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Category: Economy

FQM CONTRIBUTES 61% OF GOVERNMENT’S MINING INCOME IN 2021 1 Mining in Zambia Economy Mining tax 

FQM CONTRIBUTES 61% OF GOVERNMENT’S MINING INCOME IN 2021

Constance
Zambia’s largest taxpayer, First Quantum Minerals (FQM), paid ZMW 20.4 billion in taxes and royalties to Government. This record sum amounts to 61% of the total amount – nearly ZMW 34 billion – received by the Zambian State from the entire mining industry that year. These figures have been disclosed as part of the independently audited Zambia Extractive Industries Transparency Initiative (ZEITI) 2021 annual report on tax payments and receipts that have been published today 20th May.  ZEITI is the national chapter of the Extractive Industries Transparency Initiative (EITI), the… Read More Here
Zambia's Mineral Commodity Prices This Week (May 11-18, 2023) 2 Mining in Zambia Economy 

Zambia’s Mineral Commodity Prices This Week (May 11-18, 2023)

Constance
Minerals such as copper, cobalt, coal, oil, and nickel are fundamental resources that underpin numerous industries and contribute to the functioning of our modern world. Each of these minerals possesses unique properties and applications, ranging from facilitating energy production and transportation to enabling technological advancements. Understanding their significance and the challenges associated with their extraction and use is crucial for promoting sustainable development and responsible resource management. Copper is a versatile metal widely used in electrical wiring and plumbing due to its excellent conductivity and durability. Cobalt is a key… Read More Here
China-Africa trade hits $94.4B by April 2023 3 Economy 

China-Africa trade hits $94.4B by April 2023

Constance
The General Administration of Chinese Customs released data on trade between China and the African continent on May 17, 2023. According to these statistics, trade between China and Africa reached 94.4 billion dollars in the first four months of 2023, an increase of 8.9% compared to the same period in 2022. . “Between January 1 and April 30, 2023, exports from the Middle Kingdom to African countries increased by 26.9% compared to the same period of the past year to stand at 58.9 billion. dollars. Chinese imports from Africa, however, fell… Read More Here
Botswana and the DRC strengthen their Economic ties 4 Economy Mining in DRC 

Botswana and the DRC strengthen their Economic ties

Constance
Botswana and the Democratic Republic of Congo (DRC) decided on Thursday, May 11, 2023, in Gaborone, to explore trade opportunities and strengthen economic ties. It was during a Botswana-DRC business forum. This platform will now provide entrepreneurs and investors from both countries with a framework to explore business opportunities and potential partnerships. In this partnership, Botswana comes with its comparative advantages in agriculture, industry, eco-tourism, transport and finance services. Sectors that contribute enormously to the GDP of this country. Note that the Democratic Republic of Congo (DRC) also has advantages in the… Read More Here
Unleashing Africa's Resource Potential 5 Economy Mining Policy 

Unleashing Africa’s Resource Potential

Constance
According to a recent World Bank report titled “Africa’s Resource Future,” released on Friday 12th May, African countries are currently capturing only about 40 percent of the revenue they could potentially derive from their abundant natural resources. This situation is exacerbated by slow economic growth and high levels of debt. However, by adopting a better policy mix, implementing reforms, improving tax administration, and promoting good governance, these nations have the potential to more than double their revenues from minerals, oil, and gas. Full taxation of natural resources is crucial not… Read More Here
Africa’s economic growth to outpace global forecast in 2023-2024 – African Development Bank biannual report 6 International Economy 

Africa’s economic growth to outpace global forecast in 2023-2024 – African Development Bank biannual report

Copperbelt Katanga News
L-R: AfDB President Dr. Akinwumi Adesina, Niale Kaba, Minister of Planning and Development of Côte d’Ivoire, and Prof. Kevin Urama, Acting Chief Economist and Vice President at AfDB, at the Abidjan launch of the 2023 Africa’s Macroeconomic Performance and Outlook Africa is set to outperform the rest of the world in economic growth over the next two years, with real gross domestic product (GDP) averaging around 4% in 2023 and 2024. This is higher than projected global averages of 2.7% and 3.2%, the African Development Bank Group said in Africa’s Macroeconomic… Read More Here
<strong>The DRC accelerates the process of launching its development bank</strong> 7 Economy Mining in DRC 

The DRC accelerates the process of launching its development bank

arnbethnic
The Ministry of Finance has entrusted the FINACTU Group with the mission of supporting it in the operationalization of the Development Bank of the DRC. This Bank will aim to support the growth of the national economy by improving access to financing for Congolese companies and financing structuring public and private projects. It will make it possible to act on the consolidation of the role of the State in the creation of an ecosystem capable of making a real contribution to the development of the country. Founded in 1999, FINACTU – made… Read More Here
The DRC industrialization master plan amounts to 58.4 billion USD - Julien Paluku 8 Governance Economy 

The DRC industrialization master plan amounts to 58.4 billion USD – Julien Paluku

arnbethnic
The Industrialization Master Plan for the Democratic Republic of Congo amounts to 58.4 billion US dollars (USD). This was stated by the Congolese Minister of Industry, Julien Paluku, on Wednesday, December 7, 2022, in the various panels and “B2B” of the 4th German-African Business Summit in Johannesburg, South Africa (RSA). In front of the German Vice-Chancellor, the Ministers of Economy, Trade and Climate as well as the management staff of the German Chamber of Commerce and Industry headed by Peter Adrian,investors the different opportunities that offers the DRC in various fields… Read More Here
ZCCM-IH Shareholders in K85.2 million Dividend Payout 9 Economy Mining in Zambia 

ZCCM-IH Shareholders in K85.2 million Dividend Payout

arnbethnic
09th December 2022, Lusaka, Zambia: Shareholders of ZCCM Investments Holdings Plc (ZCCM-IH) have approved an K85.3 million dividend at K0.53 per share during the 18th Annual General Meeting held today virtually.  This follows a Group profit of K2.1 billion (compared to K307 million in 2019)and a Company profit of K568 million (compared to K153 million in 2019) recorded for the 2020 financial year end. This represents 594% and 271% increase in profits compared to the previous year respectively.  At the ZCCM-IH Group level, the recorded profit was  on account  of:… Read More Here
Moody's has raised the rating of the DRC 10 Economy Governance 

Moody’s has raised the rating of the DRC

arnbethnic
The financial rating agency Moody’s Investors Service on Friday raised the DRC’s rating from Caa1 to B3, outlook stable. The decision explains, the agency, is explained by the strengthening of the economic and budgetary prospects of the country favored by the institutional improvements supported by the program of the International Monetary Fund since July 2021. To this is added the good health of foreign exchange reserves. . “At the same time, the national ceilings in local currency (LC) and in foreign currency (FC) of the DRC have been raised to B2… Read More Here

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