Economy - Copperbelt Katanga Mining

Top 10 richest mineral-producing countries in Africa

May 26, 2023May 26, 2023 Constance

Africa is home to vast and abundant reserves of natural resources, with resources ranging from black gold popularly known as oil to large reserves of cobalt, found all across the mineral-rich lands of the Congo. Africa is home to nearly all valuable minerals that are essential to generating wealth, producing commodities, and advancing technology. Several African nations have prospered because of their mineral resources, some more so than others. Africa is home to approximately 30% of the world’s entire mineral reserves. While some countries rely on oil, some are rich… Read More Here

DRC seeks increased stakes in Cobalt and Copper ventures with Chinese corporations

May 26, 2023May 26, 2023 Constance

The Democratic Republic of the Congo plans to increase its interest in a cobalt and copper joint venture with Chinese corporations from 32% to 70%, citing worries that the pact hands away too much of Congo’s resources for little value to the country. Congo claims that the asymmetrical agreement gives it little influence over the venture’s activities since its resources and earnings leave the nation. In March President Felix Tshisekedi established an ad hoc panel to harmonize the negotiation positions of the Congolese institutions in charge of overseeing the deal’s… Read More Here

Mining in DRC Economy

DRC and China Set to Revive Mutual Cooperation with New Framework Agreement

May 24, 2023May 24, 2023 Constance

The Democratic Republic of Congo and China are preparing to conclude a new framework agreement with a view to relaunching their mutual cooperation. This shift in relations between the two States will be materialized through the signing ceremony of the new so-called “non-exclusive” partnership scheduled for Friday, May 26, 2023 at the People’s Palace in Beijing, China. The two Chinese presidents Xi Jiping and Congolese Félix Tshisekedi will put their signatures at the bottom of this precious document which will mark the advent of a new era in cooperation between… Read More Here

Mining in DRC Cobalt Copper Economy Zinc

copper, cobalt, zinc and tin prices red in DRC this week

May 24, 2023May 24, 2023 Constance

The economy of the Democratic Republic of Congo (DRC) is expected to suffer a shock from the drop in the projected price of four mining products on international markets. These are mainly copper, cobalt, zinc and tin. According to projections by the National Commission for Market Prices, copper is expected to fall to USD 8,208.20 this week from USD 8,512.65 a week earlier, down around USD 304.45. Cobalt is expected to trade at USD 34,240.00 this week versus USD 34,246.00 last week, the same source notes. Zinc and tin are also… Read More Here

Mining in DRC Economy

China and the DRC set to sign a $6 Billion infrastructure-for-minerals agreement

May 24, 2023May 24, 2023 Constance

Felix Tshisekedi, the President of the Democratic Republic of the Congo, is visiting China from today, May 24th, to May 29th. He is scheduled to meet with President Xi Jinping to discuss and sign a number of significant economic agreements. The meeting will allow the two nations to formally revise and sign a $6 billion infrastructure-for-minerals agreement with Chinese investors. The Chinese foreign ministry confirmed the trip on Monday 22nd May. The president informed the cabinet that a task committee reviewing the agreement had turned in its findings, allowing talks… Read More Here

Mining in DRC Economy

DRC falls out with the World Bank at the cost of $1 billion

May 23, 2023May 23, 2023 Constance

The World Bank has halted funding for more than $1 billion in humanitarian and development projects in the Democratic Republic of Congo after the government abruptly liquidated the project fund. As part of the $1.04 billion total, $91 million had already been granted for the projects, according to the letter, but the bank was still awaiting paperwork on their progress. According to his statement, the change was attributed to “the evolving legal framework governing public institutions.” Albert Zeufack, the head of operations for the World Bank in the country, mentioned… Read More Here

Mining in DRC Economy Taxes

DRC’s President Urges Stronger Tax Control to Boost Revenue

May 22, 2023May 22, 2023 Constance

During the ninety-ninth meeting of the Council of Ministers held on Friday, May 19, 2023 in Kinshasa, the President of the Democratic Republic of Congo (DRC), Félix Tshisekedi, instructed the Congolese Government to strengthen tax control, with assistance from the General Inspectorate of Finance (IGF), to increase public revenue during this fiscal year. President Tshisekedi has asked all members of the Government to spare no effort to take the necessary measures likely to increase revenue mobilization for the current financial year. According to information from the Minister of Communication and… Read More Here

Mining in Zambia Copper Economy

Mining Expert Urges President HH to Prioritize Revamping Mopani and KCM

May 22, 2023May 22, 2023 Constance

Stakeholders in Zambia’s mining sector have expressed disappointment with President Hakainde Hichilema’s recent press briefing, stating that it lacked substantial updates on Mopani Copper Mines (MCM), Konkola Copper Mines (KCM), and the overall mining sector. A mining expert emphasizes the need for focused attention on Mopani and KCM, highlighting their significance in the country’s economic recovery. During the press briefing at state house, President Hichilema acknowledges that the government has yet to resolve the issues surrounding Mopani and KCM but assures that actions are being taken to address the situation.… Read More Here

Economy Mining in Zambia Transport and Logistics

US Investment Drives Economic Growth in Lobito Corridor Rail Line

May 22, 2023May 22, 2023 Constance

The United States of America’s investment in the Lobito Corridor rail line has received accolades from Hon. Museba Frank Tayali, the Minister of Transport and Logistics in Zambia. The announcement was made by President Joe Biden during the Partnership for Global Infrastructure and Investment (PGII) Meeting held in Hiroshima, Japan. President Biden unveiled that the United States has already mobilized over $30 billion in investments and is committed to furthering its efforts. This declaration has been warmly welcomed by the Zambian government, particularly the New Dawn Administration, as it aligns… Read More Here

Mining in Zambia Economy News in Brief

China Commits to Finding Better Solution for Zambia’s Debt Issues

May 20, 2023May 20, 2023 Constance

China’s foreign ministry expressed its commitment to addressing Zambia’s debt issues, emphasizing its longstanding dedication to the matter. Wang Wenbin, spokesperson for the ministry, confirmed during a routine press briefing that China will collaborate with Zambia in finding an improved solution. The statement comes in response to Zambian President Hakainde Hichilema’s expressed desire to meet with President Xi Jinping, seeking assistance in restructuring Zambia’s debt. Read More Here