Economy - Copperbelt Katanga Mining

Local First Policy Drives Barrick’s Procurement Practices

July 2, 2023July 2, 2023 Constance

The Lumwana copper mine has purchased approximately $4.3 billion in goods and services from Zambian registered businesses since it went into production, in line with Barrick Gold Corporation’s (NYSE:GOLD)(TSX:ABX) local procurement and economic development practices. President and chief executive Mark Bristow said Lumwana’s local procurement expenditure in 2022 was $432 million, out of a total of $520 million, which represents 83% of the mine’s total procurement spend. Since 2019, when Barrick was reconstituted following its merger with Randgold Resources, local expenditure has increased year on year. Additionally, all Lumwana’s copper… Read More Here

Mining in Zambia Economy Events & Expos Mining tax

Promoting Equitable Taxation: Balancing Investments and Social Benefits in Zambia

June 27, 2023June 28, 2023 Constance

Finance and National Planning Minister, Situmbeko Musokotwane, emphasizes the importance of establishing a balanced approach to promote investments and create an equitable taxation framework that benefits both the industry and societies. Dr. Musokotwane states that the government’s primary focus is on encouraging sustainable mining practices, attracting further investments, and ensuring the fair distribution of benefits from the industry among the population. Speaking at the global conference on the Future of Resource Taxation in Lusaka, Dr. Musokotwane highlights the integral role of mining in the global economy, shaping nations, driving economic… Read More Here

Mining in DRC Economy

The Transformative Benefits of Mining in the Democratic Republic of Congo

June 25, 2023June 25, 2023 Constance

The Democratic Republic of Congo (DRC) is a country blessed with an abundance of mineral resources, making it one of the most geologically rich nations on the African continent. While the mining industry in the DRC has faced significant challenges in the past, it is essential to recognize the potential benefits that mining can bring to the country’s development. This article explores the transformative advantages that mining offers to the DRC, encompassing economic growth, job creation, infrastructure development, and technological advancements. Mining plays a pivotal role in driving economic growth… Read More Here

Mining in DRC Economy

DRC’s Inflation Rate Hits 9.2% as of June 16, 2023

June 23, 2023June 23, 2023 Constance

As of June 16, 2023, the inflation rate had reached 9.2% year-to-date, mainly reflecting the rise in food prices due in part to that of imports. This is the observation made by the Monetary Policy Committee (CPM) at the end of a meeting held on Monday, June 19, 2023, under the leadership of Mrs. Kabedi Malangu, Governor of the Central Bank of Congo (BCC). According to the same source, the inflation rate should reach 11.5% in December 2023. However, this outlook is down from 13.1% in 2022. It should be… Read More Here

Mining in Zambia Economy

Zambia Makes Breakthrough in Debt Restructuring Agreement with Bilateral Lenders

June 22, 2023June 22, 2023 Constance

In a significant stride towards resolving its financial challenges, Zambia has achieved a remarkable breakthrough by reaching an agreement in principle to restructure a substantial $6.3 billion debt with bilateral lenders. A French official has confirmed that the much-anticipated deal will be officially announced on Thursday June 22, marking a pivotal moment for countries facing difficulties in servicing their liabilities. This groundbreaking agreement sets an inspiring precedent as the first major relief obtained by a developing nation under the Group of 20 (G20) nation’s Common Framework. While specific details are… Read More Here

Mining in Zambia Economy

Zambia’s Beneficial Ownership Law: Towards Mining Sector Transparency

June 22, 2023June 25, 2023 Constance

Zambia’s mining sector serves as a critical pillar of its economy, offering immense potential for growth and development. However, the sector has been plagued by challenges such as opacity, corruption, and illicit financial flows. Recognizing the need for enhanced transparency and accountability as a strategy towards increasing chances of curbing illicit financial flows, Zambia through the Companies Act of 2017 introduced beneficial ownership requirements for all companies registered in Zambia through the creation of a centralized and public beneficial ownership register at the Patents and Companies Registration Agency (PACRA). In… Read More Here

Mining in Zambia Economy

Unveiling the Hidden Wealth: The Benefits of Mining in Zambia

June 22, 2023June 22, 2023 Constance

Zambia, a country blessed with abundant natural resources, has emerged as a significant player in the global mining industry. With its vast mineral reserves and favorable investment climate, the mining sector in Zambia has become a vital pillar of the nation’s economy. In this article, we explore the multifaceted benefits of mining in Zambia, shedding light on how it contributes to economic growth, employment opportunities, infrastructure development, and social welfare. Economic Growth and Foreign Investment:Mining plays a pivotal role in driving economic growth in Zambia. The sector contributes a substantial… Read More Here

Mining in DRC Cobalt Economy

Cobalt Plunges to New Lows in DRC’s Mining Sector

June 17, 2023June 17, 2023 Constance

While the general trend of the main mining export products of the Democratic Republic of the Congo is on the rise, cobalt continues its descent into hell during this week from June 12 to 17, 2023, according to Commission projections. National Mercuriales of the Ministry of Foreign Trade. Cobalt therefore maintains its downward trend this week at 28,838 USD per tonne against 29,239 USD per tonne last week, i.e. a negative price difference of 401 USD. Copper is up this week at 8,294.65 USD per tonne against 8,044.30 USD per… Read More Here

Gold Economy International

Discover the Wealth: Unveiling Africa’s Top 10 Nations with Vast Gold Reserves

June 11, 2023June 11, 2023 Constance

African Countries Bolster Gold Reserves Amid Global Uncertainty. In recent years, African countries have taken significant steps to strengthen their gold reserves, positioning themselves favourably amidst global economic uncertainty. As geopolitical tensions and inflation concerns persist, the allure of gold as a safe-haven asset has intensified. Let’s explore the top 10 African countries with the largest gold holdings in 2023. Topping the list is Algeria, boasting the largest gold reserves on the continent, with a robust holding of 174 metric tons. South Africa closely follows, with official gold reserves reaching… Read More Here

Economy

World Bank Supports Angolan MSMEs via $300M Project

June 8, 2023June 8, 2023 Constance

The World Bank has officially launched its Accelerating Economic Diversification and Job Creation Project in Angola, an initiative that creates opportunities for micro, small and medium enterprises (MSME) across various strategic areas of the economy. Comprising a $300 million capital injection that aims to promote economic diversification and private sector investment, the project is expected to advance the participation of local entrepreneurs and businesses in the Lobito Corridor by facilitating private investment and climate-resilient growth. The Lobito Corridor is a strategic trade route that crosses Angola, connecting the mining areas of Katanga… Read More Here