Mining in DRC - Copperbelt Katanga Mining

DRC's 2025 Finance Law Faces Risks from Mining and Oil Price Volatility 1

Price volatility in copper, cobalt, gold, and oil could jeopardize the DRC’s 2025 Finance Law, now under parliamentary review. According to draft law document 8, shifts in global commodity prices may lead to budget imbalances, given that mining and hydrocarbons constitute nearly all of the DRC’s exports. From 2019 to 2023, copper, cobalt, and gold dominated exports, accounting for 70.25%, 16.87%, and 6.74% of mining products, respectively. In 2022, almost 50% of government revenues came from mining, driven largely by rising copper, cobalt, and gold prices. This heavy reliance on… Read More Here

DRC Diamond Production Sees 27% Growth in Early 2024 Driven by Artisanal Mining

November 8, 2024November 8, 2024 Constance

Diamond production in the Democratic Republic of Congo (DRC) remains primarily artisanal, according to recent provisional data from the Ministry of Mines’ Technical Unit for Coordination and Mining Planning (CTCPM). In the first half of 2024, artisanal mining operations produced 3,319,025 carats, accounting for nearly 68% of the country’s total diamond output. Kasaï-Oriental province reaffirmed its position as the leading artisanal diamond producer, contributing almost 99% of the sector’s production. Industrial mining also saw significant growth, yielding 1,544,190 carats, while semi-industrial mining contributed a modest 1,433 carats. In total, diamond… Read More Here

Mining in DRC Economy Governance

DRC’s Economic Committee Focuses on Price Stability and Fiscal Management

November 8, 2024November 8, 2024 Constance

The Economic Situation Committee in the Democratic Republic of Congo (DRC) is actively working to stabilize prices, monitor the foreign exchange market, and enhance public finance management. Following the recent meeting on November 6, 2024, Deputy Prime Minister and Minister of National Economy, Daniel Mukoko Samba, reported that goods and services markets show signs of stability, with inflation under control. To maintain this stability, the government is enforcing strict budgetary discipline and enhancing revenue collection as the year-end approaches. To manage emergency expenses, the Ministries of Finance and Budget have… Read More Here

Mining in DRC Governance

DRC Prime Minister demands better management of natural resources

November 8, 2024November 8, 2024 Constance

On Monday, November 4, 2024, at the Pullman Hotel in Kinshasa, Prime Minister Judith Suminwa Tuluka inaugurated a pivotal workshop aimed at strengthening the Extractive Industries Transparency Initiative (EITI) in the Democratic Republic of Congo (DRC). In her opening remarks, she emphasized the importance of transparency in the management of the country’s natural resources as a foundation for a prosperous future for the Congolese people. The workshop, attended by key industry stakeholders, focuses on aligning with the new EITI 2023 standards, aiming to inspire ambitious reforms within the sector. Jean-Jacques… Read More Here

Economy Governance Mining in DRC

ARSP Director General Discusses Collaboration with IGF to Strengthen Tax Base for 2025 Budget

November 8, 2024November 8, 2024 Constance

On Tuesday, November 5, 2024, Miguel Kashal Katemb, Director General of the Regulatory Authority for Subcontracting in the Private Sector (ARSP), met with Jules Alingete Key, Inspector General and Head of Service of the General Inspectorate of Finance (IGF). The purpose of their meeting was to discuss how ARSP can contribute to enhancing the tax base of the Congolese State in preparation for the 2025 budget year. Katemb emphasized the importance of collaboration between ARSP and the IGF to streamline the subcontracting value chain. “The goal is to work in… Read More Here

Mining in DRC Events & Expos

DRC Mines Minister Strengthens Bilateral Ties at China Mining Forum 2024

November 7, 2024November 7, 2024 Constance

The Democratic Republic of Congo (DRC) was represented at the China Mining Forum 2024 by Kizito Pakabomba, the Minister of Mines. His visit focused on strengthening Sino-Congolese cooperation in the mining sector through strategic meetings and industrial visits. Upon arrival, Minister Pakabomba was welcomed by DRC Ambassador to China, François Balumuene. He then met with Turkey’s Minister of Energy and Natural Resources, Alparslan Bayraktar, to discuss potential partnerships in energy and natural resources that would benefit both nations. At the China Mining Forum, Pakabomba emphasized the importance of the DRC-China… Read More Here

Mining in DRC Cobalt Copper

Ivanhoe Mines Issues Third Quarter 2024 Financial Results

November 3, 2024November 3, 2024 Constance

Ivanhoe Mines’ (TSX: IVN) (OTCQX: IVPAF) President Marna Cloete and Chief Financial Officer David van Heerden are pleased to present the company’s financial results for the three and nine months ended September 30, 2024. Ivanhoe Mines is a leading Canadian mining company developing and operating its four principal mining and exploration projects in Southern Africa: expanding production at the world-class Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC); ramping up the ultra-high-grade Kipushi zinc-copper-lead-germanium mine in the DRC; building the tier-one Platreef palladium, rhodium, nickel, platinum, copper and gold… Read More Here

Mining in DRC

Lualaba Governor Cracks Down on Fake Missions to Combat Mining Sector Abuses

October 31, 2024October 31, 2024 Constance

Lualaba’s Governor, Fifi Masuka, now mandates that all mission orders for trips to Kolwezi’s mining sites be stamped at her office following reports of abuse by unauthorized missions from Kinshasa. The provincial government has documented repeated instances where individuals claiming to represent the central government conducted fake missions within mining companies, often engaging in coercive tactics. In a recent incident, a group of Chinese employees from the GTS company was abducted by imposters posing as government representatives from Kinshasa. According to Lualaba’s provincial police commissioner, these fake missionaries demanded a… Read More Here

Mining in DRC Cobalt Economy

Kisanfu Mine Leads Global Cobalt Supply Surge

October 31, 2024October 31, 2024 Constance

The Kisanfu cobalt mine in the Democratic Republic of Congo (DRC) is projected to be the largest contributor to global cobalt supply growth in 2024, adding an estimated 23,000 tonnes more than in 2023. This announcement, made by the Cobalt Institute on October 28, 2024, forecasts a substantial market surplus for the year. In its annual report from May 2024, the Cobalt Institute reported a cobalt surplus of 14,200 tonnes for 2023—nearly double that of 2022—highlighting the pivotal role of Kisanfu, which added 32,500 tonnes to the global supply in… Read More Here

Mining in DRC Economy

IMF Projects Substantial Wealth Growth for DRC by 2029

October 30, 2024October 30, 2024 Constance

The International Monetary Fund (IMF) forecasts a significant increase in wealth creation in the Democratic Republic of Congo (DRC) by 2029, projecting it to reach 372,325.2 billion Congolese Francs (CDF). These projections are detailed in the IMF’s latest report, “Economic Outlook for Sub-Saharan Africa, October 2024.” The IMF has revised its forecasts upward from previous estimates, with projections of 300,000 billion CDF in 2023 and 357,789 billion CDF in April 2024. This suggests an optimistic growth trajectory for the Congolese economy. However, the institution has downgraded the nominal dollar value… Read More Here