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Category: Governance

Glencore pays $180 million to the DRC to settle corruption claims 1 Mining in DRC Environment Social Governance (ESG) Governance 

Glencore pays $180 million to the DRC to settle corruption claims

arnbethnic
Miner and commodities giant Glencore (LON: GLEN) said on Monday it will pay the Democratic Republic of Congo $180 million to settle all alleged corruption claims in the country between 2007 and 2018. The Swiss firm said the latest deal covers all activities that have been the subject of probes by the DRC’s National Financial Intelligence Unit and Ministry of Justice, and the United States Department of Justice over the 11-year period. This includes the company’s payment of $27.5 million in bribes to the DRC between 2010 and 2013. “Glencore is a long-standing investor… Read More Here
Moody's has raised the rating of the DRC 2 Economy Governance 

Moody’s has raised the rating of the DRC

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
Zambia gets a new lease of life - Albert Halwampa 3 Mining in Zambia Governance 

Zambia gets a new lease of life – Albert Halwampa

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
Kolwezi-Lumwana Road And The Lusaka-Ndola Dual Carriageway Concession Agreements To Be Signed 4 Mining in Zambia Governance 

Kolwezi-Lumwana Road And The Lusaka-Ndola Dual Carriageway Concession Agreements To Be Signed

arnbethnic
The Zambian Government will in the next three weeks sign a concession agreement under a Public-Private Partnership financing model for the construction of a dual carriageway from Ndola to Lusaka. Finance and National Planning Minister SITUMBEKO MUSOKOTWANE has announced during the 2023 Post Budget Symposium in Kitwe on the Copperbelt. Dr. MUSOKOTWANE has further disclosed that government will proceed to sign two more concession agreements to work on the Ndola – Mufulira Road and a build a road from Kolwezi in the Democratic Republic of Congo -DRC- to Lumwana to… Read More Here
"Rwanda actually has expansionist tendencies with the main interest being the appropriation of DRC's minerals", Félix Tshisekedi 5 Mining in DRC Governance 

“Rwanda actually has expansionist tendencies with the main interest being the appropriation of DRC’s minerals”, Félix Tshisekedi

Copperbelt Katanga News
Congolese Head of State Félix Tshisekedi has accused Rwanda of wanting to appropriate minerals from the DRC through its expansionist ambitions. It was during his speech filmed and broadcast on November 4, 2022, on national television. Felix Tshisekedi reiterated his opinion that the destabilization of the eastern part of the DRC is the work of the land of a thousand hills under cover of the M23.  “Indeed, under the fallacious accusation of FARDC support for the FDLR, Rwanda actually has expansionist inclinations with the main interest of appropriating our minerals and… Read More Here
Govt to issue statement on KCM & Mopani 6 Mining in Zambia Governance 

Govt to issue statement on KCM & Mopani

arnbethnic
Mines and Minerals Development Minister PAUL KABUSWE says Government will this week make a final statement on the status of both Konkola Copper Mines -KCM and Mopani Copper Mines. Mr. KABUSWE says the two mining giants are very important in the economic transformation of Copperbelt towns. The minister says that is why he wants to update the nation on how far the ministry has gone with negotiations for both KCM and Mopani. Mr KABUSWE, who is also Chililabombwe Member of Parliament, says by the end of this year a lot… Read More Here
Kinsevere - Arbitration Procedure Update (News Release) 7 Mining in DRC Governance Mining Policy 

Kinsevere – Arbitration Procedure Update (News Release)

arnbethnic
MMG Limited has initiated arbitration proceedings against La Générale des Carrières et des Mines S.A. (GECAMINES) in front of the International Chamber of Commerce (ICC). The company announced its submission to ICC on Friday, October 21, 2022. The action follows previous updates concerning incidents on its Sokoroshe Il and Nambulwa mining concessions in the Democratic Republic of the Congo (DRC): MMG holds existing mining contracts with Gécamines, both for Sokoroshe II and Nambulwa, registered with the official mining register. Sokoroshe II and Nambulwa were occupied by the armed forces and… Read More Here
Mining Code Review Forum: FEC Chamber of Mines recommends removal of redundant taxes 8 Mining in DRC Governance Mining Policy 

Mining Code Review Forum: FEC Chamber of Mines recommends removal of redundant taxes

arnbethnic
The Chamber of Mines of the Federation of Enterprises of Congo (FEC) closed, on Thursday, October 20, 2022, in Kinshasa, a mining forum focused on the theme: “Mining activity in the DRC and its challenges: evaluation of the revised Mining Code of 2018”. At the end of this meeting, several recommendations were made by the four commissions set up for this purpose. These are the Mining Law Commission; the Energy, Transport and Logistics Commission; and the Taxation and Customs Commission. First: Mining Law Commission At this level, six problems have been identified: –… Read More Here
DRC improves extractive sector transparency but more needed – anti-graft body 9 Mining in DRC Governance 

DRC improves extractive sector transparency but more needed – anti-graft body

admin
The Democratic Republic of Congo (DRC) has made progress in implementing transparency in its extractive mining sector but needs to do more in publishing contracts and revenues from the sector, a global anti-corruption body said. The Extractive Industries Transparency Initiative (EITI), which sets a global standard for good governance in oil, gas and mineral resources, said the DRC has achieved a high overall score in the implementation of the 2019 EITI Standards. The standards include good governance, clear legal framework and fiscal regimes, and publishing of contracts and revenues. President Felix Tshisekedi has promised to tackle corruption… Read More Here
Zambia restricts number of mining licences per company to five 10 Mining in Zambia Governance Mining Policy 

Zambia restricts number of mining licences per company to five

admin
Zambia, Africa’s second-largest copper producer, said on Monday the number of mining licences that a company can hold at a time will be restricted to five to curb speculative purchases within the country’s licensing system. The ministry of mines in February suspended the issuance of mining licences and commissioned an audit in response to public complaints about a lack of transparency. “Every miner will be restricted to five licences and those that need more will have to justify it,” Zambia’s mines minister Paul Kabuswe said during a briefing on mining… Read More Here

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