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Category: Economy

DRC Prime Minister Submits 2025 Budget Plan with Focus on Investments 1 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 2 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 3 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
Chi-Africa Mining Company to Invest $5 Million in Zambia's Kalulushi District 4 Mining in Zambia Economy 

Chi-Africa Mining Company to Invest $5 Million in Zambia’s Kalulushi District

Constance
The Chi-Africa Mining Company has announced plans to invest over $5 million (approximately K131 million) in mining, agriculture, and solar energy projects in the Kalulushi District of Copperbelt Province, Zambia. This announcement follows President Hakainde Hichilema’s successful participation in the Forum for China-Africa Cooperation in Beijing, where he secured a $1 billion upgrade for the Tazara railway line and agreements to enhance power generation at ZESCO. Copperbelt Minister Elisha Matambo praised Chi-Africa’s investment during a meeting with the company’s representatives. “His Excellency Hakainde Hichilema is focused and very hardworking,” he… Read More Here
Zambia and Zimbabwe Face Severe Power Crisis as Kariba Dam Water Levels Dwindle 5 Mining in Zambia Economy Electricity 

Zambia and Zimbabwe Face Severe Power Crisis as Kariba Dam Water Levels Dwindle

Constance
Zambia is set to shut down its hydropower plant at Kariba Dam on September 14, limiting households and businesses to just three hours of electricity per day. Meanwhile, Zimbabwe has warned it may be forced to turn off turbines at its hydropower station by December due to dwindling water levels caused by an El Niño-induced drought. Both Zambia and Zimbabwe are grappling with the effects of severe drought, driven by climate change, which has led to a dramatic drop in water levels at Kariba Dam—the world’s largest man-made lake and… Read More Here
DRC Strengthens Sino-African Cooperation to Boost Economic Diversification and Growth 6 Mining in DRC Economy Partnership 

DRC Strengthens Sino-African Cooperation to Boost Economic Diversification and Growth

Constance
The Democratic Republic of Congo (DRC) is working to deepen its trade partnership with China, following commitments made at the 2024 Forum on China-Africa Cooperation (FOCAC). On Monday, September 9, President Félix Tshisekedi briefed government officials on the outcomes of his recent mission to China. During the visit, China reaffirmed its commitment to Africa’s development, pledging $50 billion over the next three years to support infrastructure, agriculture, and green energy projects across the continent. President Tshisekedi views this pledge as a “tremendous opportunity” for the DRC to secure a significant… Read More Here
Kamoa Copper Signs Partnerships with 13 Congolese SMEs to Boost Local Economy 7 Mining in DRC Economy 

Kamoa Copper Signs Partnerships with 13 Congolese SMEs to Boost Local Economy

Constance
On August 22, Kamoa Copper formalized new partnership agreements with thirteen Congolese small and medium-sized enterprises (SMEs), under the oversight of the Regulatory Authority for Subcontracting in the Private Sector (ARSP). This initiative underscores Kamoa Copper’s commitment to supporting SME growth and fostering the development of a dynamic middle class in the Democratic Republic of Congo (DRC). In her address, Annebel Oosthuizen, Commercial Director of Kamoa Copper, expressed pride in the company’s role in organizing such initiatives. She emphasized Kamoa Copper’s crucial contribution to the DRC, the world’s leading cobalt… Read More Here
Félix Tshisekedi and Xi Jinping Strengthen China-DRC Partnership Ahead of 2024 FOCAC 8 Mining in DRC Economy Events & Expos 

Félix Tshisekedi and Xi Jinping Strengthen China-DRC Partnership Ahead of 2024 FOCAC

Constance
Félix Tshisekedi met with Chinese President Xi Jinping in Beijing last week, prior to the 2024 Forum on China-Africa Cooperation (FOCAC). Their talks centered on strengthening bilateral ties, trade, and diplomatic relations, with a special focus on China’s support for the DRC in the United Nations Security Council. During the meeting, President Tshisekedi reaffirmed the DRC’s commitment to the one-China policy, recognizing Taiwan as an integral part of Chinese territory. He expressed gratitude for China’s ongoing support within the UN, especially in maintaining the DRC’s sovereignty and stability in the… Read More Here
Mining Local Content Bill Set to Boost Economic Opportunities for Zambians 9 Mining in Zambia Copper Economy 

Mining Local Content Bill Set to Boost Economic Opportunities for Zambians

Constance
Vice President Mutale Nalumango has emphasized that the implementation of the Mining Local Content Bill will bring significant economic benefits to all Zambians. Speaking at the Mining Local Content Conference and Expo in Kitwe, organized by the Zambia Association of Manufacturers (ZAM), Mrs. Nalumango stated that the bill will ensure that the wealth generated from Zambia’s natural resources leads to job creation and sustainable economic growth. Mines Minister Paul Kabuswe added that the bill is 90 percent complete and that legislation will soon be finalized. He noted that once implemented,… Read More Here
DRC Gold Output Nears 2023 Total in Just Eight Months 10 Mining in DRC Economy Gold 

DRC Gold Output Nears 2023 Total in Just Eight Months

Constance
The Democratic Republic of Congo (DRC) has seen a remarkable surge in raw gold production, nearly matching last year’s total output in just the first eight months of 2024. According to recent statistics from the Central Bank of Congo (BCC), the DRC’s raw gold production reached 34,526 kilograms by early August 2024. This figure nearly equals the entire production volume for 2023. In comparison, the DRC produced 29,498.09 kilograms of gold in 2022, with industrial mining accounting for 28,492.68 kilograms and artisanal mining contributing a modest 1,005 kilograms. The previous… Read More Here

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