Economy - Copperbelt Katanga Mining

Kansanshi copper mine in Zambia’s North-Western Province, owned by Canada’s First Quantum and Zambia’s ZCCM Investments Holdings Plc. Photo by ZCCM. Canadian copper miner First Quantum Minerals sees no negative impact on its operations from a potential default in Zambia, its chief financial officer said on Thursday. Zambia – one of the world’s top copper producers – was struggling with its ballooning debt before the coronavirus pandemic roiled global markets and looks headed for a messy and protracted default. The government said this week it has reached a deal to… Read More Here

Mining in DRC Economy

Trade surplus of 1.991 billion USD was recorded at the end of September 2020 – DRC

October 13, 2020October 13, 2020 admin

The trade balance of the Democratic Republic of the Congo at the end of the third quarter of 2020, September, shows a positive balance of 1 billion 991.25 million USD, which resulted from exports valued at 8 billion 341.16 million USD and imports of 6 billion 349.91 million USD, according to data from the Central Bank of Congo. However, the trade volume in 2020 is down compared to the same period in 2019 when the trade balance was USD 138.30 million, resulting in exports of 11 billion USD 112.05 million… Read More Here

Mining in Zambia Economy

Fitch Rates First Quantum Minerals’ New Notes Final ‘B-‘

October 10, 2020October 10, 2020 arnbethnic

Fitch Ratings has assigned Canada-based First Quantum Minerals Ltd’s (FQM; B-/Stable) new 6.875% USD1.5 billion notes due 2027 a final senior unsecured rating of ‘B-‘. The Recovery Rating is ‘RR4’. The notes are senior unsecured obligations of FQM, and rank pari passu with and benefit from the same guarantor group (representing around 38% of consolidated EBITDA) as the existing notes. Fitch notes that senior secured bank debt and the streaming agreement linked to Cobra Panama rank ahead of the senior unsecured bonds. The proceeds from the notes will be used… Read More Here

Economy Mining in DRC

Central Bank publishes certified 2019 financial statements with positive result of $ 7.1 million- DRC

October 7, 2020October 7, 2020 admin

Audit firm Deloitte Services SARL certifies the financial statements for the 2019 financial year of the Central bank. The summary analysis of the annual accounts for the 2019 financial year shows that the balance sheet total stood at CDF 6,094,158 million against CDF 4,451,962 million at the end of December 2018, i.e. an increase of CDF 1,642,196 million. And so, at the end of the 2019 financial year, the operating result of the Central Bank closed with a positive result of CDF 11,841 million (7.189 million USD at the average… Read More Here

Mining in DRC Economy

The DRC posted a trade surplus of 1.689 billion USD at the end of August 2020, but down 7.07% compared to 2019

September 24, 2020September 24, 2020 arnbethnic

The DRC’s exports are valued at USD 7 billion 205.27 million against imports of USD 5 billion 515.79 million, showing a positive trade balance of around USD 1 billion 689.48 million at the end of August 2020, according to data from the Central Bank of Congo. The trade balance for the first 8 months of the year 2020 is down 7.07% compared to the same period in 2019 which was 1 billion 818.07 billion USD. The Central Bank explains this drop in the trade balance by the implementation of containment… Read More Here

Economy Mining in Zambia

Pre-Budget analysis: Making economic recovery a reality

September 22, 2020September 22, 2020 admin

In his recently delivered speech at the official opening of Parliament, H.E. President Edgar Lungu stated that pursuing an economic recovery is the priority of his Government. There is therefore more anticipation than ever ahead of the 2021 National Budget, which Finance Minister Hon. Bwalya Ng’andu is expected to deliver on 25 September. Mining For Zambia spoke to Former President of the Economics Association of Zambia and founder of Betternow Finance Company, Noel Nkoma, about the policies he believes should be implemented to achieve this recovery, and what he hopes to see in the Budget… Read More Here

Mining in DRC Economy

IMF tasks Félix Tshisekedi to publish mining contracts signed by SOKIMO and MIBA

September 14, 2020September 14, 2020 arnbethnic

The mining contracts concerned have not been the subject of any call for tenders and are never published on the website of the Ministry of Mines. Worse, the interests of the DRC are sold off, in these deals yet concluded under the era of President Félix Tshisekedi according to NGOs, By asking for the publication of these contracts, the IMF is actually saying the DRC cannot sell off its mining assets likely to bring it billions of dollars while at the same time begging for financial support. from international financial institutions. The… Read More Here

Mining in Zambia Covid-19 Economy

Feeling for the economy’s pulse | Zambia

August 30, 2020August 30, 2020 arnbethnic

Leading businesspeople and economists give their views on Zambia’s economic future post-COVID The question of how Zambia’s already weakened economy can survive the mounting fiscal pressure – exacerbated by COVID-19 – was recently examined in The Road to Recovery: A policy brief for a post-COVID Zambian economy, released by the Zambia Chamber of Mines. Many Zambians have since voiced their views on the value of its recommendations. Mining for Zambia asked Zambian business owners, economists and other experts to weigh in on the debate around what measures should be taken to put… Read More Here

Mining in Zambia Copper Economy

Zambians ill-informed about their mineral wealth – ZCCM-IH minority shareholders

August 30, 2020August 30, 2020 arnbethnic

ZCCM-IH minority shareholders say Zambians are ill-informed about their mineral wealth and exploitation. In a statement issued by Thierry Charles on behalf of Euronext Minority Shareholders of ZCCM-IH, a few weeks ago, the excitement caused by the exploitation of a Zambian gold deposit by a foreign company, in this case a Sudanese one, alongside ZCCM-IH, particularly astonished the stakeholders and demonstrated the lack of knowledge of the Zambian people in the mining sector. “Our astonishment can be summed up as follows: how is it that there has been such popular… Read More Here

Mining in DRC Economy

Claude Mianzuila, the whistleblower and expert in diamond valuation regains his freedom | DRC

August 29, 2020August 29, 2020 arnbethnic

Claude Mianzuila, whistleblower and expert in diamond valuation in Mbuji-Mayi, has just been acquitted by the Secondary Prosecutor’s Office at the Mbuji-Mayi Peace Court in Kasai Oriental, two months after his arrest, confirms his lawyer. He was arrested following a complaint from Mrs. Linda KABU MUKENDI, wife of Mr. Jean Claude MAMPUYA, Financial Director of MIBA, who accused him of damaging charges. In a statement sent to DESKECO.COM this Thursday, August 06, thirty-three (33) Member organizations of the Coordination of Civil Society Organizations, working for the promotion of the governance of… Read More Here