Economy - Copperbelt Katanga Mining

Mining in DRC Economy Infrastructural Development

IMF Applauds DRC’s Infrastructure Commitment with Sicomines

July 9, 2024July 9, 2024 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

Mining in DRC Economy

DRC Initiates New IMF Programs to Boost Economic Reforms

July 9, 2024July 9, 2024 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

International Economy Gold

Zimbabwe Plans Transition to Gold-Backed Currency ZiG by 2030

July 7, 2024July 7, 2024 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

Mining in DRC Economy Governance

Félix Tshisekedi Emphasizes Business Climate Reform

June 30, 2024June 30, 2024 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

Mining in DRC Economy Governance

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

June 30, 2024June 30, 2024 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

Mining in Zambia Copper Economy

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

June 30, 2024June 30, 2024 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

International Copper Economy News in Brief

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

June 30, 2024June 30, 2024 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

Mining in Zambia Economy Hydro power plant

Mozambique Invites Zambia to Collaborate on New Hydroelectric Project

June 29, 2024June 29, 2024 Constance

Mozambique has extended an invitation to Zambia to participate in a new hydroelectric power plant project, akin to the Cahora Bassa plant in Tete province. The project is currently in its early stages, and Mozambique seeks Zambia’s involvement in this initiative. President Filipe Nyusi made the invitation during his visit to Zambia, where he signed legal agreements and discussed bilateral cooperation between the two countries. The discussions, dominated by issues of mutual cooperation, reaffirmed the shared aspirations of Mozambique and Zambia. During the meetings, both presidents expressed their mutual interest… Read More Here

Mining in DRC Economy Partnership

Russia Seeks Stronger Ties with the Democratic Republic of the Congo

June 29, 2024June 29, 2024 Constance

Russia has expressed a strong interest in strengthening its relationship with the Democratic Republic of the Congo (DRC). The Kremlin views the Central African nation as a highly promising partner for developing bilateral relations. This assessment was highlighted following the Congolese President’s visit to Moscow on Tuesday. The President of the DRC is equally enthusiastic about the prospect of collaboration with Russia across various industries. According to a report by the Russian newspaper Sputnik, Russia is keen to enhance its economic ties with the DRC, seeing significant potential for growth… Read More Here

Economy Mining in Zambia

IMF gives Zambia $385 million for Drought Response

June 28, 2024June 28, 2024 Constance

On 27 June, the International Monetary Fund granted Zambia an additional $385 million to the Extended Credit Facility (ECF) to provide financial aid the country after a six-month long drought. This came after both Zambia and the IMF reached agreements following the latter’s third review of Zambia’s 38-month ECF, after which both the management and Executive Board of the IMF approved it as well. This agreement has resulted in a further approval of an augmentation of 293 million Special Drawing Rights. The Zambian government are greatly appreciative of the IMF,… Read More Here