Economy - Copperbelt Katanga Mining

DRC Receives Praise for Economic Progress at World Bank and IMF Spring Meetings

May 9, 2024May 9, 2024 Constance

During the 134th Council of Ministers, the Minister of Finance shared positive feedback from the recent Spring Meetings of the World Bank Group and the International Monetary Fund (IMF) held in Washington, United States. The Democratic Republic of Congo (DRC) was commended for its peaceful December 2023 elections and macroeconomic advancements. According to the minutes of the meeting, senior representatives from the Bretton Woods institutions praised the DRC for its peaceful elections and macroeconomic achievements, particularly robust economic growth and increased international reserves. However, the IMF highlighted the need for… Read More Here

Mining in DRC Copper Economy

DRC: the price of copper exceeds the mark of 10,000 USD per tonne

May 9, 2024May 9, 2024 Constance

The price of copper surged by 2.19% weekly, reaching USD 10,024.50 per tonne, marking its highest level in two years. Analysts at the Central Bank of Congo (BCC) attribute this increase to rising Chinese imports. Year-to-date, copper prices have risen by 17.51% compared to December 31, 2023, and over the past twelve months, they have increased by 16.70%. This uptrend presents an opportune moment for the Government of the Democratic Republic of Congo to capture more revenue from mining companies operating in the country, especially with the renegotiated Chinese contract… Read More Here

Mining in DRC Diamond Economy

DRC Diamond Exports Experience Historic Decline Over a Decade

May 9, 2024May 9, 2024 Constance

Over the span of a decade, from 2013 to 2023, the Democratic Republic of Congo (DRC) has witnessed a significant downturn in diamond exports, as revealed by statistical data from the Ministry of Mines via the technical cell for coordination and mining planning (CTCPM). In 2023, the DRC’s diamond production reached 8,305,796.60 carats, nearly half of the 2017 production peak of 17,924,982.26 carats, marking the lowest level recorded since 2019. Compared to 2022, diamond production in 2017 experienced a decline of over 28%. Over the past five years, it has… Read More Here

Mining in DRC Economy Gold Tin

Rwanda’s Mining Exports to UAE Surpass DRC’s by 7% in 2023

April 28, 2024April 28, 2024 Constance

In 2023, the Rwanda Development Board reported a significant milestone for the country, with foreign exports reaching $3.5 billion, marking a remarkable 17.2% growth compared to 2020. This growth, according to the government institution tasked with accelerating Rwanda’s economic development, stemmed from the export of various raw materials, including raw gold, platinum-plated gold, zirconium, tin, and tungsten. Additionally, essential products like malt, wheat or meslin flour, cereal flours, coffee, tea, and cement contributed to this upward trend. The United Arab Emirates emerged as the primary importer, accounting for 56.9% of… Read More Here

Mining in DRC Economy

DRC Hydrocarbons Minister Addresses SEP Financial Challenges

April 28, 2024April 28, 2024 Constance

Didier Budimbu, the Minister of Hydrocarbons in the Democratic Republic of Congo (DRC), discussed the recent developments surrounding the Société des Pétroles (SEP) in an interview with Radio Okapi. He shed light on the company’s decision to scale back operations due to financial constraints, primarily stemming from delayed payments by the government. Minister Budimbu reassured the public that steps were being taken to address the financial issues facing SEP and other oil companies. He mentioned progress made in settling a portion of the debt owed to these companies, with SEP… Read More Here

International Economy

Kenyan President Hails Zimbabwe’s Gold-Backed Currency as Economic Boon

April 28, 2024April 28, 2024 Constance

Kenyan President William Ruto recently commended Zimbabwe’s new gold-backed currency, ZiG, expressing optimism about its potential to drive economic recovery in the southern African nation. During his address at an international trade fair in Bulawayo, Ruto lauded the introduction of ZiG as a bold move by the Zimbabwean government to rejuvenate the economy amid numerous challenges and pressures, as reported by Bloomberg. Ruto emphasized the significant impact of Zimbabwe’s vast reserves of copper, lithium, gold, platinum, silver, and other precious metals on the nation’s wealth. He highlighted the importance of… Read More Here

International Economy

IMF Report: South Africa Emerges as Africa’s Leading Economy in 2024

April 24, 2024April 24, 2024 Constance

In a shift of economic dynamics, South Africa is poised to take the lead in Africa’s economy for 2024, according to the latest economic projections from the International Monetary Fund (IMF) as of April 2024. Egypt, which held the top position in 2023, is expected to slip to second place this year, while Nigeria is projected to move from second to fourth position. Algeria is anticipated to ascend to the third spot on the economic podium, primarily fueled by the rise in hydrocarbon prices. The IMF forecasts Nigeria’s gross domestic… Read More Here

Mining in Zambia Copper Economy

Japanese Govt Pledges K38 Billion Investment in Zambia’s Mining Sector

April 24, 2024April 24, 2024 Constance

The Japanese Government has committed to invest K38 billion to support Japanese ventures in Zambia’s mining industry, aiming to bolster bilateral cooperation in this crucial sector. During a bilateral meeting held in Tokyo, Japan’s Minister of Economy, Trade and Industry, Saito Ken, expressed the Japanese Business Corporation’s keen interest in investing in Zambia’s mining industry. Vice Minister Taku Ishii further highlighted collaboration efforts between the Japan Organization for Metals and Energy Security (JOGMEC) and the Zambian Government on exploration projects. In response, Zambia’s Minister of Mines and Minerals Development, Paul… Read More Here

Mining in Zambia Economy

IMF Director Urges Zambia to Maintain Economic Momentum Amidst Climate Challenges

April 24, 2024April 24, 2024 Constance

During a meeting in Washington DC, IMF Managing Director Kristalina Georgieva underscored the importance for Zambia to sustain its economic transformation despite short-term setbacks caused by drought and climate change. Georgieva commended the country’s policy reforms, acknowledging them as driving forces for progress. She also praised Zambia’s recent deal with bondholders as a significant milestone in its economic recovery. Finance Minister Situmbeko Musokotwane expressed gratitude to the IMF for its support during economic challenges, emphasizing President Hichilema’s commitment to Zambia’s economic transformation. Musokotwane highlighted Zambia’s 5% annual GDP growth in… Read More Here

International Economy News in Brief

China Cancels Portion of Zimbabwe’s Debt Amidst Growing Concerns

April 22, 2024April 22, 2024 Constance

China has announced the cancellation of a portion of its interest-free loans to Zimbabwe, demonstrating support amidst the country’s financial challenges. The move is part of China’s broader effort to aid Zimbabwe in tackling its escalating debt burden, which has reached $17.7 billion as of September 2023. Despite welcoming the debt relief, concerns persist about Zimbabwe’s long-term debt sustainability. The specifics of the loan write-off and future debt restructuring will be clarified in discussions between Chinese and Zimbabwean authorities, with the international community closely monitoring developments. While China’s decision represents… Read More Here