Economy - Copperbelt Katanga Mining

IMF Disburses US$187 Million to Zambia, Praises Economic Resilience 1

The International Monetary Fund (IMF) has allocated a substantial disbursement of US$187 million to Zambia, marking a pivotal milestone following the completion of the second review under the Extended Credit Facility (ECF). This recent disbursement elevates the total funds extended to Zambia by the IMF to a significant US$561 million. Earlier in July of the current year, Zambia received an approximate sum of $188 million, contributing to this cumulative amount. These disbursements align with the envisaged US$1.3 billion under the 38-month Extended Credit Facility (ECF), initially sanctioned in August 2021.… Read More Here

DRC Initiates Central Bank Recapitalization to Strengthen Financial Independence

December 1, 2023December 1, 2023 Constance

The Democratic Republic of Congo (DRC) government has initiated a two-year process, from 2024 to 2025, to recapitalize the Central Bank, aiming to elevate its capital to 213 billion FC in compliance with existing legislation. This endeavor seeks to strengthen the institution’s financial autonomy. Finance Minister Nicolas Kazadi revealed on Tuesday that despite the DRC holding approximately 30% of global reserves, its central bank currently lacks monetary gold. He highlighted an ongoing plan to address this deficiency. While the gold standard system has ceased, gold retains its stature as a… Read More Here

Mining in DRC Cobalt Copper Economy

DRC’s Cobalt Prices Plunge Despite Global Supply Dominance

December 1, 2023December 1, 2023 Constance

The Democratic Republic of Congo (DRC), renowned for supplying 70% of the world’s cobalt, confronts a significant downturn in cobalt prices. Finance Minister Nicolas Kazadi highlighted the staggering drop in cobalt prices from $81,000 to $31,000 per tonne within a year, expressing deep concerns about this drastic plunge. As of November 23, 2023, copper prices surged by 2.27% to $8,306.35 per tonne. In contrast, cobalt prices experienced a slight 0.03% decline, reaching $32,737.31 per tonne, according to the Central Bank of Congo (BCC). Minister Kazadi stressed the challenge the DRC… Read More Here

Mining in DRC Cobalt Copper Economy

2022 Sees Dramatic Surge in DRC Exports Fueled by Mining and Hydrocarbons

November 27, 2023November 27, 2023 Constance

In 2022, Congo witnessed a substantial surge in exports, marking a notable 29.3% increase, primarily fueled by the external sales of mining and hydrocarbon products. According to the Central Bank of Congo’s 2022 Monetary Policy report, exports soared to $28.68 billion, surpassing imports totaling around $26.70 billion. Mining and hydrocarbon exports dominated the landscape, accounting for a staggering 99.4% of the total exports. This surge was largely attributed to the significant uptick in copper and cobalt export volumes, recording respective increases of 40.1% and 23.9%. These increases were propelled by… Read More Here

Economy Mining in Zambia

IMF Staff Reach Agreement for Second Review of Zambia Facility, Unlocks $184 Million

November 22, 2023November 22, 2023 Constance

The International Monetary Fund has reached a staff-level agreement with Zambia on the second review of its Extended Credit Facility, unlocking another $184 million upon IMF board approval, the Fund said on Monday November 20th. The IMF’s mission chief for Zambia added in a statement that the Fund welcomed Zambia’s memorandum of understanding with its official creditors and ongoing discussions with private creditors to reach an agreement on debt restructuring. She said Zambia may need to further tighten monetary policy to contain inflationary pressures and that building reserves would enhance… Read More Here

Mining in DRC Economy Mining Policy

Transfers of 10 million USD from SMICO to Gecamines, Guy Robert Lukama finally interviewed by IGF inspectors

November 19, 2023November 19, 2023 arnbethnic1 Comment

Finally, the beginning of definitive highlighting of the file on the transfers of 10 million USD from SMICO to more than twenty agents, senior executives and consultants of Gécamines, began this Friday, November 10 in Kinshasa with the hearing of the PCA of Gécamines, Guy-Robert Lukama, by IGF inspectors. Indeed, after several days of resistance, Guy-Robert Lukama finally gave in and responded to the invitation of the IGF (General Inspectorate of Finance). He was heard from 1 p.m. until late in the night of this Friday, November 10 to elucidate the… Read More Here

Mining in DRC Economy

Félix Tshisekedi is pleased with the growth rate, which has increased from 1.7% to 6.2% in 3 years.

November 19, 2023November 19, 2023 arnbethnic

In his latest State of the Nation address before entering the electoral campaign, the President of the Democratic Republic of Congo (DRC), Félix Tshisekedi, revisited the seven (7) strategies implemented during his first five-year term for good economic governance on Tuesday, November 14, 2023. In front of assembled deputies and senators at the Palace of the People, President Félix Tshisekedi did not miss the opportunity to acknowledge the progress made on the economic front. In his presentation, the Congolese Head of State went sector by sector. Primary Sector Here, Félix… Read More Here

Mining in DRC Economy Governance

DRC Finance Minister, Unveils Proposal for the Strategic Investment Fund to the Government

November 14, 2023November 14, 2023 Constance

Nicolas Kazadi, the Minister of Finance, presented a proposal to establish the Strategic Investment Fund of the Democratic Republic of Congo to the Council on Friday, November 9, 2023. According to the 119th meeting of the Council of Ministers, the fund’s primary focus will be on managing and optimizing specific real estate assets, including the Financial Center and the Congress Center. The fund aims to act as a reliable partner for investors, co-investing in various strategic projects based on potential opportunities. The proposed legal structure for the fund is a… Read More Here

Mining in Zambia Economy

China calls on Zambia’s creditors to share a “fair burden” in the country’s debt restructuring

November 13, 2023November 13, 2023 Constance

China has urged Zambia’s additional creditors to bear a “fair burden” in the nation’s debt restructuring efforts. This comes as the International Monetary Fund (IMF) and official creditors, including Beijing, have expressed reservations about a deal Zambia made with overseas bondholders. Talks between Zambia and a bondholder committee are ongoing, with the country’s finance ministry confirming the discussions on Friday. Doubts have been raised by the official creditor committee, co-chaired by China and France, along with the International Monetary Fund over the past several days. No specific details were provided… Read More Here

Mining in Zambia Economy

Zambia’s Central Bank to Raise Minimum Mandatory Currency Reserves

November 6, 2023November 6, 2023 Constance

Zambia’s central bank has announced its intention to increase the minimum mandatory reserves of both local and foreign currency deposits that commercial banks are required to maintain with the state institution starting next week to counteract the devaluation of the local kwacha currency. The apex bank stated in a circular that it will raise the statutory reserve ratio for deposits in both local and foreign currencies by 3 percentage points to 14.5%, effective from November 13. This action is intended to alleviate ongoing pressure on the foreign exchange market and… Read More Here