Economy - Copperbelt Katanga Mining

Glencore paid DRC Govt $614-million in 2019

July 3, 2020July 3, 2020 arnbethnic

Diversified miner Glencore made payments of $7.7-billion to the governments of countries in which it operates in 2019. This includes $614-million paid to the Democratic Republic of Congo’s government in taxes, royalties and other payments. Glencore paid Argentina $21.6-million, Australia $1.6-billion, Bolivia $10.9-million, Cameroon $5.3-million, Canada $51.4-million, Chad $88.6-million, Chile $235.6-million, Colombia $291.7-million, South Africa $96.6-million, Equatorial Guinea $65.9-million, Kazakhstan $414.2-million, Peru $417.1-million and Zambia $11.6-million. Thirty per cent of these payment contributions went towards adjusted effective tax rates, while $5.2-billion was paid in salaries, wages, social security and other… Read More Here

Mining in DRC Economy

UN calls for ‘sustained efforts’ against DRC mineral resource trafficking

June 26, 2020June 26, 2020 arnbethnicNatural Resource trafficking, Smuggling Gold

The UN Security Council called Thursday for “sustained efforts” in preventing the illegal trade of natural resources from the DR Congo, as gold in particular fuels conflict between armed groups in the region. The Council’s 15 member states also renewed UN sanctions on the country for the period of a year, allowing for both individuals and groups to be targeted. In a statement following a videoconference, the Council expressed concern over “continued illegal exploitation and trade of natural resources” while calling for “sustained efforts to prevent” such practices. UN experts… Read More Here

Copper Economy Mining in Zambia Mining tax

First Quantum Minerals tops Zambian taxpayer list

June 12, 2020June 12, 2020 arnbethnic

Copper, gold and zinc miner First Quantum Minerals (FQM) paid over K7-billion in taxes and royalties to the Zambian government in 2018, representing almost 40% of total payments made by the mining industry, making it the nation’s largest taxpayer. The 2018 Zambia Extractive Industry Transparency Initiative report, published in June, reveals that the majority of FQM’s taxes – amounting to K4.47-billion – were paid by its subsidiary, Kansanshi Mining. This payment alone accounted for about a quarter of the country’s extractive payment receipts for that period of K17.98-billion, based on… Read More Here

Copper Cobalt Economy Mining in Zambia

Katanga Mining Completes Amalgamation Transaction

June 12, 2020June 13, 2020 arnbethnicKatanga mining

Katanga Mining Limited (TSX: KAT) is pleased to announce the successful completion of its previously announced amalgamation (the “Amalgamation“) with 836074 Yukon Inc. The Amalgamation was approved by 99.9% of the votes cast by shareholders of the Company (the “Shareholders“) at the Company’s special meeting of Shareholders held on June 2, 2020, and the Amalgamation was completed pursuant to Section 183 and Section 184 of the Business Corporations Act (Yukon) (“YBCA“), on the terms and subject to the conditions set out in an amalgamation agreement (the “Amalgamation Agreement“) dated June… Read More Here

New Mining Projects Economy

DRC’s major development projects have stalled

June 12, 2020June 12, 2020 arnbethnic

Dry port of Kasumbalesa, Deepwater port of Banana, Construction of the terminals of N’djili and Luano, inga 3 project, rehabilitation of the national number one, are all major projects undertaken by the Republic but not always materialized. The President of the Republic declared 2020 the year of action during his speech to Congress on 13 December 2019. This political ambition was not to mention the serious health crisis that the country, like the rest of the world, has been experiencing since the beginning of the year. The Democratic Republic of… Read More Here

Cobalt Battery Metals Economy International Mining in DRC

What Investors Should Know About Cobalt Supply Chains

June 8, 2020June 8, 2020 arnbethnic

Interest in the cobalt space surged in 2017 and 2018, when prices were going through the roof on the back of expected demand from the electric vehicle (EV) space. Cobalt is a key element in the lithium-ion batteries used to power EVs, and even though prices are far away from those highs, the long-term future of the metal is still quite bright. When looking at the cobalt supply chain, there are two countries that dominate. On the mining side, the Democratic Republic of Congo (DRC) takes the lead, with Benchmark Mineral Intelligence… Read More Here

Mining in DRC Economy

Tshisekedi demands clear explanations of embezzlement allegations at Gécamines

May 25, 2020May 27, 2020 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 Economy Mining in DRC

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

May 21, 2020May 21, 2020 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 Economy International

Gold price nears a rare 3-week high

May 16, 2020May 16, 2020 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

Copper Economy Mining in DRC

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

May 14, 2020May 14, 2020 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