Economy - Copperbelt Katanga Mining

Zambia to receive $338 million in latest IMF Staff-Level Agreement

June 6, 2024June 6, 2024 Constance

In the third review of the Extended Credit Facility (ECF) Programme, the government has revealed that it has successfully reached an agreement on further economic policies and reforms. Part of the review is that Zambia will receive $338 million. The Finance and National Planning Minister, Situmbeko Musokotwane expressed his gratitude to the IMF for considering Zambia’s request for additional financial support to aid its response to the drought. The aim of the ECF is to restore macroeconomic stability in Zambia. The IMF hopes to achieve this by: · Restoring sustainability… Read More Here

President Hichilema Promises Unity, Law Enforcement, and Economic Recovery

June 6, 2024June 6, 2024 Constance

In a significant address to the nation yesterday, President Hakainde Hichilema outlined a comprehensive agenda focused on national unity, justice, and economic prosperity. President Hichilema emphasized Zambia’s heritage as a unified nation, denouncing divisive rhetoric and hate speech. He affirmed the government’s commitment to increasing penalties for theft, including essential infrastructure like electric cables. A landmark decision was announced to incorporate national unity-focused topics into the school curriculum, aiming to combat tribalism and hate speech among the youth. Addressing the rule of law, President Hichilema asserted that no individual, regardless… Read More Here

Mining in Zambia Economy Governance

China Monitors Zambia’s Debt Restructuring, Pledges Continued Support

June 4, 2024June 4, 2024 Constance

China is closely monitoring negotiations surrounding Zambia’s debt restructuring and has reaffirmed its commitment to supporting the African nation. At a recent press conference in Beijing, Chinese Foreign Ministry spokesman Mao Ning emphasized China’s leading role in Zambia’s debt relief efforts. He noted that China was the first official creditor to offer debt relief and co-chaired the Committee of Official Creditors, which played a key role in achieving significant progress on restructuring Zambia’s debt. Mao Ning stated China’s intention to continue collaborating with relevant parties to monitor the progress of… Read More Here

Economy Mining in Zambia

Economics Association of Zambia Analyzes Impact of Eurobond Restructuring Deal

May 31, 2024May 31, 2024 Constance

The recent Eurobond restructuring deal between the Government of Zambia and bondholders has garnered significant economic and business interest across the nation. In response, the Economics Association of Zambia (EAZ) has issued a statement providing insights into the matter. Dr. Oswald Mungule, President of the EAZ, announced that bondholders have positively responded to the restructured terms of Zambia’s initial $3 billion Eurobond, which had accrued to approximately $3.98 billion by 2024 due to accumulated interest and penalties. Despite this progress, Zambia’s credit rating remains low, indicating a high credit risk.… Read More Here

International Economy Gold

Zimbabwe’s Central Bank Gold Reserves to Back ZiG Currency Rise

May 28, 2024May 28, 2024 Constance

Zimbabwe’s gold reserves backing its new bullion-linked currency are increasing and the stockpile’s value is also being boosted by the higher price of the precious metal, the central bank said.The Reserve Bank of Zimbabwe is seeing royalty payments of gold “rising daily,” said Deputy Governor Innocent Matshe. “As long as we are mining, gold reserves are increasing by the amount that we produce,” he said Wednesday in a telephone interview. “The proceeds from other precious minerals are being used to stockpile gold.” The central bank will give an update on… Read More Here

Copper Economy Mining in Zambia

Zambia Ranks as Africa’s Third Best Mining Investment Destination

May 24, 2024May 24, 2024 Constance

Zambia has been ranked the third best mining investment destination in Africa, according to the latest Fraser Institute Annual Survey of Global Mining Investors. This marks a significant improvement, as the country has moved up from 12th to third position. The 2023 report surveyed investors’ opinions on 86 mining jurisdictions worldwide. The Zambia Chamber of Mines expressed satisfaction with the country’s progress in becoming more competitive for mining investment. Chamber President Godwin Beene highlighted the importance of the next step: reforming the overall mining regulatory framework to align with global… Read More Here

Mining in DRC Economy Governance

ARSP Cancels Fraudulent Certificates for ERG Group’s Subcontractors in DRC

May 22, 2024May 22, 2024 Constance

Michel Kashal, the Director General of the Regulatory Authority for Subcontracting in the Private Sector (ARSP), has taken decisive action against nine subcontracting companies associated with the ERG group. These companies were found to have fraudulently obtained registration certificates. The announcement was broadcast on Monday, May 20, 2024, via Radio Télévision Nationale Congolaise (RTNC 1). Among the implicated subcontractors are METALKOL, FRONTIER, BOSS MINING, and COMIDE, all entangled in the practice of nominee registrations. Following their removal from the subcontracting market in the Democratic Republic of Congo (DRC), the ARSP… Read More Here

Mining in DRC Economy Governance

President Tshisekedi Highlights Shift Towards BRICS Amid Criticism of Western Attitudes

May 22, 2024May 22, 2024 Constance

During his recent official visit to France in early May, President Félix-Antoine Tshisekedi of the Democratic Republic of Congo (DRC) discussed his country’s international stance in an interview with French journalist Darius Rochebin on LCI. President Tshisekedi criticized Western nations, particularly in Europe, for their lack of understanding of African realities and their perceived arrogance in giving lessons. He emphasized his preference for engaging with Russia and China over Western countries. DRC’s Engagement with BRICS and the Shift in Global Power At the 15th BRICS Summit last September, the DRC… Read More Here

Mining in Zambia Economy Energy Governance

President Hichilema Strengthens Ties with Norway

May 22, 2024May 22, 2024 Constance

President Hakainde Hichilema of Zambia recently held a bilateral meeting with Ms. Anne Beathe Kristiansen Tvinnereim, Minister of International Development of Norway, during the Africa Fertiliser and Soil Health Summit. The meeting focused on deepening cooperation between Zambia and Norway for mutual socio-economic benefits. President Hichilema emphasized Zambia’s desire to enhance collaboration in areas that promote socio-economic development, resilience building, and business partnerships. He highlighted the need to address climate change impacts and create an investment-friendly environment in the agriculture sector. Ms. Tvinnereim praised President Hichilema’s approach to climate change… Read More Here

Mining in DRC Economy

DRC Government to Raise $40 Million Through US Dollar-Indexed Treasury Bonds

May 20, 2024May 20, 2024 Constance

The Government of the Democratic Republic of Congo (DRC) is set to raise $40 million through US dollar-indexed Treasury Bonds during an auction session on May 21, 2024. “The Ministry of Finance announces the opening of an auction of Treasury Bonds in US dollars with an auction amount of $40 million. The interest rate is capped at 10%,” stated a press release signed by Finance Minister Nicolas Kazadi. Key Details of the Financial Operation .Maturity: 15 months .Interest Payments: To be made over four periods .Submission Date: Offers must be… Read More Here