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Category: Economy

copper, cobalt, zinc and tin prices red in DRC this week 1 Mining in DRC Cobalt Copper Economy Zinc 

copper, cobalt, zinc and tin prices red in DRC this week

Constance
The economy of the Democratic Republic of Congo (DRC) is expected to suffer a shock from the drop in the projected price of four mining products on international markets. These are mainly copper, cobalt, zinc and tin. According to projections by the National Commission for Market Prices, copper is expected to fall to USD 8,208.20 this week from USD 8,512.65 a week earlier, down around USD 304.45. Cobalt is expected to trade at USD 34,240.00 this week versus USD 34,246.00 last week, the same source notes. Zinc and tin are also… Read More Here
China and the DRC set to sign a $6 Billion infrastructure-for-minerals agreement 2 Mining in DRC Economy 

China and the DRC set to sign a $6 Billion infrastructure-for-minerals agreement

Constance
Felix Tshisekedi, the President of the Democratic Republic of the Congo, is visiting China from today, May 24th, to May 29th. He is scheduled to meet with President Xi Jinping to discuss and sign a number of significant economic agreements. The meeting will allow the two nations to formally revise and sign a $6 billion infrastructure-for-minerals agreement with Chinese investors. The Chinese foreign ministry confirmed the trip on Monday 22nd May. The president informed the cabinet that a task committee reviewing the agreement had turned in its findings, allowing talks… Read More Here
DRC falls out with the World Bank at the cost of $1 billion 3 Mining in DRC Economy 

DRC falls out with the World Bank at the cost of $1 billion

Constance
The World Bank has halted funding for more than $1 billion in humanitarian and development projects in the Democratic Republic of Congo after the government abruptly liquidated the project fund. As part of the $1.04 billion total, $91 million had already been granted for the projects, according to the letter, but the bank was still awaiting paperwork on their progress. According to his statement, the change was attributed to “the evolving legal framework governing public institutions.” Albert Zeufack, the head of operations for the World Bank in the country, mentioned… Read More Here
DRC's President Urges Stronger Tax Control to Boost Revenue 4 Mining in DRC Economy Taxes 

DRC’s President Urges Stronger Tax Control to Boost Revenue

Constance
During the ninety-ninth meeting of the Council of Ministers held on Friday, May 19, 2023 in Kinshasa, the President of the Democratic Republic of Congo (DRC), Félix Tshisekedi, instructed the Congolese Government to strengthen tax control, with assistance from the General Inspectorate of Finance (IGF), to increase public revenue during this fiscal year. President Tshisekedi has asked all members of the Government to spare no effort to take the necessary measures likely to increase revenue mobilization for the current financial year. According to information from the Minister of Communication and… Read More Here
Mining Expert Urges President HH to Prioritize Revamping Mopani and KCM 5 Mining in Zambia Copper Economy 

Mining Expert Urges President HH to Prioritize Revamping Mopani and KCM

Constance
Stakeholders in Zambia’s mining sector have expressed disappointment with President Hakainde Hichilema’s recent press briefing, stating that it lacked substantial updates on Mopani Copper Mines (MCM), Konkola Copper Mines (KCM), and the overall mining sector. A mining expert emphasizes the need for focused attention on Mopani and KCM, highlighting their significance in the country’s economic recovery. During the press briefing at state house, President Hichilema acknowledges that the government has yet to resolve the issues surrounding Mopani and KCM but assures that actions are being taken to address the situation.… Read More Here
US Investment Drives Economic Growth in Lobito Corridor Rail Line 6 Economy Mining in Zambia Transport and Logistics 

US Investment Drives Economic Growth in Lobito Corridor Rail Line

Constance
The United States of America’s investment in the Lobito Corridor rail line has received accolades from Hon. Museba Frank Tayali, the Minister of Transport and Logistics in Zambia. The announcement was made by President Joe Biden during the Partnership for Global Infrastructure and Investment (PGII) Meeting held in Hiroshima, Japan. President Biden unveiled that the United States has already mobilized over $30 billion in investments and is committed to furthering its efforts. This declaration has been warmly welcomed by the Zambian government, particularly the New Dawn Administration, as it aligns… Read More Here
China Commits to Finding Better Solution for Zambia's Debt Issues 7 Mining in Zambia Economy News in Brief 

China Commits to Finding Better Solution for Zambia’s Debt Issues

Constance
China’s foreign ministry expressed its commitment to addressing Zambia’s debt issues, emphasizing its longstanding dedication to the matter. Wang Wenbin, spokesperson for the ministry, confirmed during a routine press briefing that China will collaborate with Zambia in finding an improved solution. The statement comes in response to Zambian President Hakainde Hichilema’s expressed desire to meet with President Xi Jinping, seeking assistance in restructuring Zambia’s debt. Read More Here
FQM CONTRIBUTES 61% OF GOVERNMENT’S MINING INCOME IN 2021 8 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) 9 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 10 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

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