Economy - Copperbelt Katanga Mining

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

International Economy

IMF Director Urges Europe to Pursue Bold Reforms for Sustainable Growth

May 16, 2024May 16, 2024 Constance

In a recent seminar hosted by the European Central Bank (ECB), Alfred Kammer, Director of the International Monetary Fund’s European department, delivered a keynote speech outlining Europe’s path to enduring growth amidst global challenges. Mr. Kammer began by acknowledging Europe’s successful navigation through recent crises, including Russia’s invasion of Ukraine and energy shocks. Despite these hurdles, Europe’s recovery remains on track, buoyed by domestic demand and improving consumer sentiment. However, Mr. Kammer stressed the need for sustained efforts to lift Europe’s medium-term growth outlook, identifying low productivity as a critical… Read More Here

International Economy

US Dollar to Lose Global Dominance with Emergence of ‘BRICS Gold Crypto – Robert Kiyosaki

May 13, 2024May 13, 2024 Constance

Renowned financial investor and author of “Rich Dad Poor Dad,” Robert Kiyosaki, issued a stark warning during his visit to South Africa, suggesting that the US dollar’s status as the global reserve currency is under threat. According to Kiyosaki, the emergence of a new BRICS currency backed by gold could potentially trigger hyperinflation in the United States, leading to the downfall of the dollar. Kiyosaki emphasized the importance of diversifying investments into alternative assets like gold, silver, and Bitcoin (BTC) to safeguard against the impending crash of the US dollar.… Read More Here

Mining in Zambia Economy

IMF Mission Acknowledges Zambia’s Economic Progress Amid Challenges

May 12, 2024May 12, 2024 Constance

A recent visit from the International Monetary Fund (IMF) to Zambia has underscored the nation’s significant advancements in fiscal adjustments, bolstering social sector spending, and efforts toward debt sustainability. Conducted as part of the third review of the Extended Credit Facility (ECF) Programme, the mission took place from April 24 to May 7, 2024, with a focus on various economic facets, including the impact of drought on the economy. Despite encountering global adversities, Zambia has demonstrated notable strides in fiscal management and investment in social sectors, as highlighted by the… Read More Here

Mining in DRC Economy Events & Expos

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