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Category: Mining in Zambia

DRC Senate Approves Ratification of Lobito Corridor Agreement 1 Mining in DRC Angola Governance Mining in Zambia Transport and Logistics 

DRC Senate Approves Ratification of Lobito Corridor Agreement

Constance
The Senate of the Democratic Republic of Congo (DRC) ratified the agreement establishing the Lobito Corridor Transit Transport Facilitation Agency (AFTTCL) during a plenary session on December 2, 2024. The agreement, signed on January 27, 2023, in Lobito, Angola, involves a partnership between the DRC, Angola, and Zambia. The bill, first presented to the Senate on November 22, 2024, was referred to the “External Relations” Committee for detailed review. The committee, led by Senator Lutundula Apala Pen Apala, recommended ratification, emphasizing the corridor’s strategic importance to the DRC’s economy and… Read More Here
Zambia’s Power Utility Seeks Solution to $80M Payment Error in China Debt Talks 2 Mining in Zambia Electricity 

Zambia’s Power Utility Seeks Solution to $80M Payment Error in China Debt Talks

Constance
Zambia is working to address an $80 million payment mistakenly transferred by its state power utility, ZESCO, to China while finalizing its long-standing debt restructuring deal with the nation, according to Treasury Secretary Felix Nkulukusa. The funds, accumulated in a securitized account from electricity sales tied to a power plant built and financed by Chinese companies, were “unfortunately” transferred, Nkulukusa explained in an interview on Sunday in Lusaka. This payment issue underscores the complexities of Zambia’s debt restructuring process, which began in 2020 when it became the first African nation… Read More Here
AfDB Approves $108 Million Loan to Boost Zambia’s Economic Reforms 3 Mining in Zambia Economy 

AfDB Approves $108 Million Loan to Boost Zambia’s Economic Reforms

Constance
The African Development Bank (AfDB) Group has approved a $108 million loan to Zambia to enhance economic governance and implement critical public sector reforms. This new funding increases the AfDB’s active portfolio in Zambia to $872.3 million, comprising 24 projects as of November 30, 2024. The loan will finance the Fiscal Sustainability and Economic Resilience Support Programme, a key initiative aimed at fostering a resilient and diversified Zambian economy. The AfDB Group Board of Directors announced the approval in a statement issued in Lusaka. Raubil Durowoju, the AfDB’s Country Manager… Read More Here
Morocco, DRC, and Zambia Collaborate to Revolutionize Africa’s Electric Mobility Industry 4 Mining in Zambia Electricity Mining in DRC 

Morocco, DRC, and Zambia Collaborate to Revolutionize Africa’s Electric Mobility Industry

Constance
Rabat – Morocco, the Democratic Republic of Congo (DRC), and Zambia have launched a groundbreaking initiative to establish a regional value chain for electric mobility in Lusaka, Zambia, aimed at transforming Africa’s automotive sector. Led by the United Nations Economic Commission for Africa (ECA) Office for North Africa, the initiative entered its second phase on December 9, with representatives from all three nations in attendance. This project aligns with Africa’s goals to promote sustainable development, reduce fossil fuel dependency, and tackle challenges such as outdated vehicle fleets and inadequate public… Read More Here
Zambia’s Finance Minister Refutes Tax Holidays for Multinational Mining Companies 5 Mining in Zambia Economy Mining tax 

Zambia’s Finance Minister Refutes Tax Holidays for Multinational Mining Companies

Constance
Zambia’s Finance Minister, Situmbeko Musokotwane, has dismissed allegations that the government provides tax holidays to multinational mining companies, asserting, “There is no mine that has been given a tax holiday.” Speaking in Parliament, Musokotwane emphasized that Zambia’s tax policies are designed to align with international standards, ensuring stability in the mining sector while fostering investment. . He noted that previous policy inconsistencies had led to production declines and mine closures, prompting the government to adopt a more consistent approach. The Minister criticized misinformation from certain civil society organizations and political… Read More Here
Zambia Seeks EU Support to Strengthen Mining and Economic Development 6 Mining in Zambia Copper Economy 

Zambia Seeks EU Support to Strengthen Mining and Economic Development

Constance
Zambia’s Minister of Mines and Mineral Development, Hon. Paul Kabuswe, has called on the European Union (EU) to bolster its support for Zambia’s mining sector and overall economic growth. The Minister made the appeal during a bilateral meeting with EU International Partnership Commissioner Jozef Sikela in Brussels. Hon. Kabuswe emphasized Zambia’s political stability, adherence to the rule of law, and peaceful environment as key factors in attracting European investors. He highlighted the mining sector’s impressive $10 billion investment growth over the past three years and acknowledged the EU’s valuable contributions… Read More Here
ZCCM-IH Invests $10 Million in Zambia’s Groundbreaking Green Bond Initiative 7 Mining in Zambia 

ZCCM-IH Invests $10 Million in Zambia’s Groundbreaking Green Bond Initiative

Constance
ZCCM Investments Holdings PLC (ZCCM-IH) has committed $10 million (ZMW275 million) to the second tranche of the CEC Renewables Limited Green Bond. This tranche, targeting $96.7 million, will finance the 136MW Itimpi-2 solar project, expanding the capacity of the existing 60MW Itimpi-1 solar photovoltaic (PV) plant. Dr. Ndoba Vibetti, ZCCM-IH CEO, highlighted the investment’s alignment with the company’s sustainability objectives. “Our mission is to create tangible wealth sustainably for the benefit of the Zambian people and stakeholders. This green bond financing for solar projects supports that mission while addressing the… Read More Here
U.S. Investment Boosts Africa's Strategic Rail Link for Mining and Economic Growth 8 Mining in Zambia Angola Mining in DRC Transport and Logistics 

U.S. Investment Boosts Africa’s Strategic Rail Link for Mining and Economic Growth

Constance
The Lobito Corridor is set to become the largest American investment in African railways, according to US President Joe Biden. This strategic railway link, connecting the Democratic Republic of Congo (DRC) and Angola, is poised to transform the transportation of essential metals used in vehicle manufacturing and wind turbines from mining sites to the port. Stretching 1,344 kilometers, the Lobito Corridor is designed to facilitate the transport of critical minerals, including copper and cobalt, which are vital for the global energy transition. The DRC, responsible for 70% of the world’s… Read More Here
US President Joe Biden Announces $560 Million Funding for Lobito Trans-African Corridor 9 Mining in Zambia Angola Governance Mining in DRC Transport and Logistics 

US President Joe Biden Announces $560 Million Funding for Lobito Trans-African Corridor

Constance
On Wednesday, December 4, 2024, US President Joe Biden unveiled more than $560 million in funding for the Lobito Trans-African Corridor, during a meeting in Lobito with Angolan President João Lourenço, DRC President Félix Tshisekedi, Zambian President Hakainde Hichilema, and the Vice President of Tanzania. The project, designed to connect the mining basins of the Democratic Republic of Congo (DRC) and Zambia to the port of Lobito, is crucial for transporting key natural resources such as copper and cobalt. President Biden emphasized that the Lobito Corridor represents a transformative opportunity… Read More Here
Félix Tshisekedi Highlights Strategic Importance of the Lobito Corridor for Regional Prosperity 10 Events & Expos Mining in DRC Mining in Zambia Transport and Logistics 

Félix Tshisekedi Highlights Strategic Importance of the Lobito Corridor for Regional Prosperity

Constance
The President of the Democratic Republic of Congo (DRC), Félix Tshisekedi, emphasized the strategic significance of the Lobito Corridor during a multilateral meeting in Benguela, Angola, on Wednesday, December 4, 2024. This corridor, linking the DRC, Zambia, and Angola, is set to become a vital trade route, aiming to transport up to 20 million tonnes of goods annually by 2030. Tshisekedi highlighted its potential to drive economic development, particularly in the DRC’s copper and cobalt sectors, which are crucial to the global energy transition. “The Lobito Corridor, designed to transport… Read More Here

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