Economy - Copperbelt Katanga Mining

Zambia to Leverage Economic Diplomacy for BEV Initiative Success

June 19, 2024June 19, 2024 Constance

Zambia will utilize its strengthened economic diplomatic capabilities to ensure the effective implementation of the joint Battery and Electric Vehicle (BEV) value chain initiative, according to Minister of Foreign Affairs and International Cooperation Mulambo Haimbe. Speaking on Voice of America’s Nightline Africa, Mr. Haimbe highlighted the impact of Zambia’s economic diplomacy under the New Dawn government on regional stability, peace, and security in the Southern African Development Community (SADC) region. Zambia has partnered with the Democratic Republic of Congo (DRC) to establish a value chain in the electric battery and… Read More Here

International Economy

IMF Analysis: Global Economy Shows Resilience Amid Uneven Growth

June 16, 2024June 16, 2024 Constance

In a recent analysis published by the International Monetary Fund (IMF), experts assert that the global economy remains resilient despite uneven growth. Following the pandemic, supply chain disruptions, an energy and food crisis due to Russia’s war against Ukraine, and soaring inflation have prompted synchronized tightening of monetary policy worldwide. Global growth reached its lowest point of 2.3% at the end of 2022, just after the median headline inflation rate peaked at 9.4%. According to projections in the new World Economic Outlook, growth for this year and next is expected… Read More Here

Mining in Zambia Copper Economy Mining tax Taxes

Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover

June 15, 2024June 15, 2024 Constance

Mopani Copper Mines, under the management of International Resources Holdings (IRH) since March, has paid K341 million in taxes, as disclosed by the government. IRH took over management of Mopani with government support earlier this year, resulting in significant operational and financial improvements for the company. During a visit by IRH Chief Financial Officer Abhinay Khowala to Finance and National Planning Minister Situmbeko Musokotwane on June 11th, the substantial tax payments by the company were highlighted. Khowala praised Zambia as a favorable mining destination, emphasizing the company’s financial reliability and… Read More Here

Mining in Zambia Copper Economy

Zambia to Establish New Mineral Investment Entity to Boost Revenue

June 15, 2024June 15, 2024 Constance

Zambia’s Cabinet announced on Wednesday its approval to establish a new entity dedicated to investment and trading in minerals, aimed at enhancing earnings from the country’s natural resources. As Africa’s second-largest copper producer, Zambia currently holds various mining assets through ZCCM Investment Holdings. The government plans to create a Special Purpose Vehicle (SPV) for investment and trading purposes, shifting away from the traditional dividend payment model to a production-based sharing mechanism. This change is intended to ensure that benefits from mineral resources extend beyond statutory obligations to benefit the Zambian… Read More Here

Mining in DRC Economy Gold

DRC to Fully Control Gold Export Venture Amid Slumping Shipments

June 15, 2024June 15, 2024 Constance

The Democratic Republic of Congo (DRC) is finalizing a deal to take full control of Primera Gold DRC SA, a gold-export joint venture with its Emirati partner, after experiencing a significant drop in shipments. Primera Gold DRC SA was launched in January 2023 by the DRC in partnership with Abu Dhabi-registered Primera Group Ltd. The venture aimed to curb gold smuggling that fuels conflicts in the country’s eastern provinces. In its first year, the partnership sold 5 tons of hand-mined gold worth about $300 million. However, sales have since plummeted,… Read More Here

Mining in Zambia Economy

Zambia Implements Strategic Measures to Restore Economic Stability and Foster Growth

June 9, 2024June 9, 2024 Constance

The Zambian government has launched strategic interventions aimed at restoring macroeconomic stability, enhancing economic efficiency, and promoting private sector-led growth through increased investments. Dr. Situmbeko Musokotwane, Minister of Finance and National Planning, reaffirmed the government’s commitment to collaborating with the private sector during his address at the Zambia Association of Manufacturers (ZAM) pre-budget meeting in Lusaka earlier this week. He emphasized that the private sector’s expansion and its ability to seize upcoming investment opportunities are crucial to Zambia’s economic prosperity. Minister Musokotwane identified several key challenges contributing to Zambia’s recent… Read More Here

Mining in DRC Economy

Central Bank of Congo Takes Bold Steps to Strengthen Congolese Franc and Reduce Dollarization

June 8, 2024June 8, 2024 Constance

The Central Bank of Congo (BCC) announced a series of measures on Tuesday aimed at bolstering the use of the Congolese franc (CDF) and curbing the economy’s heavy reliance on the US dollar. A key component of this initiative is requiring credit institutions and financial companies to configure their Electronic Payment Terminals (EPTs) to accept only the national currency, marking a significant move in the country’s monetary policy. The primary goal of these measures is to boost demand for the Congolese franc and decrease dependency on the US dollar. The… Read More Here

Mining in Zambia Economy

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

Mining in Zambia Economy Governance

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