Economy - Copperbelt Katanga Mining

Abu Dhabi Firm Eyes Acquisition of Zambia’s Lubambe Copper Mine

March 22, 2024March 22, 2024 Constance1 Comment

An entity of the International Holding Company (IHC), Abu Dhabi’s esteemed corporation, has expressed interest in acquiring Zambia’s Lubambe copper mine, a deal that could potentially complicate the ongoing sale process initiated by China’s JCHX Mining, according to sources familiar with the matter. International Resources Holding (IRH), a subsidiary of IHC, has communicated its interest to EMR Capital, a private equity manager holding an 80% stake in the Lubambe copper project, currently up for sale. This development adds a layer of complexity to the sale process already initiated by JCHX,… Read More Here

Mining in Zambia Economy

Zambia’s Bondholders Enter Talks on $3 Billion Debt Restructuring Proposal

March 22, 2024March 22, 2024 Constance

A consortium of international bondholders in Zambia has initiated discussions with the government after signing a non-disclosure agreement to deliberate on a $3 billion debt restructuring proposal, according to three informed sources on Tuesday. Sources revealed that the government dispatched a formal proposal for debt restructuring to the steering committee of the creditor group last week, signaling the commencement of formal negotiations typically heralded by the signing of a non-disclosure agreement. Zambia’s President Hakainde Hichilema had previously announced in late February that the remaining official creditors, China and India, had… Read More Here

Economy Mining in DRC

The Congolese franc recorded a depreciation of 26.2% in 1 year

March 22, 2024March 22, 2024 Constance

The Congolese Franc, national currency of the Democratic Republic of Congo, is marked by continued depreciation. Data published by the services of the Central Bank of Congo reveal that in one year, between March 2023 and March 2024, the national currency recorded a significant depreciation of around 26.2%. The same situation was also reported on the parallel market where the national currency of the DRC recorded a drop in value of around 16.1% against the US dollar. Furthermore, as of March 15, 2024, the national currency recorded a weekly appreciation… Read More Here

Mining in DRC Economy

CREFDL Report Reveals DRC’s $5 Billion Budget Underperformance in 2023

March 22, 2024March 22, 2024 Constance

In a press release dated Thursday, March 21, 2023, the Center for Research in Public Finance and Local Development (CREFDL) delivered a troubling evaluation of the execution of the 2023 Finance Law in the Democratic Republic of Congo (DRC). The organization highlighted a staggering shortfall of $5 billion in revenues and a budget deficit of $1.2 billion, marking the first deficit since 2011. According to the CREFDL, the government only managed to mobilize $9.8 billion out of the planned $14.8 billion, resulting in a disappointing achievement rate of 65.9%. The… Read More Here

Mining in Zambia Copper Economy

FQM EMPHASISES TRANSPARENCY, SUSTAINABILITY AND ECONOMIC CONTRIBUTIONS

March 22, 2024March 22, 2024 Constance

First Quantum Minerals has highlighted the company’s commitment to transparency, sustainability, and economic contributions as vital to fostering progress in the mining sector. And emphasised the importance of credible corporate communications reflecting real, tangible activities and progress on the ground. Speaking at the Zambia Institute of Public Relations (ZIPRC) 2024 Annual Conference, FQM Trident Senior Public Relations Specialist Miriam Harmon emphasised the mining firm’s ethos that effective communication was key in fostering understanding, collaboration, and progress in the mining industry and the nation at large. The mining firm noted that… Read More Here

Mining in DRC Copper Economy

DRC Central Bank Report Highlights Surge in Copper Prices and Oil Prices

March 21, 2024March 21, 2024 Constance

The Central Bank of Congo’s economic report reveals that the price of copper soared by 4.56% to reach USD 9,050.00 on March 14, 2023. Factors such as expectations of lower US interest rates, a weakening dollar, and copper supply issues for Chinese smelters contributed to this increase. Compared to December 31, 2023, copper prices surged by 6.08%. Additionally, there was a 1.29% increase compared to March 2023. In the same period, the price of oil also saw a notable rise, reaching USD 85.27 per barrel on March 14, 2024, marking… Read More Here

Mining in Zambia Copper Economy

Mopani Copper Mines Handover Boosts Economic Hopes in Kitwe

March 21, 2024March 21, 2024 Constance

The impending handover of Mopani Copper Mines to Delta Mining Limited by President Hakainde Hichilema is hailed as a significant milestone for the entire Copperbelt region, according to stakeholders in Kitwe. Lawrence Mwanza, Kitwe District Commissioner, believes this development will catalyze economic growth and youth employment opportunities, underscoring the government’s commitment to fostering sustainable mining partnerships with investors like International Resources Holdings. And Mining engineer Boniface Matanda commends President Hichilema’s administration for ensuring Mopani Copper Mines’ return to full production, highlighting the positive impact on the local economy. Saul Simujika,… Read More Here

Mining in Zambia Copper Economy News in Brief

Zambia’s Govt Expects Mopani Handover to Boost Kwacha Stability

March 21, 2024March 21, 2024 Constance

Handover of Mopani Mines to Delta Mining Expected to Bolster Kwacha Stability, says Government Spokesperson Cornelius Mweetwa, the Chief Government Spokesperson, asserts that the transfer of Mopani Copper Mines to Delta Mining Limited will play a pivotal role in further stabilizing the Kwacha against major convertible currencies. Mweetwa emphasizes that the activation of Mopani’s operations will not only contribute to Kwacha stability against the dollar and other convertible currencies but also lead to an increase in copper production. President Hakainde Hichilema is slated to formally hand over Mopani Mines to… Read More Here

Mining in Zambia Economy

Zambian Officials Advocate for Local Participation in Mining Supply Chains

March 21, 2024March 21, 2024 Constance

Minister of Mines and Mineral Development Paul Kabuswe, emphasized the detrimental impact of mines forming supply chain cartels involving foreigners, which undermines the country’s economy. Kabuswe urged mines to cease using the alleged lack of capacity among local contractors as an excuse for not engaging them in business dealings. His remarks were conveyed by Mines Permanent Secretary Dr. Hapenga Kabeta during the launch of the Barrick Lumwana Business Accelerator Program in Solwezi. Chipoka Mulenga, Minister of Trade, Commerce, and Industry, echoed Kabuswe’s sentiments, urging mines to comply with local content… Read More Here

Mining in Zambia Copper Economy

Revitalized Mopani Copper Mines Projected to Boost Employment and Economic Growth

March 21, 2024March 21, 2024 Constance

Minister of Mines and Minerals Development, Paul Kabuswe, has announced that the rejuvenated Mopani Copper Mines (MCM) is poised to create 2,000 direct job opportunities and an additional 1,000 indirect employment avenues. Today, President Hakainde Hichilema is set to formally transfer Mopani to its new equity partners, International Resources Holding (IRH) from Abu Dhabi, who have acquired a 51 percent stake in the mine. The IRH agreement, valued at US$1.1 billion, earmarks a significant portion for settling outstanding dues to contractors, suppliers, and addressing debt obligations to Glencore. In 2021,… Read More Here