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Category: Economy

felix tshisekedi Gecamines 111 Mining in DRC Economy 

Tshisekedi demands clear explanations of embezzlement allegations at Gécamines

arnbethnic
The President of the Republic, Félix-Antoine Tshisekedi Tshilombo, during the Council of Ministers on Friday May 22, indicated that he is aware of several reports of large-scale funds diversions at the Générale des quarries des mines (GECAMINES) .  The head of state said he was also in possession of a memo from the company’s general management which rejected all these accusations. The explanations provided in this document did not light the lantern, says Félix Tshisekedi who has requested for clearer explanations. “Regarding the third point relating to the sale of… Read More Here
COVID-19 Challenge Covid-19 Economy Mining in DRC 

The Covid-19 challenge for the Democratic Republic of Congo mining sector

arnbethnic
The Democratic Republic of Congo (DRC) is one of the countries in sub-Saharan Africa most affected by COVID-19. Unlike other countries, the DRC is facing not only the pandemic, but also the resurgence of Ebola in North Kivu. Added to these crises is an acute economic crisis. The World Bank (WB) and the International Monetary Fund (IMF) are predicting the recession of sub-Saharan African economies, not seen since 1970, and that they will need billions of dollars to stimulate their economies. The importance and vulnerability of the extractive sector The… Read More Here
Gold price nears a rare 3-week high 1 Gold Economy International 

Gold price nears a rare 3-week high

arnbethnic
Economic risk and uncertainty are driving a lion’s share of investor demand for gold. (Image: Lion Gate Statue at Twickenham Stadium – Wikimedia Commons) Gold price climbed again Thursday, approaching a three-week high, propelled by investor demand for safe-haven assets due to heightened concerns over long-term economic impact of the coronavirus crisis. Spot gold rose 1.0% to $1,733.20 per ounce, its highest since April 24. Gold futures for June delivery gained 1.5% to $1,741.80 on the Comex exchange. SPDR Gold Trust holdings, the world’s largest gold-backed exchange-traded fund (ETF), jumped to… Read More Here
Katanga Mining Copper Economy Mining in DRC 

Katanga Mining Postponing the Filing of its 2020 First Quarter Financial Results due to COVID-19

arnbethnic
ZUG, SWITZERLAND, May 13, 2020 – Katanga Mining Limited (TSX: KAT) (“Katanga” or the “Company”) is postponing, for 45 days after May 15, 2020, the filing of its 2020 first quarter interim financial statements and related management’s discussion and analysis for the three months ended March 31, 2020 (collectively, the “Q1 Filings”) in reliance on the exemption under Ontario Instrument 51-502 – Temporary Exemption from Certain Corporate Finance Requirements which instrument became effective as of March 23, 2020. The Company is also postponing the filing of its executive compensation disclosure (the “Compensation Disclosure”)… Read More Here
Glencore Corporate social responsibility Economy International 

World’s largest wealth fund blacklists Glencore, Sasol and other giants over coal use

arnbethnic
OSLO – Norway’s $1-trillion wealth fund is excluding some of the world’s biggest commodities firms from its portfolio, including Glencore and Anglo American, because of their use and production of coal. Underlining the growing role of climate considerations for long-term investors, the fund is also excluding German utility RWE, South African petrochemicals firm Sasol and Dutch company AGL Energy over their use of coal.  Norway’s parliament agreed in June 2019 that the world’s largest fund would no longer invest in companies that mined more than 20 million tonnes of coal… Read More Here
Dredging the congo river 5 Economy Covid-19 Mining in DRC 

Dredging the Congo River, a remedy to “fine-tuning” DRC’s economy | COVID-19 Response

arnbethnic
Dredging the Congo River could be a remedy to “fine-tuning” DRC’s economy in the face of the current effects of Covid-19. Great evils require great remedies. The Coronavirus pandemic has hit the global economy hard, with world commodity prices (minerals, wood, and oil) from which the DRC derives most of its revenues have, in turn, taken the path of a tumble since mid-March 2020. However, experts say the DRC has a local solution to “fine-tuning” its economy. Failing to mobilize tens of billions of dollars to support the economy, as… Read More Here
Covid-19 response Felix Covid-19 Economy Mining in DRC 

DRC Covid-19 Response, Government to cover the cost of free electricity and water

arnbethnic
The advisers of the Head of State at the College of Mines and Energy and the College of Infrastructure, respectively Eboma Ablavy and David Mukeba met on Wednesday 6 May with the top management of the National Electricity Company (SNEL) as well as top management of the Water Distribution Authority (REGIDESO) on the application of the Covid-19 response measures of free electricity and free water supply throughout the country. The evaluation meeting held at the Palace of the Nation informed the presidential press, that in order to allow these two… Read More Here

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