Economy - Copperbelt Katanga Mining

Zimbabwe Launches Gold-Backed ZiG Tokens to Combat Re-Dollarization Threat

October 11, 2023October 11, 2023 Constance

Zimbabwe has launched a new gold-backed digital currency to halt re-dollarization, which the administration of President Emmerson Mnangagwa worries could destroy the nation’s already precarious economy. The digital tokens, also known as Zimbabwe Gold (ZiG), which are primarily measured in milligrams, may be used for transactions by both private persons and businesses, according to the nation’s central bank. In addition to being priced in US dollars and local currency, they may be purchased via banks in ZiG. Bank customers may use their ZiG accounts to make purchases through point-of-sale terminals… Read More Here

International Economy

UAE Economy Sees 4-Year High in Business Demand Among BRICS

October 5, 2023October 5, 2023 Constance

Following its inclusion in the BRICS alliance, the United Arab Emirates’ (UAE) economic strength has led to its non-oil business demand reaching a 4-year high. Indeed, the country has noted an immense increase in its overall business operations, reflected in new orders. The S&P Purchasing Managers Index has shown the nation’s PMI to reach 56.7 for September. Moreover, that figure has increased compared to the 55 PMi that was tracked in August. The increase has been attributed to the overall economic health and pricing that the country has noted. The BRICS economic… Read More Here

Mining in DRC Economy

DRC Prime Minister and Chinese Economic Council VP Foster Cooperation

September 28, 2023September 28, 2023 Constance

The Prime Minister of the Democratic Republic of Congo (DRC), Jean-Michel Sama Lukonde, welcomed a delegation from China led by Shang Fulin, the Vice-President of China’s Economic and Social Council. This visit, part of Shang Fulin’s participation in the General Assembly of the Union of Economic and Social Councils of Africa (UCESA), underscores the growing partnership between the two nations. Following discussions, Shang Fulin expressed the delegation’s commitment to enhancing Sino-Congolese friendship and cooperation. He highlighted the fruitful exchange of ideas and the consensus reached during their meeting. The focus… Read More Here

Copper Economy Mining in Zambia

China’s CNMC Announces $1.3 Billion Investment in Zambia Across Diverse Sectors

September 27, 2023September 27, 2023 Constance

China Non-Ferrous Metals Mining Group Company (CNMC) has unveiled plans to inject an additional $1.3 billion into Zambia over the next five years, spanning multiple economic sectors. CNMC Chairman, Xi Zheng Ping, detailed the allocation of these investments, emphasizing their commitment to Zambia’s growth. By the end of 2025, CNMC aims to have contributed $650 million to the country’s economy. The substantial investment portfolio includes a $400 million commitment to the Chambeshi copper mine project and $600 million earmarked for the reopening of the number 28 shafts at the Luanshya… Read More Here

Mining in DRC Economy

Tenke Fungurume Mining’s Role in Unlocking DRC’s Economic Potential

September 26, 2023September 26, 2023 Constance

Business leaders and economic operators from the Democratic Republic of Congo (DRC) recently convened at the Katanga Business Meeting forum in Kolwezi from September 11 to 12, focusing on “Unlocking the economic potential of the DRC for sustainable and equitable growth.” Tenke Fungurume Mining (TFM) played a significant role in this event, participating in high-level panels and showcasing its commitment through an impressive exhibition stand. The two-day forum explored various topics aimed at harnessing the DRC’s economic potential, with a particular emphasis on mining as a driver of the country’s… Read More Here

Mining in DRC Economy

DRC Prime Minister presents 2024 Budget of 40.5 Trillion CDF to National Assembly

September 19, 2023September 19, 2023 Constance

On Friday, September 15, 2023, Congolese Prime Minister Jean-Michel Sama Lukonde presented the 2024 Draft Finance Law to the National Assembly, with an estimated budget of 40,463 billion Congolese Francs (CDF). This represents a 24.7% increase compared to the 2023 budget, which was estimated at 32,457 billion CDF. Since taking office in the Republic’s government under President Félix Tshisekedi’s leadership, Prime Minister Sama Lukonde has consistently adhered to the culture of excellence. This includes complying with Article 126, paragraph 3 of the DRC Constitution, which requires the submission of the… Read More Here

Mining in DRC Artisanal mining Economy

DRC’s Prime Minister Emphasizes Need for Gold Traceability Measures

September 15, 2023September 15, 2023 Constance

The Prime Minister of the Congolese Government, Jean-Michel Sama Lukonde, insisted on the establishment of gold traceability mechanisms to put an end to illicit trafficking. He spoke on Tuesday, September 12, 2023, in Kinshasa, at the opening of the ICGLR Regional Forum on artisanal gold mining. “The traceability of gold has thus become a crucial issue in the region, leading many countries and national and international organizations to engage in the establishment of traceability mechanisms for gold from the Great Lakes. This will make it possible to eliminate harmful practices… Read More Here

Economy International

The African Union to Establish Its Own Credit Rating Agency by 2024

September 15, 2023September 15, 2023 Constance

The African Union aspires to create its own financial rating agency with the ultimate objective of responding to the major concerns of African countries after several sometimes arbitrary evaluations of the three international financial rating agencies, in this case: Moody’s, Fitch and S&P Global Ratings. The announcement was made on Tuesday September 12, 2023 by the main expert on financial rating agencies at the African Union, Misheck Mutize, quoted by the Reuters agency. “The agency, which will develop its own risk assessment of loans to African countries, will be based… Read More Here

International Economy

Botswana Aims to Expand and Diversify Its Mining Economy

September 6, 2023September 6, 2023 Constance

Botswana is looking to diversify its commodity portfolio, President Mokgweetsi Masisi said in Perth on Wednesday. Speaking on the first day of the Paydirt Africa Downunder conference, Masisi said that in order to diversify the country’s mineral portfolio, the government has embarked on a number of projects to identify the potential for mineral resources and to digitise and make geoscience information readily available to private investors in an effort to encourage prospecting. The Botswana Geoscience Institute (BGI) has been tasked with an aggressive systematic exploration programme to raise the current programme of prospectivity… Read More Here

Mining in DRC Artisanal mining Economy Gold

Nicolas Kazadi: DRC’s Artisanal Gold Export Tax Cut to 0.5% “Necessary”

August 30, 2023August 30, 2023 Constance

Since the close of 2022, the Democratic Republic of Congo (DRC) has witnessed a decrease in the tax rate for the export of artisanal gold, dropping from 1.5% to 0.5%. According to the arguments put forward by the Congolese Minister of Finance, Nicolas Kazadi, during the press briefing on Monday August 28, 2023, this measure was necessary in the context of non-competitive or even confiscatory taxation. “At the end of 2021, during the preparation of the 2022 budget, the Government of the Republic had taken the initiative to request that… Read More Here