Governance - Copperbelt Katanga Mining

Plenary Session of the DRC National Assembly approves in particular the dismissal of the SNEL, MD 1

The plenary session discussed the recommendations of Deputy Prosper Bukasa, who had questioned the General Manager of SNEL (National Electricity Company). By a show of hands, the plenary decided to approve three out of four recommendations, including the revocation of the SNEL GM for “incompetence and lack of clear vision in the management of the company.” However, the plenary opposed the recommendation regarding the reinstatement of “unjustly dismissed” directors, according to Prosper Bukasa. The plenary relied on the explanations of the SNEL GM, who explained that they were on leave… Read More Here

Mining in DRC Governance

DRC Government Reshuffle, Kamerhe Joins, Tshisekedi Retains Ministers

March 25, 2023March 25, 2023 Constance

Among the other key appointments, Jean-Pierre Bemba became Vice President of Defense and Peter Kazadi became Vice President of Interior, Security and Customary Affairs. The government reshuffle, with the entry of Vital Kamerhe as Deputy Prime Minister of Economy and the maintenance of Christophe Lutundula as Minister of Foreign Affairs, was announced Thursday evening during a special communication of the Presidency on the national channel, RTNC. This reshuffle is part of an “emergency” and “necessity” according to Sama Lukonde. Among the other key appointments, Jean-Pierre Bemba became Vice President of… Read More Here

International Governance

Talks stagnate between First Quantum and Panama over tax credits and legal rights, sources say

January 7, 2023January 7, 2023 arnbethnic

Talks between Canadian copper miner First Quantum Minerals Ltd. and the government of Panama have stagnated once again, with both parties in a logjam over tax credits and legal rights. Two sources familiar with the talks said the main points of contention have to do with a tax credit on ore depletion, and another credit related to the massive capital investment already made by First Quantum in Panama. The Vancouver-based miner spent US$6.8-billion building the Cobre Panama mine, which started production in 2019. Other sticking points relate to First Quantum’s… Read More Here

International Governance

Shutting huge Panama copper project shows why miners worry about starting them

December 17, 2022December 17, 2022 arnbethnic

Panama’s decision to close a giant copper mine couldn’t come at a worse time for the market and highlights the risk of investing big in some projects. Just when the world faces a looming shortage of copper — a metal essential for the green revolution — Panama on Thursday said it will halt commercial operations at the Cobre Panamá operated by Canada’s First Quantum Minerals Ltd. It followed the breakdown of tax talks and is a rare move among Latin American countries. The mine, which is one of the world’s newest and… Read More Here

Governance Economy

The DRC industrialization master plan amounts to 58.4 billion USD – Julien Paluku

December 12, 2022December 12, 2022 arnbethnic

The Industrialization Master Plan for the Democratic Republic of Congo amounts to 58.4 billion US dollars (USD). This was stated by the Congolese Minister of Industry, Julien Paluku, on Wednesday, December 7, 2022, in the various panels and “B2B” of the 4th German-African Business Summit in Johannesburg, South Africa (RSA). In front of the German Vice-Chancellor, the Ministers of Economy, Trade and Climate as well as the management staff of the German Chamber of Commerce and Industry headed by Peter Adrian,investors the different opportunities that offers the DRC in various fields… Read More Here

Governance Events & Expos Mining in DRC

“The DRC, a solution country” – Sama Lukonde at the 10th Summit of African, Caribbean & Pacific States in Angola

December 12, 2022December 12, 2022 arnbethnic

Prime Minister Jean-Michel Sama Lukonde spoke on Friday December 9 at the 10th summit of the Organization of African, Caribbean and Pacific States in Luanda, Angola, where he represents the President of the Republic, Félix Antoine Tshisekedi Tshilombo. This summit was centered on the theme: Three continents, three oceans, a common destiny: building a resilient and sustainable OACPS”. Before Heads of State and Government members of this organization, the European Union and the United Nations, Prime Minister Jean-Michel Sama Lukonde not only condemned the acts of instability perpetrated by armed groups… Read More Here

Economy Governance

Moody’s has raised the rating of the DRC

November 19, 2022November 19, 2022 arnbethnic

The financial rating agency Moody’s Investors Service on Friday raised the DRC’s rating from Caa1 to B3, outlook stable. The decision explains, the agency, is explained by the strengthening of the economic and budgetary prospects of the country favored by the institutional improvements supported by the program of the International Monetary Fund since July 2021. To this is added the good health of foreign exchange reserves. . “At the same time, the national ceilings in local currency (LC) and in foreign currency (FC) of the DRC have been raised to B2… Read More Here

Mining in Zambia Governance

Zambia gets a new lease of life – Albert Halwampa

November 11, 2022November 11, 2022 Copperbelt Katanga News

ZDA acting director says investor confidence has returned Beyond all the turbulence of the past few years, Zambia has been through a lot. In November 2020, it became the Africa’s first Covid-era debt casualty and underwent negotiations to restructure its debt. Following the election of president Hakainde Hichilema last year, the country has made strides to get back on track, including securing an a IMF package of support worth $1.3bn in September. Albert Halwampa, acting director at the Zambia Development Agency (ZDA), tells fDi why the country’s improved economic climate is instilling… Read More Here