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Category: Economy

G7 International Economy 

G7 calls on bilateral creditors to extend the suspension of debt service to poor countries until 2021

Arnie
At the end of their meeting held on Monday August 17 by video conference, the G7 finance ministers urged all official bilateral creditors to extend their G20 “Debt Service Suspension Initiative” (DSSI) until 2021. for low-income countries, reports Agence Ecofin. During this meeting, which was organized by US Treasury Secretary Steven Mnuchin, G7 finance ministers even agreed to consider additional options for the poorest countries. The leaders of the World Bank and the International Monetary Fund, present at these discussions, also supported this call, taking into account the economic impact of… Read More Here
Tighten controls over miners for currency repatriation- DRC 1 Mining in DRC Economy 

Tighten controls over miners for currency repatriation- DRC

admin
 Authorities in the Democratic Republic of Congo have indicated they will tighten controls on mineral exports to tame a weakening local currency against the US dollar. The move came as the local Congolese France continued to drop in value against the dollar, in what officials claimed was lack of following the rule by mineral exporters. Deogratias Mutombo, the Governor of the Central Bank of Congo (BCC) argued on Monday that the current depreciation of the local currency is caused by the lack of repatriation of foreign earnings by mining companies… Read More Here
First Quantum Minerals 1 FQM Mining in Zambia Economy Mining tax 

FQM CALLS ON NGOs TO ‘GET IT RIGHT’ ON MINING SECTOR’S CONTRIBUTION TO DEVELOPMENT | ZAMBIA

Arnie
Zambia’s largest taxpayer, First Quantum Minerals, has called upon non-corporate actors to better acquaint themselves with the mining sector’s contribution to community development. The mining company said that inaccurate reports from some non-governmental organisations (NGOs) have been misleading and constitute the spreading of ‘fake news’. Such reports have the potential to unfairly damage reputations, and also tarnish their reputations as being the flag bearers of good governance/honest brokers. “We work hard to leave a lasting and positive legacy everywhere we work. Our corporate values dictate that we devote considerable resources… Read More Here
central-bank-of-Congo building Mining in DRC Economy Mining tax 

Mutanda Mining’s payment of USD 100 million in 2015 was a “regular operation”, according to a source at the Central Bank | DRC

arnbethnic
The governor of the Central Bank of Congo (BCC), Déogratias Mutombo, was at his office this Tuesday, August 11, a source inside the BCC confirmed. Faced with rumors about the arrest of the boss of the BCC in connection with 100 million USD paid by the mining company Mutanda Mining (MUMI). Our source maintained that Déogratias Mutombo did not appear at the Office of the Inspection of the Judicial Police of the Public Prosecutor’s Office on Monday. “No, the governor is in his office. He did not show up when he was… Read More Here
Chamber of Mines DRC Mining in DRC Economy Mining tax Taxes 

The Chamber of Mines denounces the suspension of VAT exemption on mining imports | DRC

arnbethnic
The Chamber of Mines and the FEC (Fédération des entreprises du Congo) denounces a series of measures taken by the Government which, according to them, are damaging the cash flow of mining companies and reiterates its firm desire to always work with the country’s institutions. for improving the economic climate. This is revealed in a communication sent on Wednesday, August 12. In its press release, the Chamber of Mines stated that mining companies, although hard hit by a difficult economic situation amplified by the negative effects of the Covid-19 pandemic… Read More Here
repatriated USD Mining in DRC Economy 

DRC Miners repatriated USD 8.081 billion between June 2018 and July 2020, which is 64.31% of export earnings

arnbethnic
  The Secretary General of Mines, Yombo Y’Apeke, in a correspondence dated August 3, 2020 and addressed to the Minister of Mines, revealed that the mining operators have repatriated to the Democratic Republic of the Congo 8 billion 81 million 836,524.5 USD on the revenues of ‘exports valued at USD 12 billion 567 million 204,218.31 during the period from July 2018 to June 2020, i.e. an estimated repatriation rate of 64.31%. Here is in detail the breakdown of export earnings and repatriation operated by mining companies in the DRC between… Read More Here
industrialization Mining in DRC Economy 

A Master Plan of industrialization of the DRC launched

arnbethnic
The Minister of Industry, Julien Paluku, proceeded to launch the project of developing the Master Plan of industrialization of the DRC in Kinshasa on thursday. This tool based on 3 axes, produced by the research firm Congo Challenge, aims to materialize the national policy and industrial strategies of the DRC. According to Julien Paluku, the main aim of this master plan is to make the DRC an economic and industrial pool in order to establish itself as a brand in Africa. “This master plan is a tool for implementing our… Read More Here
economic operators Mining in DRC Covid-19 Economy 

Albert Yuma submits the problems faced by economic operators to Félix Tshisekedi | DRC

arnbethnic
The Head of State, Félix Tshisekedi, exchanged, on Thursday, August 6 at the City of the African Union, with a delegation from the Federation of Enterprises of Congo (FEC) led by its president, Albert Yuma Mulimbi.  According to the president of the FEC, his delegation had an “important and long” meeting with the Head of State on the relations between the Congolese employers and the Congolese state represented by the President of the Democratic Republic of Congo. He said, “The meeting aimed at seeing how best to improve private and… Read More Here
Cobalt Cobalt Economy Mining in DRC 

DRC Cobalt Production at 38,816 tonnes by the end of June 2020

arnbethnic
The mining industry in the Democratic Republic of the Congo overall produced 38,816 tonnes of cobalt in the first six months of 2020, according to data from the Central Bank of Congo.  This production volume achieved in 2020 is up, despite the covid-19 health crisis, compared to the same period in 2019 when mining companies produced 36,772 tonnes of cobalt. Recall that in 2019, the Democratic Republic had produced over the entire year 77,964 tonnes of cobalt. Read More Here
VAT Economy Mining in DRC Mining tax Taxes 

DRC Government Suspends VAT Exemption on Imports of Mining Companies

arnbethnic
  The Deputy Prime Minister in charge of the Budget, Baudoin Mayo Mambeke, on the decision by the government made at the 41st meeting of the Council of Ministers, has ordered “the suspension of the exemption from VAT on the imports of mining companies” within the framework measures to increase government revenue. In a correspondence dated July 31, 2020 and addressed to his colleague from Finance ministry, the Minister of the Budget wrote: “The Council of Ministers has decided, during its 41st meeting and within the framework of the mobilization of… Read More Here

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