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Category: Economy

US Govt Commits to Assisting Zambia's Copper Production for Economic Growth 1 Economy Copper Mining in Zambia 

US Govt Commits to Assisting Zambia’s Copper Production for Economic Growth

Constance
The United States government has reaffirmed its commitment to supporting Zambia in its pursuit of expanding copper production to reach an annual target of 3 million tonnes. Helaina Matza, the US Deputy Special Presidential Coordinator for Global Infrastructure and Energy, emphasized the need for intensified exploration efforts to achieve this ambitious goal during her recent visit to the country. Matza expressed the importance of exploring additional power connections and conducting further exploration activities to bolster Zambia’s copper production capacity. She acknowledged the promising signs observed during her visit to the… Read More Here
Zambia's Ambition to Triple Copper Production remains Uncertain 2 Copper Economy Mining in Zambia 

Zambia’s Ambition to Triple Copper Production remains Uncertain

Constance
Zambia, known for its copper reserves, has set an ambitious target to increase copper production from its current level of 830,000 metric tons to 3,000,000 metric tons within the next decade. However, achieving this target remains uncertain due to the lack of stringent measures being taken to reach it. The Association of Zambian Mineral Exploration Companies (AZMEC) acknowledges that the 3 million metric ton production target is achievable by 2031. However, the association is not aware of any exploration projects currently at an advanced stage that could contribute to production… Read More Here
Zambia's Refined Copper Exports Experience Decrease in April 2023 3 Mining in Zambia Copper Economy 

Zambia’s Refined Copper Exports Experience Decrease in April 2023

Constance
The export earnings from refined copper in Zambia witnessed a significant decline in April 2023, with a 10 percent decrease from K11.0 billion in March 2023 to K9.9 billion. This decline reflects the challenges faced in the mining sector, impacting copper production and subsequent revenue generation. According to official statistics, the volume of copper exports during April 2023 also experienced a decline of 7.6 percent, reaching 57.6 thousand metric tons (MT), down from 62.3 thousand MT recorded in March 2023. Furthermore, when comparing the export volumes of refined copper between… Read More Here
Zinc is trading at USD 2,614.45 per tonne this week in DRC 4 Mining in DRC Economy Zinc 

Zinc is trading at USD 2,614.45 per tonne this week in DRC

Constance
Of all the mining products exported from the Democratic Republic of Congo (DRC), only zinc is expected to experience a slight price increase this week on world markets. According to forecasts from the National Mercurial Commission of the Ministry of Foreign Trade, which covers the period from May 29 to June 3, 2023, zinc is expected to trade at 2,614.45 USD per ton this week against 2,520.30 USD per tonne last week, representing a slight price increase of around 94.15 USD. The same document from the Ministry of Foreign Trade… Read More Here
Ghana's Collateralized Loans from China Jeopardize Energy Sales and Mineral Resource Earnings 5 International Economy 

Ghana’s Collateralized Loans from China Jeopardize Energy Sales and Mineral Resource Earnings

Constance
The International Monetary Fund (IMF) has provided information regarding how Ghana’s four collateralized loans from China have put the government at risk of losing future energy sales as well as a portion of the earnings from its mineral resources. Since the year 2000, Ghana has relied on Chinese loans as a consistent source of finance for large-scale projects. Accra has accumulated close to $5 billion from at least 41 Chinese loans over the course of two decades. With a current external debt portfolio surpassing $30 billion, Ghana is presently debt-trapped… Read More Here
Bank of Zambia Increases Monetary Policy Rate Amid Inflationary Pressure 6 Economy Mining in Zambia 

Bank of Zambia Increases Monetary Policy Rate Amid Inflationary Pressure

Constance
The Bank of Zambia (BOZ) has decided to raise the Monetary Policy Rate (MPR) by 0.25% (25 basis points) from 9.25 percent to 9.50 percent. This move aims to address the persistently high inflation and maintain macroeconomic stability in the country. During the Monetary Policy Committee Announcement, Bank of Zambia Governor Dr. Denny Kalyalya explained that the decision to increase the MPR was driven by the projection that inflation would continue to exceed the target range of 6-8 percent in the foreseeable future. While inflation marginally declined in Q1 2023,… Read More Here
Presidents Xi Jinping and Félix Tshisekedi sign 4 MoUs during China state visit 7 Mining in DRC Economy 

Presidents Xi Jinping and Félix Tshisekedi sign 4 MoUs during China state visit

Constance
The President of the Democratic Republic of Congo, Félix-Antoine Tshisekedi, was welcomed with all the honors, this Friday, May 27, 2023, on the esplanade of the Great Palace of the People of Beijing by his host, President Xi Jinping of the Republic popular in China. National anthems, 21 cannon shots, fanfare, military parade and children’s greetings, everything was put in place to make this sumptuous welcome worthy of the exceptional quality of bilateral relations between Congo and China. The two Presidents had profound words to describe the state of good… Read More Here
Top 10 richest mineral-producing countries in Africa 8 Economy 

Top 10 richest mineral-producing countries in Africa

Constance
Africa is home to vast and abundant reserves of natural resources, with resources ranging from black gold popularly known as oil to large reserves of cobalt, found all across the mineral-rich lands of the Congo. Africa is home to nearly all valuable minerals that are essential to generating wealth, producing commodities, and advancing technology. Several African nations have prospered because of their mineral resources, some more so than others. Africa is home to approximately 30% of the world’s entire mineral reserves. While some countries rely on oil, some are rich… Read More Here
DRC seeks increased stakes in Cobalt and Copper ventures with Chinese corporations 9 Mining in DRC Cobalt Copper Economy 

DRC seeks increased stakes in Cobalt and Copper ventures with Chinese corporations

Constance
The Democratic Republic of the Congo plans to increase its interest in a cobalt and copper joint venture with Chinese corporations from 32% to 70%, citing worries that the pact hands away too much of Congo’s resources for little value to the country. Congo claims that the asymmetrical agreement gives it little influence over the venture’s activities since its resources and earnings leave the nation. In March President Felix Tshisekedi established an ad hoc panel to harmonize the negotiation positions of the Congolese institutions in charge of overseeing the deal’s… Read More Here
DRC and China Set to Revive Mutual Cooperation with New Framework Agreement 10 Mining in DRC Economy 

DRC and China Set to Revive Mutual Cooperation with New Framework Agreement

Constance
The Democratic Republic of Congo and China are preparing to conclude a new framework agreement with a view to relaunching their mutual cooperation. This shift in relations between the two States will be materialized through the signing ceremony of the new so-called “non-exclusive” partnership scheduled for Friday, May 26, 2023 at the People’s Palace in Beijing, China. The two Chinese presidents Xi Jiping and Congolese Félix Tshisekedi will put their signatures at the bottom of this precious document which will mark the advent of a new era in cooperation between… Read More Here

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