Economy - Copperbelt Katanga Mining

S&P Global rates DR Congo at CCC+, lowers outlook to stable

August 3, 2020August 3, 2020 arnbethnic

S&P Global Ratings held Democratic Republic of Congo’s long-term foreign-currency debt rating at CCC+ and lowered its outlook to stable from positive amid the fallout from the coronavirus pandemic. Emergency foreign assistance should help balance out the worst effects of the virus on Congo’s economy, which could rebound if copper and cobalt demand and production increase as expected, the ratings agency said on its website. The planned opening of Ivanhoe Mines’ Kamoa-Kakula copper project next year should buoy Congo’s economy. “DRC’s economic environment has significantly deteriorated, due largely to Covid-19,… Read More Here

Mining production unaffected by the COVID-19, reassures the Minister of Mines | DRC

August 1, 2020August 1, 2020 arnbethnicCOVID-19

During the economic meeting held on Tuesday July 28, 2020, the Prime Minister, Sylvestre Ilunga Ilunkamba, the Minister of Mines, Willy Kitobo, revealed that “mining production has not been affected by the COVID-19 pandemic “. Moreover, the prices of metals are doing well on the international market. “In the mining sector, the responsible Minister reassured the members of the Economic Conjuncture Committee that mining production was not affected by the COVID-19 pandemic, and metal prices are doing well on the international market . The Ilunkamba Government congratulates and encourages mining… Read More Here

Economy Mining in Zambia

Chamber of Mines paves the way for a post-COVID economic recovery in new report | Zambia

July 30, 2020July 31, 2020 arnbethnic

How will Zambia’s already weakened economy survive the mounting fiscal pressures of COVID-19? The Zambia Chamber of Mines’ brand new report, The Road to Recovery: A policy brief for a post-COVID Zambian economy, offers a narrow pathway to redemption which, if carefully followed, will set Zambia on the road to economic recovery and — crucially — on a growth footing for the future. Download your free copy of this eye-opening report here. (2MB low resolution download.) Read More Here

Copper Economy Mining Companies Mining in DRC

GÉCAMINES equipped with new governance tools, says Portfolio Minister | DRC

July 29, 2020July 29, 2020 arnbethnic

After participating on the Board of Directors in Lubumbashi, the capital of Nagorno-Katanga province, focused on assessing the state of play of THE GSAS, currently endowed with the new leadershop, the Portfolio Minister Clement Kuete Nymi welcomes the dynamism of the central government for equipping The General of Quarries and Mines with new governance tools, before expressing optimism about the recovery of this company , the most important in maximizing revenue. The Minister of The Portfolio has expressed optimism about the recovery of GECAMINES, indicating that by taking stock of… Read More Here

Mining in DRC Economy Mining Companies

Miners who do not repatriate 60% of export earnings in the DRC government’s crosshairs

July 29, 2020July 29, 2020 arnbethnic

An ongoing hunt will be organized for mining companies that do not repatriate 60% of their export revenues to the DRC. The challenge is to supply the foreign exchange market in dollar and mitigate the volatility of the Congolese franc following the effects of the covid-19. The Council of Ministers has already instructed the Central Bank of Congo (BCC) to identify mining companies that do not repatriate export revenues to the tune of 60% as required by the Mining Code. “We are witnessing a significant decline in the supply… Read More Here

Mining in DRC Economy Mining tax

ASADHO calls on DRC govt to carry out the necessary staffing for implementation of EITI activities

July 27, 2020July 27, 2020 arnbethnic

The African Association for the Defence of Human Rights, ASADHO in its acronym, called on the DRC government to “finance the implementation of the EITI-DRC” to demonstrate its commitment to transparency and the fight against corruption in the mining and oil sectors. “As of 18 July 2020, the President of the Republic, Mr Félix TSHISEKEDI, had appointed Mr Jean Jacques KAYEMBE as the National Coordinator of the Technical Secretariat of the EITI-DRC (…) If the President of the Republic has acquired his duty to appoint the National Coordinator, the Government… Read More Here

Economy Artisanal mining Mining in DRC Taxes

The Inauguration of the Musompo Trading Centre set for August 2020 (Artisanal mineral market in Kolwezi) DRC

July 18, 2020July 18, 2020 arnbethnic

The governor of Lualaba province, Richard Muyej, plans to inaugurate the Musompo Trading Centre in Kolwezi in 2020 to bring together, under a modern structure, the sellers of artisanal ores in order to better control this trade. He made the premier Year 1 speech under provincial government on Saturday, July 11. “We are continuing with the ambition of reforming the artisanal mining sector by commissioning the Musompo Trading Centre planned at the end of August 2020 and the servicing of the EAZs, in order to clean up the sector, empowering… Read More Here

Copper Economy International

Copper poised to maintain its upward price trajectory

July 12, 2020July 12, 2020 arnbethnic

In April, copper was trading below USD 5,000/t and most analysts were reaching newfound levels of bearishness. Fast-forward to the end of June, and prices have just experienced six consecutive weeks of increase and are now knocking on the USD 6,000/t door. Visible copper inventories are down by an astounding 33% YoY, copper concentrate treatment and refining charges (TC/RCs) have narrowed to the lowest level since 2012 and CIF Shanghai cathode premiums hit a two-year peak last month. The evidence points to a tight market, which justifies the current price… Read More Here

Covid-19 Economy Mining in Zambia

South Africa and Zambia to strengthen Trade Relations | Covid-19

July 9, 2020July 9, 2020 arnbethnic

The theme for this year’s meeting is Developing Afrocentric solutions and forging partnership in response to COVID-19 PRETORIA, South Africa, July 9, 2020/ — The Deputy Minister of the Department of Trade, Industry and Competition (the dtic), Ms Nomalungelo Gina will address a virtual Trade and Investment seminar with Zambia. The two day-session will take place tomorrow, 9 July 2020 to Friday, 10 July 2020 from 09:00 The theme for this year’s meeting is Developing Afrocentric solutions and forging partnership in response to COVID 19. Gina says that the seminar… Read More Here

International Covid-19 Economy

Reopening of economies boosting metals prices

July 3, 2020July 3, 2020 arnbethnic

Since lockdown measures to contain Covid-19 around the world have eased, ratings and research agency Standard & Poor’s Global (S&P Global) says the reopening of economies, combined with monetary stimulus by banks and governments, has allowed industrial metal prices to rise. However, even though industrial metal prices have risen from the lows experienced in the first quarter of the year, there remains a possibility of a second wave of Covid-19 infections as lockdowns are eased. “It nevertheless remains a significant downside risk to industrial metal prices for the rest of… Read More Here