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Category: News in Brief

Nationwide Power Outage Hits Zambia 1 Mining in Zambia Electricity News in Brief 

Nationwide Power Outage Hits Zambia

Constance
Zambia experienced a nationwide power outage on Sunday due to a “power system disturbance,” according to the state-owned utility company, Zesco. The incident occurred at approximately 18:15 GMT, resulting in a complete loss of power across the country. Zesco stated that efforts to address the unplanned outage were underway, with the restoration of power supply in progress. Further updates on the cause of the disturbance and the timeline for full restoration are expected. Read More Here
Gold Price Drop Impacts DRC Mining Exports 2 Gold Economy Mining in DRC News in Brief 

Gold Price Drop Impacts DRC Mining Exports

Constance
The price of gold, a key export for the Democratic Republic of Congo (DRC), has decreased by 2.93% on global markets. From November 18-23, 2024, the price per gram fell to USD 86.12, down from USD 88.72 the previous week, according to a press release from the Ministry of Foreign Trade. This decline is part of broader global fluctuations in raw material prices, particularly observed between November 11-16, 2024. Price volatility on international markets continues to challenge the DRC, where Read More Here
Mufumbwe Residents in Zambia Celebrate Kalengwa Mine Reopening as Economic Game Changer 3 Mining in Zambia New Mining Projects News in Brief 

Mufumbwe Residents in Zambia Celebrate Kalengwa Mine Reopening as Economic Game Changer

Constance
Residents of Mufumbwe, North Western Province, have expressed their excitement over the reopening of Kalengwa Mine, calling it a transformative step for the district’s economic future. They believe the mine’s revival will create new business opportunities and generate employment, especially for young people in the area. READ MORE:President Hichilema Reopens Zambia’s Kalengwa Mine After 46 Years Speaking to ZNBC News, the residents thanked President Hakainde Hichilema for bringing development to Mufumbwe. The President is in North Western Province to reopen Kalengwa Mine, Kansenseli Gold Mine, and to commission the Kasajiko… Read More Here
DRC Loses Billions to Gold Mining Fraud, Warns DRC Gold Trading 4 Mining in DRC Economy Gold News in Brief 

DRC Loses Billions to Gold Mining Fraud, Warns DRC Gold Trading

Constance
The Democratic Republic of Congo (DRC) is facing significant financial losses in its mining sector due to widespread fraud. Joseph Kazibaziba, Managing Director of DRC Gold Trading SA, a company operating in the gold mining industry, revealed that “more than 50 tons of gold are fraudulently exported to the east coast of Congo, amounting to over 5 billion USD.” He acknowledged that one of the major challenges remains integrating the substantial quantity of gold extracted through artisanal methods back into the official economy. The causes of this fraud are numerous,… Read More Here
Congolese Minister of Mines Opposes New Financial Authority for Mining Sector 5 Mining in DRC News in Brief 

Congolese Minister of Mines Opposes New Financial Authority for Mining Sector

Constance
Kizito Pakabomba, the Congolese Minister of Mines, rejected the idea of creating a separate financial authority for the mining sector during a press café in Kinshasa, hosted by the mining registry. Pakabomba argued that establishing another agency would only add unnecessary bureaucracy, noting concerns from the International Monetary Fund (IMF) about the country’s budgetary inefficiencies. He highlighted that the mining sector already contributes nearly 50% to the national budget, emphasizing that the Ministry of Finance manages mining revenues effectively. The minister reaffirmed his commitment to working with the IMF to… Read More Here
Tragedy Strikes Illegal Gold Mining Operation in Shiwang'andu 6 Mining in Zambia Artisanal mining Gold Mine Safety News in Brief 

Tragedy Strikes Illegal Gold Mining Operation in Shiwang’andu

Constance
A tragic incident occurred in Shiwang’andu, Muchinga Province, where an unidentified man lost his life and another was injured during illegal gold mining activities. The accident took place on Friday around 16:00 at the Chipindo gold mine in Chief Mukwikile’s chiefdom. The survivor, 23-year-old Felix Mulenga from Mpika district, was rescued by fellow miners and rushed to Mpika Urban Clinic. Unfortunately, the deceased was pronounced dead upon arrival, while Mulenga suffered bruises to his neck, lips, and eyelids and is currently receiving treatment. Police commanding officer Paul Achinme confirmed that… Read More Here
CEC Mining in Zambia Electricity News in Brief 

Copperbelt Energy Corporation to Address Mining Power Shortfall with Imports

Constance
Copperbelt Energy Corporation (CEC) Group Chief Executive Officer Owen Silavwe announced that imported power will start flowing next month to address the significant shortfall in the mining industry, which is estimated to be between 20% and 30%. Zesco has declared a force majeure on the mining sector, retracting 20% of the energy previously supplied to the mines. In response, CEC stated last month that it had signed contracts with the mining companies it serves to supply the power deficit through imports. During the Energy Indaba held last week in Lusaka,… Read More Here
Panama to review all information to make an informed First Quantum decision 7 International Copper News in Brief 

Panama to review all information to make an informed First Quantum decision

Constance
Panama’s government will review and analyze all the available information to make an “informed and responsible decision” regarding new President Jose Raul Mulino’s request for an environmental audit of Canadian miner First Quantum Minerals’ Cobre Panama mine. “In his message to the nation, President Mulino said he will order a strict environmental audit; So for our part, we are going to review and analyze all the information available to make informed and responsible decision,” Trade and Industry Minister Julio Molto told Reuters on Tuesday. SOURCE:mining.com Read More Here
IMF Highlights Uncertainty in Panama's Economic Outlook Amid Copper Mine Closure 8 International Copper Economy News in Brief 

IMF Highlights Uncertainty in Panama’s Economic Outlook Amid Copper Mine Closure

Constance
Panama’s short-term economic outlook faces significant uncertainty due to the closure of a lucrative copper mine operated by First Quantum Minerals, the International Monetary Fund (IMF) reported on Thursday. Key risks to Panama’s economy include the potential loss of its investment-grade status from credit rating agencies, increased social unrest, and international arbitration proceedings resulting from the halt in copper mining activities, the IMF stated. SOURCE:mining.com Read More Here
Chile's Copper Production Shows Signs of Recovery 9 International Copper News in Brief 

Chile’s Copper Production Shows Signs of Recovery

Constance
Chile, the world’s largest supplier of copper, is showing signs of recovery from 20-year lows in production. In May, copper output reached its highest level for the year, rising more than 8% compared to both April and the same month last year, according to data released on Friday by the country’s bureau of statistics. While top producer Codelco has indicated its output won’t show year-on-year increases until the second half of the year, other suppliers are compensating for the decline. They are overcoming challenges such as lower ore quality and… Read More Here

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