Economy - Copperbelt Katanga Mining

DRC Loses Billions to Gold Mining Fraud, Warns DRC Gold Trading

November 17, 2024November 17, 2024 Constance

The Democratic Republic of Congo (DRC) is facing significant financial losses in its mining sector due to widespread fraud. Joseph Kazibaziba, Managing Director of DRC Gold Trading SA, a company operating in the gold mining industry, revealed that “more than 50 tons of gold are fraudulently exported to the east coast of Congo, amounting to over 5 billion USD.” He acknowledged that one of the major challenges remains integrating the substantial quantity of gold extracted through artisanal methods back into the official economy. The causes of this fraud are numerous,… Read More Here

Mining in Zambia Copper Economy

North-Western Province Leads Zambia’s Copper Boom and Economic Transformation

November 17, 2024November 17, 2024 Constance

Minister of Mines Paul Kabuswe has highlighted increased copper production in North-Western Province’s major mines as a testament to the sector’s robust growth. Speaking at a media briefing in Kalumbila District, Mr. Kabuswe revealed that Zambia’s annual copper production now stands at 810,000 metric tonnes. He expressed confidence that the country’s target of three million metric tonnes per year is achievable with the revival of Konkola Copper Mines (KCM) and Mopani Copper Mines, alongside new mining projects spearheaded by President Hakainde Hichilema. Mr. Kabuswe also dispelled rumors about Kansanshi gold… Read More Here

Mining in Zambia Copper Economy

Barrick Lumwana Mine to Double Copper Output by 2028

November 17, 2024November 17, 2024 Constance

Barrick Lumwana Mine is set to double its annual copper production from 120,000 metric tonnes to 240,000 metric tonnes by 2028, driven by the expansion of its Super Pit Mine. During a visit to the mine by a delegation of three Cabinet Ministers led by Minister of Mines and Mineral Development Paul Kabuswe, Barrick Lumwana Country Manager Anthony Malenga credited the anticipated growth to the government’s stable policy environment. Mr. Malenga highlighted the company’s dedication to local employment, noting that 99% of its workforce comprises Zambians, with 40% being community… Read More Here

Mining in Zambia Economy Partnership

Zambia and Eswatini Strengthen Economic Ties with Strategic Partnership

November 16, 2024November 16, 2024 Constance

The Zambia Development Agency (ZDA) and the Eswatini Investment Promotion Authority (EIPA) have reinforced their commitment to deepening economic cooperation through a newly signed Memorandum of Understanding (MoU). The agreement sets the stage for enhanced investment and trade relations between the two nations, focusing on institutional capacity-building and creating business linkages. Key areas of collaboration include investment promotion, trade facilitation, and the exchange of critical information on trade policies, regulations, and opportunities. The MoU also prioritizes fostering connections among small and medium-sized enterprises (SMEs) in Zambia and Eswatini, encouraging local… Read More Here

Mining in Zambia Economy

IMF Reaches Staff-Level Agreement to Release $185.5 Million for Zambia

November 13, 2024November 13, 2024 Constance

The Zambian government and the International Monetary Fund (IMF) have reached a staff-level agreement to disburse $185.5 million to Zambia, pending approval from IMF management and the executive board. The agreement follows an IMF mission to Zambia from October 2-15, led by Mercedes Vera Martin, and subsequent discussions held in Washington. The IMF highlighted the severe impact of recent drought conditions on Zambia’s agricultural output and electricity supply. Commenting on the government’s response, the IMF noted, “The authorities mobilized emergency relief for the most vulnerable populations while maintaining fiscal consolidation… Read More Here

Mining in DRC Economy

DRC’s 2025 Finance Law Faces Risks from Mining and Oil Price Volatility

November 8, 2024November 8, 2024 Constance

Price volatility in copper, cobalt, gold, and oil could jeopardize the DRC’s 2025 Finance Law, now under parliamentary review. According to draft law document 8, shifts in global commodity prices may lead to budget imbalances, given that mining and hydrocarbons constitute nearly all of the DRC’s exports. From 2019 to 2023, copper, cobalt, and gold dominated exports, accounting for 70.25%, 16.87%, and 6.74% of mining products, respectively. In 2022, almost 50% of government revenues came from mining, driven largely by rising copper, cobalt, and gold prices. This heavy reliance on… Read More Here

International Economy

BRICS+ Gains Ground in Global Economy, Projected to Surpass G7 in Exports

November 8, 2024November 8, 2024 Constance

BRICS+—comprising Brazil, Russia, India, China, and South Africa—is positioning itself as a major global economic force. According to a report by Shape the Future with Confidence, BRICS+ now accounts for 36.7% of global GDP by purchasing power parity (PPP), 23.3% of global merchandise trade, and represents 45.2% of the world’s population. Since 2000, BRICS+ has doubled its share of global merchandise exports from 10.7% to 23.3%, while the G7’s share has declined from 45.1% to 28.9%. This trend reflects the growing influence of BRICS+ over the industrialized economies of the… Read More Here

Mining in DRC Economy Governance

DRC’s Economic Committee Focuses on Price Stability and Fiscal Management

November 8, 2024November 8, 2024 Constance

The Economic Situation Committee in the Democratic Republic of Congo (DRC) is actively working to stabilize prices, monitor the foreign exchange market, and enhance public finance management. Following the recent meeting on November 6, 2024, Deputy Prime Minister and Minister of National Economy, Daniel Mukoko Samba, reported that goods and services markets show signs of stability, with inflation under control. To maintain this stability, the government is enforcing strict budgetary discipline and enhancing revenue collection as the year-end approaches. To manage emergency expenses, the Ministries of Finance and Budget have… Read More Here

Economy Governance Mining in DRC

ARSP Director General Discusses Collaboration with IGF to Strengthen Tax Base for 2025 Budget

November 8, 2024November 8, 2024 Constance

On Tuesday, November 5, 2024, Miguel Kashal Katemb, Director General of the Regulatory Authority for Subcontracting in the Private Sector (ARSP), met with Jules Alingete Key, Inspector General and Head of Service of the General Inspectorate of Finance (IGF). The purpose of their meeting was to discuss how ARSP can contribute to enhancing the tax base of the Congolese State in preparation for the 2025 budget year. Katemb emphasized the importance of collaboration between ARSP and the IGF to streamline the subcontracting value chain. “The goal is to work in… Read More Here

Mining in DRC Cobalt Economy

Kisanfu Mine Leads Global Cobalt Supply Surge

October 31, 2024October 31, 2024 Constance

The Kisanfu cobalt mine in the Democratic Republic of Congo (DRC) is projected to be the largest contributor to global cobalt supply growth in 2024, adding an estimated 23,000 tonnes more than in 2023. This announcement, made by the Cobalt Institute on October 28, 2024, forecasts a substantial market surplus for the year. In its annual report from May 2024, the Cobalt Institute reported a cobalt surplus of 14,200 tonnes for 2023—nearly double that of 2022—highlighting the pivotal role of Kisanfu, which added 32,500 tonnes to the global supply in… Read More Here