Economy - Copperbelt Katanga Mining

DRC Reports Strong H1 2023 Gold Exports at $677.3 Million

October 26, 2023October 26, 2023 Constance

The Democratic Republic of Congo (DRC) exported 15 tonnes of gold during the first six (6) months of the current year (2023) to international markets.According to the report of the Technical Cell of Coordination and Mining Planning of the Ministry of Mines, this volume of export of Congolese raw gold generated revenues of around 677.3 million US dollars during the first half of 2023. Indeed, the Kibali Gold company exported more than 13 tonnes of gold estimated at 556.1 million US dollars. On the other hand, the MCCR company only… Read More Here

Mining in Zambia Economy News in Brief

Tanzanian President Commends Zambia’s Economic Progress

October 25, 2023October 25, 2023 Constance

Tanzanian President Samia Suluhu Hassan has praised Zambia for its significant economic advancements achieved in the past two years under President Hakainde Hichilema’s leadership. President Samia emphasized the need for both countries to strengthen their diplomatic, business, and people-to-people relationships for mutual benefits. During a State banquet ahead of Zambia’s 59th Independence Day, President Samia highlighted the positive impact of shared economic corridors on fostering closer relations and business connections between the two nations. President Hichilema reaffirmed Zambia’s commitment to enhancing the partnership with Tanzania and continuing the legacy of… Read More Here

International Economy

Zimbabwe Plans to Replace US Dollar by 2025, but Scepticism Abounds

October 20, 2023October 20, 2023 Constance

Zimbabwe’s largest independent asset manager predicts that the US dollar will continue to be the dominant currency in the country, even beyond the government’s December 2025 deadline to phase it out of the economy. Imara Asset Management, responsible for managing assets exceeding $100 million, noted that the dollarization of Zimbabwe’s economy is gaining momentum. This trend has been expedited due to government measures taken in July to limit the availability of the local currency in order to maintain its value. Statistics from the national statistics agency reveal that 80% of… Read More Here

Mining in DRC Economy

Sama Lukonde Urges Kazadi to Expedite National Development Bank Creation

October 18, 2023October 18, 2023 Constance

During the 115th ordinary meeting of the Council of Ministers, Prime Minister Jean-Michel Sama Lukonde confirmed the commitment of the Government of the Republic to reduce its dependence on the mining sector by favoring the diversification of economic activities. The objective is to fully exploit the country’s potential in terms of energy, forestry, agriculture and the environment. In addition to the importance given to the development of infrastructure, tourism, improvement of the supply of drinking water and electricity, the government considers the agricultural sector as the cornerstone of this diversification. This… Read More Here

Mining in DRC Economy Gold

Primera Gold DRC SA Exports 125.542 kg of Gold to the UAE

October 18, 2023October 18, 2023 Constance

Primera Gold DRC SA exported 125,542 kg of gold last weekend to the United Arab Emirates. According to the tweet from the communications manager of this state portfolio company, Ms. Gisèle Kayembe, who shared this information on her page month of October, Gold from artisanal mining. Note that before the arrival of Primera Gold DRC SA, the province of South Kivu exported an average of 25 kg per year of gold from artisanal mining, for an amount equivalent to 1.5 million USD. And the entire DRC, an average of 100… Read More Here

Mining in Zambia Economy Transport and Logistics

Zambia’s Transport Minister Encourages Railway Expansion for Economic Growth

October 16, 2023October 16, 2023 Constance

Transport and Logistics Minister, Frank Tayali, has urged Emmanuel Hachipuka, the Chairperson of Zambia Railways Limited’s Board, to spearhead the expansion of the rail network to cover all provinces. Minister Tayali believes that an extended rail network offers a more cost-effective transportation solution that can significantly contribute to the country’s economic development. Minister Tayali made these remarks during a courtesy visit by Mr. Hachipuka and his team in Lusaka last week. He stressed the importance of reorganizing the current acting team at Zambia Railways and promptly filling vacancies to ensure… Read More Here

Mining in Zambia Economy

Zambia Nears MoU Signing for Debt Restructuring with Official Creditors

October 13, 2023October 13, 2023 Constance

Zambia is on the verge of finalizing a crucial Memorandum of Understanding (MoU) regarding its debt restructuring with official creditors. Situmbeko Musokotwane, the Finance Minister, shared this development while speaking with Reuters in Marrakech, Morocco, and expressed optimism about securing the next tranche of funding from the International Monetary Fund (IMF). Dr. Musokotwane informed reporters during a panel discussion that the MoU is anticipated to be signed within the upcoming week, as negotiations with the involved parties are reaching their conclusion. In June, Zambia successfully negotiated a debt restructuring agreement… Read More Here

Gold Economy International

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