Economy - Copperbelt Katanga Mining

Zimbabwe’s ZiG Currency Trading Commences Amid Lingering Uncertainty

April 9, 2024April 9, 2024 Constance

Zimbabwe’s latest attempt to stabilize its economy began on Monday with the introduction of the new gold-backed currency, ZiG, amidst skepticism and economic challenges. The Reserve Bank of Zimbabwe unveiled ZiG as a replacement for the struggling Real Time Gross Settlement Dollar (RTGS), which had experienced significant devaluation, trading at 28,720 to $1 before the transition. Bank balances were automatically converted into ZiG currency over the weekend, with customers given a 21-day window to complete the process. The new ZiG banknotes, available in denominations ranging from 1 to 200, are… Read More Here

China’s central bank adds more gold to its reserves in March

April 9, 2024April 9, 2024 Constance

China’s central bank added 160,000 troy ounces of gold to its reserves in March, it said, in line with the market view that persistent official sector demand had supported gold’s recent rally. Spot gold jumped 9.3% in March, its strongest monthly performance since July 2020, despite a strong dollar and elevated US real interest rates. That rally has continued, with gold hitting successive record highs during the last seven sessions to touch $2,353.79 per ounce on Monday. “China has now been adding gold to its reserves for 17 consecutive months.… Read More Here

Mining in Zambia Copper Economy

Zambia’s Govt Urges Public Support for Mopani Copper Mines Revitalization

April 9, 2024April 9, 2024 Constance

The Zambian government has urged citizens to disregard political rhetoric aimed at undermining its efforts to revitalize Mopani Copper Mines (MCM) through a partnership with International Resources Holding (IRH). Minister of Mines and Minerals Development, Paul Kabuswe, emphasized that the decision to allocate 51 percent shares to IRH is solely aimed at rejuvenating operations at the mine and should not be politicized. Kabuswe urged the public to ignore false rumors about the deal, stating that their intentions are solely to discredit the government. He clarified that despite the partnership, the… Read More Here

Mining in DRC Economy Gold

Gold Ore Prices Show Increment in Early April 2024, Boosting DR Congo’s Economy

April 7, 2024April 7, 2024 Constance

Gold ore prices saw a slight increase in the first week of April 2024, continuing a trend that had been progressing well for several weeks. Data from the National Mercurial Commission of the Ministry of Foreign Trade of the Democratic Republic of Congo indicated that during the week of April 1 to 6, a gram of gold sold at 70.45 USD, compared to 69.91 USD the previous week, marking a 0.77% increase. This upward trajectory in gold prices globally is expected to positively impact the economy of the Democratic Republic… Read More Here

Mining in Zambia Economy Taxes

Zambia Revenue Authority Exceeds Q1 Revenue Target

April 7, 2024April 7, 2024 Constance

The Zambia Revenue Authority (ZRA) has reported a revenue collection of 28.4 billion kwacha in the first quarter of 2024, surpassing the targeted 28.1 billion kwacha by 339 million kwacha. ZRA Commissioner General, Dingani Banda, disclosed this in Lusaka today during a presentation at the Economics Association of Zambia (EAZ) Summit, delivered on his behalf by ZRA Acting Commissioner for Business Facilitation, Richard Kapasa. Mr. Banda outlined that ZRA aims to collect 125.3 billion kwacha through various taxes this year, marking a 21.5% increase from last year’s collection of 103… Read More Here

International Economy

Reserve Bank of Zimbabwe Introduces Gold-Backed Currency ZiG

April 7, 2024April 7, 2024 Constance

The Reserve Bank of Zimbabwe has launched ZiG, a new gold-backed currency aimed at stabilizing the economy and shielding citizens from currency fluctuations and soaring inflation. ZiG, short for “Zimbabwe Gold,” was unveiled by Central Bank Governor John Mushayavanhu on Friday last week. The move comes amidst the drastic depreciation of the Zimbabwean dollar, or RTGS, which has lost three-quarters of its value this year. Mushayavanhu emphasized that the goal is to replace the RTGS with the gold-backed ZiG currency. Citizens have been given a 21-day window to exchange their… Read More Here

Mining in Zambia Copper Economy

Zambia’s Copper Production Set to Soar to 1 Million Tons by 2026 Amid Mine Expansions

April 7, 2024April 7, 2024 Constance

Zambia anticipates a significant rise in copper output, potentially reaching close to 1 million tons by 2026, driven by investments in expanding production at various mines, including those owned by First Quantum Minerals, according to Finance Minister Situmbeko Musokotwane. Copper production, crucial for Zambia’s economic prosperity, has been experiencing a gradual decline in Africa’s second-largest producer of the metal. Despite this, the government aims to boost output to around 3 million tons within the next decade. In 2023, copper output decreased to 698,000 tons from 763,000 tons the previous year,… Read More Here

International Economy

IMF to Grant $8.2M to Guinea-Bissau

April 5, 2024April 5, 2024 Constance

The International Monetary Fund (IMF) has proposed disbursing $8.2 million to Guinea-Bissau, pending approval by the IMF’s Executive Board. This funding, expected to be disbursed in May upon approval, is part of Guinea-Bissau’s Extended Credit Facility program, which commenced in January 2023. The program aims to allocate approximately $47 million to support the country’s economic adjustments. The IMF initiated the program to strengthen domestic resource mobilization, enforce expenditure controls, facilitate fiscal consolidation, and reduce public debt levels. Jose Gijón, the head of the IMF mission in Guinea-Bissau, remarked that “the… Read More Here

Mining in Zambia Economy

Zambia Association of Manufacturers Foresees Economic Recovery Post-Debt Restructuring

April 4, 2024April 4, 2024 Constance

The Zambia Association of Manufacturers (ZAM) expresses confidence in the restoration of Zambia’s credibility among the international community and lending institutions following debt restructuring. ZAM President Ashu Sagar asserts that Zambia can now focus on economic growth, thanks to debt restructuring measures. Sagar emphasizes that restructuring will enable the country to allocate resources towards crucial sectors, promoting investment and development. The previous debt burden had created uncertainty for the private sector and potential investors, hindering domestic economic growth. Sagar urges remaining commercial creditors to expedite negotiations to ensure a swift… Read More Here

Mining in Zambia Economy

Zambia negotiating $3.3 bln commercial debt restructuring, after bonds deal

April 3, 2024April 3, 2024 Constance

Zambia is in talks to restructure $3.3 billion of commercial debt, after reaching a deal with overseas holders of its sovereign bonds last week, an official said on Wednesday, as the country seeks to emerge from a three-year default.“We have already started negotiations and with some we are almost reaching there,” Secretary to the Treasury Felix Nkulukusa said at a public meeting, referring to private creditors other than bondholders. “The $3.3 billion is the money that we have to continue engaging (on) and we are engaging in good faith,” he… Read More Here