024, driven by increased production at Alphamin Resources. The mining company reported a 28% growth in output, reaching 12,087 tonnes in the first nine months of the year, according to its latest figures. The price of tin surged to $33,810 per tonne on the London Stock Exchange, primarily due to supply disruptions in Indonesia and Myanmar, which together account for 40% of global tin production. This has created a significant opportunity for… Read More Here
Zambia Aims for Copper Production Surge Amid $12 Billion Investment Boom 6 Copper Economy Mining in Zambia 

Zambia Aims for Copper Production Surge Amid $12 Billion Investment Boom

Constance
Zambia’s Minister of Mines and Minerals Development, Hon. Paul Kabuswe, MP, recently announced that the country’s mining sector has successfully attracted US$12 billion in investments. However, despite this impressive capital influx, the minister raised concerns about stagnant copper production, which has plateaued at 750,000 metric tons. Minister Kabuswe reaffirmed the government’s commitment to significantly increase production, with a target of three million metric tons within a set timeframe. “The mining sector remains the key driver of our country’s economic transformation,” Kabuswe stated, underscoring the sector’s essential role in fostering national… Read More Here
Kristalina Georgieva Reappointed as IMF Managing Director for Second Term 7 International Economy 

Kristalina Georgieva Reappointed as IMF Managing Director for Second Term

Constance
Kristalina Georgieva has been reappointed as Managing Director of the International Monetary Fund (IMF), beginning her second five-year term on October 1, 2024. The IMF’s Executive Board confirmed the decision on April 12, 2024, citing her influential leadership since taking on the role on October 1, 2019. Georgieva brings a deep well of experience, having previously served as CEO of the World Bank from January 2017 to September 2019, including a three-month stint as Interim President. Her distinguished career spans senior roles in the European Commission, where she served as… Read More Here
DRC Prime Minister Submits 2025 Budget Plan with Focus on Investments 8 Mining in DRC Economy Governance 

DRC Prime Minister Submits 2025 Budget Plan with Focus on Investments

Constance
On Monday, September 16, Prime Minister Judith Suminwa presented three key draft laws to the National Assembly: the 2025 finance bill, the 2024 budget performance report, and an amended 2024 budget law. The proposed 2025 budget amounts to 49,847 billion Congolese francs (approximately $18 billion USD), reflecting a 21% increase over the 2024 budget of 40,986 billion Congolese francs. The Prime Minister explained that the budget takes into account global economic disruptions, such as the ongoing conflicts in Ukraine and the Middle East, as well as internal challenges like the… Read More Here
U.S. Commits Support for DRC’s Lobito Corridor to Boost Regional Integration and Economic Growth 9 Mining in DRC Economy Transport and Logistics 

U.S. Commits Support for DRC’s Lobito Corridor to Boost Regional Integration and Economic Growth

Constance
During the 2nd edition of the DRC Battery Metals Forum, U.S. Ambassador to the Democratic Republic of Congo (DRC), Lucy Tamly, reaffirmed the United States’ commitment to supporting the Lobito Corridor project. This initiative is designed to enhance regional integration, create jobs, and boost global trade, particularly in agriculture, digital, and clean energy sectors. “We are focused on ways to assist the DRC in advancing the Lobito Corridor. This project is part of our global infrastructure and investment program aimed at improving regional connectivity—from mine to port—by linking the DRC… Read More Here
DRC Copper Production Reaches 1.74 Million Tonnes in First Seven Months of 2024 10 Mining in DRC Copper Economy 

DRC Copper Production Reaches 1.74 Million Tonnes in First Seven Months of 2024

Constance
Mining operators in the Democratic Republic of Congo (DRC) produced 1,738,800 tonnes of copper during the first seven months of 2024, according to data from the Central Bank of Congo (BCC). However, state-owned Gécamines contributed only a small portion to this total, with a production of 3,453 tonnes of copper within the same period. In comparison, the DRC’s mining sector achieved over 2.8 million tonnes of copper production throughout 2023, highlighting the continued significance of the sector to the country’s economy. Read More Here

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