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Category: Economy

Nicolas Kazadi Advocates for Collective 2024 Budget Alignment 1 Mining in DRC Economy 

Nicolas Kazadi Advocates for Collective 2024 Budget Alignment

Constance
In a context marked by the continued deterioration of the security situation in the east of the country, thus causing an increase in security expenditure, the Congolese Minister of Finance, Nicolas Kazadi, spoke, during the one hundred and twenty-eighth meeting of the Council of Ministers, the need to resort to a collective budget for the current financial year. The National Argentier outlined the country’s financial situation, indicating that the context for developing the State Budget for the year 2024 no longer currently fits with the latest developments underway, particularly in… Read More Here
IMF backs Uganda's growth agenda with $120 million 2 International Economy 

IMF backs Uganda’s growth agenda with $120 million

Constance
Uganda is set to receive a fresh loan from the International Monetary Fund (IMF). The global lender recently approved a $120 million loan to the East African country following approval from the IMF board. The loan under an Extended Credit Facility follows a line of disbursements that dates back to 2021. According to a report seen in The East Africa, Uganda has been granted a loan of $120 million following the the fifth evaluation of the Multilateral Lender’s Extended Credit Facility (ECF) program, which may see Kampala receive up to… Read More Here
Nigeria reiterates its intention to join the BRICS group 3 International Economy 

Nigeria reiterates its intention to join the BRICS group

Constance
In an interview with the Russian news publication, Sputnik Africa, Yusuf Tuggar noted that Nigeria is planning to apply to join the BRICS group of nations once the required internal processes are completed. “We intend to do it. Like I said before, Nigeria runs a deliberative democratic system. So there tends to be a lot of engagement with different interest groups, different internal bodies before such an action is taken,” Tuggar said. He mentioned the 2023 BRICS Summit in South Africa, which the Vice President of the country, Kashim Shettima’… Read More Here
BRICS: China Enters Western Territory, Buys Gold Company With Hard Cash 4 International Economy 

BRICS: China Enters Western Territory, Buys Gold Company With Hard Cash

Constance
BRICS member China is entering Western territory and buying gold exploration companies with hard cash worth millions. China’s Yintai Gold firm struck a sale deal with Canada’s gold exploration company Osino for CAD 368 million, which is equivalent to $272 million. China will completely buy the Canadian gold exploration firm by paying hard cash worth $272.53 million. Before selling the company to China’s Yintai Gold, Osino will end its CAD 287 million deal with Canadian gold miner Dundee Precious Metals. The talks began in December last year between China’s Yintai… Read More Here
FQM Supports Zambia's Export Tracking Framework 5 Mining in Zambia Copper Economy Mining tax Press Release 

FQM Supports Zambia’s Export Tracking Framework

Constance
 Zambia’s largest taxpayer First Quantum Minerals (FQM), has pledged its support for the Bank of Zambia’s Export Proceeds Tracking Framework directives, which aim to ensure revenue from exports of goods and services, and the use of these funds, can be tracked through local Zambian bank accounts.  The directives, which came into effect on January 1 this year, require exporters to match export records to funds flowing through Zambian bank accounts in order to give the Bank of Zambia greater visibility of both the source of the funds received and the… Read More Here
Zambia and World Bank Partner to Boost Copper Production 6 Mining in Zambia Copper Economy 

Zambia and World Bank Partner to Boost Copper Production

Constance
Zambia, in collaboration with the World Bank, has embarked on a strategic initiative to elevate the country’s annual copper production to three million metric tonnes, signaling a concerted effort to revitalize the economy and leverage its mineral wealth. Speaking at the Roadmap for Leveraging Zambia’s Energy Transition Mineral Endowment for Economic Transformation Workshop in Lusaka, Finance and National Planning Minister, Situmbeko Musokotwane, unveiled plans for this ambitious endeavor. He emphasized the importance of value addition, citing a robust market demand poised to drive Zambia’s copper industry forward. “Despite the passage… Read More Here
Zambia's Kwacha Emerges as Top-Performing African Currency Amid Aggressive Monetary Policy 7 Mining in Zambia Economy 

Zambia’s Kwacha Emerges as Top-Performing African Currency Amid Aggressive Monetary Policy

Constance
Zambia’s kwacha has emerged as the top-performing African currency against the U.S. dollar in 2024, with a remarkable surge of 13.8% to 22.8, according to LSEG data. This surge is attributed to the central bank’s aggressive monetary policy tightening, which included measures such as raising commercial banks’ reserve ratios and increasing interest rates to counter the currency’s decline and rising inflation. Analysts highlight the importance of sustaining the kwacha’s strengthening by attracting more foreign investment. Zambian officials acknowledge that prolonged debt restructuring and declining copper production have hindered foreign investment… Read More Here
Zambia's Govt to Finalize Handover of Mopani and Konkola Copper Mines to new Investors 8 Mining in Zambia Copper Economy 

Zambia’s Govt to Finalize Handover of Mopani and Konkola Copper Mines to new Investors

Constance
The Zambian government has announced its plans to finalize the handover of Mopani Copper Mines to a new investor by the end of February 2024. Additionally, Finance and National Planning Minister Situmbeko Musokotwane revealed that only one step remains for Konkola Copper Mines to be returned to Vedanta, after which production will resume. Dr. Musokotwane emphasized that once these processes are completed, both mining giants will resume production, bringing economic revival to the Copperbelt region and the entire country. He highlighted that even before production restarts, investors are already sending… Read More Here
DRC Targets ‘Modern Investors’ to Bolster Mining Sector 9 Mining in DRC Economy 

DRC Targets ‘Modern Investors’ to Bolster Mining Sector

Constance
The Democratic Republic of Congo (DRC) is seeking ‘modern investors’ to tap into the country’s mining sector, which boasts over $460 trillion worth of untapped mineral deposits. Miguel Kashal Katemb, Director General of the DRC’s Regulatory Authority for Subcontracting in the Private Sector (ARSP), said the country wants to collaborate with responsible investors, particularly those focused on equity funds and exchange-traded funds, to drive infrastructure development within the mining sector. “We have many big investors in the DRC already, but we need modern investors. We are looking for investors who… Read More Here
Zambia's Direct Copper Trading Strategy to Reshape Economy 10 Mining in Zambia Copper Economy 

Zambia’s Direct Copper Trading Strategy to Reshape Economy

Constance
In a strategic move set to transform Zambia’s copper industry, the nation plans to directly purchase and sell a portion of its copper production, challenging industry giants like Mercuria Energy and Glencore. Jito Kayumba, senior economic adviser to President Hakainde Hichilema, emphasized the aim of ensuring fairness and commercial viability for mining companies in this new approach. Zambia aligns itself with neighboring countries such as Botswana and the Democratic Republic of Congo, seeking to maximize economic benefits from mineral resources by gaining direct access to commodities for sale. Despite holding… Read More Here

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