Economy - Copperbelt Katanga Mining

BRICS: China Enters Western Territory, Buys Gold Company With Hard Cash 1

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

Mining in Zambia Copper Economy Mining tax Press Release

FQM Supports Zambia’s Export Tracking Framework

March 8, 2024March 8, 2024 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

Mining in Zambia Copper Economy

Zambia and World Bank Partner to Boost Copper Production

February 28, 2024February 28, 2024 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

Mining in Zambia Economy

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

February 23, 2024February 23, 2024 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

Mining in Zambia Copper Economy

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

February 23, 2024February 23, 2024 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

Mining in DRC Economy

DRC Targets ‘Modern Investors’ to Bolster Mining Sector

February 12, 2024February 12, 2024 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

Mining in Zambia Copper Economy

Zambia’s Direct Copper Trading Strategy to Reshape Economy

February 12, 2024February 12, 2024 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

International Economy

BRICS: South Africa announces five new confirmations

February 4, 2024February 4, 2024 Constance

Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have officially confirmed their participation in the BRICS bloc after receiving invitations last year, according to South Africa’s Foreign Minister Naledi Pandor. These five nations, along with Argentina, were invited to join the bloc during a summit in August held in Johannesburg, joining the existing BRICS members—Brazil, Russia, China, India, and South Africa, Reuters reported. However, Argentina has officially declined the invitation to join the BRICS bloc, as President Javier Milei, who assumed office, reversed his predecessor’s membership bid. “With… Read More Here

Mining in Zambia Copper Economy

IMF Forecasts 4.7% Economic Growth for Zambia in 2024, Citing Mining Sector Reopenings

January 31, 2024January 31, 2024 Constance

The Country Representative of the International Monetary Fund (IMF), Eric Lautier, has projected a robust economic growth of 4.7% for Zambia in 2024, surpassing last year’s recorded growth of 4.3%. Lautier attributes this positive outlook to the anticipated reopening of production at Konkola Copper and Mopani Copper Mines. The economic trajectory is expected to receive further impetus from increased investments in Kansanshi and Sentinel Mines. Lautier shared these insights in response to inquiries from various stakeholders in Zambia. However, he highlighted that the mining sector’s low production has adversely impacted… Read More Here

Gold Economy International Mining revenue

Barrick Continues To Be a Major Value Creator for Mali

January 31, 2024January 31, 2024 Constance

Barrick Gold Corporation and its predecessor, Randgold Resources, has been a valuable partner to Mali for 27 years and, in the face of many challenges, continues to work tirelessly with the Transition Government of Mali and local stakeholders to plot a new course for the country’s mining industry and promote it as an investment destination, says president and chief executive Mark Bristow. Speaking to the media, Bristow said during this time its mines had contributed almost $10 billion to the Malian economy in the form of taxes, royalties, salaries and… Read More Here