Economy - Copperbelt Katanga Mining

BRICS Pursues Technology-Based Payment System to Reduce Dollar Dependency 1

The BRICS group aims to lessen reliance on Western currencies like the US dollar by establishing a technology-driven payment system, as announced by Mr. Ushakov, Foreign Policy Advisor to Russian President Vladimir Putin, to TASS news agency. “We believe it’s crucial to create an independent payment system within BRICS, leveraging modern technologies such as digital currencies and blockchain,” stated Mr. Ushakov, noting its cost-effectiveness and universal applicability. Russia, currently holding the presidency of the group, supports this initiative. BRICS Leads the Charge for Economic De-dollarization While the dollar still dominates… Read More Here

DRC Poised to Overtake Peru as World’s Second Largest Copper Producer

March 17, 2024March 17, 2024 Constance1 Comment

The Democratic Republic of Congo (DRC), with its vast mineral wealth estimated at $24 trillion, is on the brink of surpassing Peru to become the world’s second-largest copper producer. In 2023, the DRC, already Africa’s leading copper producer, exported 2.84 million tonnes of copper, securing its position as the world’s second-largest copper producer, ahead of Peru, which exported 2.76 million tonnes. While these statistics await international confirmation, forecasts from Wood Mackenzie suggest that the DRC is on track to overtake Peru by 2026-2027, a sentiment echoed by Ruben Arrieta, a… Read More Here

Mining in Zambia Copper Economy

FIRST QUANTUM CEO INSPECTS PROGRESS OF S3 EXPANSION AT KANSANSHI

March 17, 2024March 17, 2024 Constance

First Quantum Minerals Chief Executive, Tristan Pascall, has been on the ground at Kansanshi to personally inspect the progress the company is making with its S3 expansion project. Of a total investment commitment of US$1.25 billion, the majority of this is being spent this year to ensure the entire project is completed by mid-2025. The S3 expansion entails an expansion of the mine pit and the mining fleet that services it, as well as the construction of a new processing plant, and a major expansion of the Kansanshi smelter. The… Read More Here

Mining in Zambia Economy

Zambia Secures Debt Restructuring Deals with China and India

March 14, 2024March 14, 2024 Constance

Zambian President Hakainde Hichilema announced that agreements have been reached between China and India to restructure Zambia’s debt holdings. This move comes as Zambia seeks to address its significant debt burden, which exceeds $13 billion in external debt, a challenge compounded by its status as Africa’s second-largest copper producer, which halted payments in 2020. Last year, Zambia made progress in modifying $6.3 billion in debts owed to official lenders. However, efforts were hindered when China, as the largest creditor, objected to a deal with private investors involving approximately $4 billion… Read More Here

International Economy

BRICS Prepares to Launch Currency in 2024

March 13, 2024March 13, 2024 Constance

BRICS member India is studying the prospects and usage of a new BRICS currency against the US dollar. Reports state that India has ordered a group of financial analysts to study the possibility of a new BRICS currency. The order indicates leading financial intellectuals and think tanks to debate the formation of a new currency, which could be an alternative to the US dollar. A senior and top-level government official from India said on the condition of anonymity that the study on BRICS currency could be a talking point at… Read More Here

Mining in Zambia Economy

Zambia Allocates 11.7 Billion Kwacha for Public Service Delivery in February 2024

March 11, 2024March 11, 2024 Constance

The Ministry of Finance and National Planning has allocated 11.7 billion Kwacha to finance public service delivery in February 2024, according to recent reports. Out of this amount, 2.1 billion Kwacha has been allocated to transfers, subsidies, and social benefits, while 1.3 billion Kwacha will go towards implementing various government programs and general operations. Additionally, 911.3 million Kwacha has been earmarked for capital expenditure programs. Furthermore, 3.1 billion Kwacha has been allocated for debt service and arrears, with the remaining 4.3 billion Kwacha allocated for the public service wage bill.… Read More Here

Economy Mining in DRC

DRC’s Ministry of Finance Responds to Allegations Regarding Retrocession Payments

March 11, 2024March 11, 2024 Constance

The Ministry of Finance has refuted claims made by the National Intersyndicale of Public Administration (INAP) regarding the non-payment of retrocessions owed to financial authorities. In a press release received by ACTUALITE.CD on Sunday, March 10, the Ministry clarified that no authorization files are pending in its office. According to the press release, retrocessions owed to financial authorities are typically paid in the month following the one to which they relate. The Ministry stated that retrocessions up to November 2023 have been fully paid, with the last disbursement made on… Read More Here

Mining in DRC Economy

Nicolas Kazadi Advocates for Collective 2024 Budget Alignment

March 11, 2024March 11, 2024 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

International Economy

IMF backs Uganda’s growth agenda with $120 million

March 11, 2024March 11, 2024 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

International Economy

Nigeria reiterates its intention to join the BRICS group

March 11, 2024March 11, 2024 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