You are here

Category: Economy

DRC: the Public Treasury shows a first monthly deficit in January of 14.2 million USD 1 Mining in DRC Economy 

DRC: the Public Treasury shows a first monthly deficit in January of 14.2 million USD

admin
A few days after the submission of his resignation, Prime Minister Sylvestre Ilunga Ilunkamba chaired the meeting of the economic conjuncture committee on Tuesday, February 2, 2021. The economic conjuncture committee of the resigning government notes that the economic and financial situation of the week of January 25 to 29 is characterized by a deceleration of inflation in Kinshasa and a slight acceleration of it in Lubumbashi. “We also note a monthly deficit of 29.42 billion FC at the level of public finances. Deficit financed mainly by budget support. There is a… Read More Here
Covid-19 response Felix Mining in DRC Economy 

Here are the precautionary measures taken by President Tshisekedi following the resignation of the Ilunga government

arnbethnic
The President of the Democratic Republic of the Congo Félix Antoine Tshisekedi Tshilombo on Saturday January 30, 2021 took a series of precautionary measures following the resignation of the Ilunga government. These measures include in particular the ban on the use of cession, transfer and alienation of State assets. (Below, all the protective measures taken by the Head of State) Read More Here
Félix Tshisekedi promulgates the 2021 finance law | DRC 2 Economy Mining in DRC 

Félix Tshisekedi promulgates the 2021 finance law | DRC

arnbethnic
The President of the Republic Félix Antoine Tshisekedi Tshilombo promulgated the 2021 finance law. The related ordinance was read in the early hours of January 1, 2021 on the antennas of the Radio Télévision Nationale Congolaise (RTNC). Estimated at 6.884 billion dollars, the 2021 budget contains 64 articles and was presented on November 14 by the Prime Minister, Sylvestre Ilunga Ilunkamba. This finance law was adopted at first reading by the National Assembly on December 3 and at second reading by the Senate on December 15, 2020.  Voted in identical… Read More Here
Ecobank DRC confirms having transferred the funds of NB Mining AFRICA SA 3 Mining in DRC Economy 

Ecobank DRC confirms having transferred the funds of NB Mining AFRICA SA

arnbethnic
Ecobank RDC takes issue with the allegations against it accusing it of having held a fund on the account of the mining company NB Mining AFRICA SA and that it would have paid to impostors. In a press release published on Tuesday, Ecobank said it had “effectively carried out an enforceable judicial decision on the spot confirming the seizures which were made on the assets of the company NB Mining AFRICA SA in this book, and this at the request of the company ASTALIA INVESTMENT LTD, which were notified to… Read More Here
Gold Gold Economy Mining in Zambia 

Zambia to buy gold from First Quantum to boost reserves

arnbethnic
Zambia, which last month became Africa’s first pandemic-era default, will begin buying gold from Canada’s First Quantum Minerals (TSX: FM) and a state-owned miner for the first time in 25 years, as it seeks to boost foreign-exchange reserves currently near record lows. Under a gold-buying deal inked Friday between the country’s central bank and First Quantum, Zambia will acquire all the gold produced as a by-product of the company’s Kansanshi copper mine. The operation generated 145,000 ounces of gold in 2019 and is expected to produce 220,000–235,000 tonnes of copper, and 120,000–130,000 ounces… Read More Here
FEC Mining in DRC Economy 

“DR Congo must not remain a country of consumption” Dieudonné Kasembo, the New FEC leader

arnbethnic
Newly promoted to the head of the Federation of Congo Enterprises (FEC), Dieudonné Kasembo is thinking of a new economic model for the DRC, focusing primarily on agriculture or agribusiness. Being a member of the African Free Trade Area (ZLECAF), the DRC should not remain, according to Mr. Kasembo, a consumer country but should rather be able to offer something across the world with regard to its potentialities.   “We need to rethink a new economic model for our country. We need to work on this to ensure that we prioritize agriculture,… Read More Here
Sama Lukonde Gecamines Economy Mining in DRC 

“Congo is not for sale” NGO applauds Gécamines for resuming publication of contracts signed with private companies | DRC

arnbethnic
Seven (7) civil society organizations, members of the “Congo is not for sale” campaign welcomed the efforts of the current management of Gecamines for the resumption of the process of publication of mining contracts signed with investors private. They also support the commitment of the EITI Technical Secretariat for its role in the extractive sector transparency process.  “After numerous calls from civil society and the Technical and Financial Partners of the DRC, a series of mining contracts essentially signed between Gécamines and its private partners have just been published on… Read More Here
First Quantum Mining in Zambia Economy 

First Quantum Minerals sees no negative impact from potential Zambia’s debt default – CFO

arnbethnic
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
Trade surplus of 1.991 billion USD was recorded at the end of September 2020 - DRC 5 Mining in DRC Economy 

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

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
Fitch-Rating Mining in Zambia Economy 

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

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

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Copperbelt Katanga Mining will use the information you provide on this form to be in touch with you and to provide updates and marketing.