Economy - Copperbelt Katanga Mining

Zambia's Kwacha Emerges as Top-Performing African Currency Amid Aggressive Monetary Policy 1

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

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

Oil & Gas Economy Mining in Uganda

Uganda Harnesses Oil and Gas Resources for Economic Transformation

January 31, 2024January 31, 2024 Constance

Uganda is strategically positioning itself for economic growth by tapping into its rich oil and gas resources while simultaneously embracing a sustainable energy transition plan, as revealed by the Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu. The ambitious 25-year plan anticipates a substantial economic boost, with $8.6 billion injected into Uganda’s GDP by 2025, fueled by revenues from oil and gas production. The “last in, last out” approach discussed at the 28th UN Climate Change Conference enables developing nations like Uganda to leverage their resources. This approach aligns… Read More Here

Economy International

Secretary of State Blinken Discusses Lobito Corridor in Luanda

January 30, 2024January 30, 2024 Constance

Secretary of State, Anthony Blinken, visited Angola on January 24 and 25th of 2024 to further discuss and develop the numerous bilateral agreements made during the 2023 US-Africa Leaders summit in Washington, DC. At a news conference in Luanda with his Angolan counterpart, Foreign Minister Tete Antonio, Blinken mentioned the Lobito Corridor: “I had a chance today to see some of the dramatic progress that’s already been made in building out this corridor. It is moving faster and further I think that we might have imagined.” According to the official press… Read More Here

International Economy Transport and Logistics

U.S. Secretary of State Travels to Africa on Four-Nation Tour

January 22, 2024January 22, 2024 Constance

U.S. Secretary of State Antony Blinken has undertaken a four-nation tour of Africa to boost infrastructure investment and trade with the continent.During the tour, Blinken will visit Cape Verde, Côte d’Ivoire, Nigeria, and Angola. The six-day tour, which began on 21 January in Cape Verde, will focus on regional security, conflict prevention, democracy promotion, and trade, with particular emphasis being placed on the U.S.’s strategic partnership with Angola. Blinken is expected to expand on the Biden Administration’s partnership with Angola in the areas of economic investment, food security, health and… Read More Here