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IMF Projects Substantial Wealth Growth for DRC by 2029 1 Mining in DRC Economy 

IMF Projects Substantial Wealth Growth for DRC by 2029

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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
Sibanye-Stillwater Gains from U.S. Regulatory Changes on Critical Minerals 2 International Battery Metals 

Sibanye-Stillwater Gains from U.S. Regulatory Changes on Critical Minerals

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Sibanye-Stillwater has received a significant boost from the United States following the publication of final regulations that provide incentives for mining critical minerals, including palladium and platinum. These incentives are part of the Inflation Reduction Act’s (IRA) Section 45X, which now allows for a 10% ‘Advance Manufacturing Production’ credit. The previous version of the Act restricted this incentive to refiners, excluding miners, but has since been amended. “We welcome the amendments to the Section 45X regulations made by the U.S. Treasury and applaud its foresight in understanding our industry and… Read More Here
Unchecked Mining in DRC’s South Kivu Raises Concerns Over Illegal Activity and Environmental Harm 3 Mining in DRC Artisanal mining 

Unchecked Mining in DRC’s South Kivu Raises Concerns Over Illegal Activity and Environmental Harm

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South Kivu, a province rich in tin, tungsten, niobium, tantalum, rare earths, and gold deposits in eastern Democratic Republic of Congo (DRC), faces persistent security challenges that deter large industry investors from entering the area. Instead, mining is largely conducted by cooperatives and foreign firms, especially those with Chinese capital. Many operate with impunity, often in violation of DRC’s mining regulations, and with the alleged support of powerful figures. A prominent example is Tong Li Resources, a Chinese company involved in gold mining in South Kivu and neighboring Maniema Province.… Read More Here
Cobalt Market Forecasts 37,000-Tonne Surplus Amid Slowing Demand in 2024 4 Mining in DRC Cobalt Economy 

Cobalt Market Forecasts 37,000-Tonne Surplus Amid Slowing Demand in 2024

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The global cobalt market is projected to experience a notable surplus in 2024, with the Cobalt Institute forecasting a surplus of 37,000 tonnes. This outlook aligns with recent statements from CMOC, the world’s largest cobalt producer, which noted a slowing rate of supply growth in the latter half of the year. Key contributors to this surplus are increased production from the Kisanfu mine in the Democratic Republic of Congo (DRC), set to add an additional 23,000 tonnes over 2023 levels, and a 14,000-tonne increase from the Tenke Fungurume mine, also… Read More Here
Cobalt International Battery Metals Cobalt Lithium 

African Nations Called to Invest in Beneficiation of Critical Minerals for Industrial Growth

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Africa has the potential to be a key player in the global energy transition due to its rich reserves of critical minerals like lithium and cobalt. However, maximizing this potential requires a robust strategy for building manufacturing capacity, scaling up production, and increasing exports. This perspective was shared during a panel discussion at the recent Manufacturing Indaba, highlighting how resource extraction and industrialisation offer African nations opportunities to advance along the value chain, create high-skilled jobs, and drive technological innovation. “We need to explore ways to deepen those value chains,… Read More Here
BHP Shifts Focus After Rejected Anglo American Takeover Bid 5 International Mergers & Acquisitions 

BHP Shifts Focus After Rejected Anglo American Takeover Bid

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BHP has turned its attention to new growth prospects after Anglo American shareholders rejected its $49-billion takeover proposal earlier this year, the company’s Chairperson Ken MacKenzie confirmed on Wednesday. In May, BHP withdrew from its acquisition bid for Anglo after three failed attempts. With a six-month restriction on reapproaching Anglo soon to expire, there had been speculation that BHP might revisit the offer. “We saw a unique opportunity for synergy with Anglo American—an idea where one plus one equals three,” MacKenzie remarked at BHP’s annual meeting. “However, Anglo’s shareholders favored… Read More Here
Caracal Gold Secures Mining License for Kanegele Project in Tanzania 6 International Gold New Mining Projects 

Caracal Gold Secures Mining License for Kanegele Project in Tanzania

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London-listed Caracal Gold has obtained a mining license for its Kanegele project in Tanzania. Caracal’s subsidiary, Tyacks Gold, successfully applied for two mining licenses in December 2023, and the Kanegele project, located within the Nyakafuru area, has now received its first permit. Located in the Lake Victoria Gold Fields, Kanegele lies 140 km southwest of Mwanza, Tanzania’s second-largest city, and benefits from established infrastructure. The Kanegele project encompasses four main deposits—Voyager, Mentelle, Cullen, and Leeuwin—with a Joint Ore Reserve Committee (JORC)-compliant resource estimate of 658,000 oz. Substantial historical mining and… Read More Here
Zimbabwe to Replace US Dollar with Gold-Backed ZiG as Exclusive Legal Tender 7 International Economy 

Zimbabwe to Replace US Dollar with Gold-Backed ZiG as Exclusive Legal Tender

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Zimbabwe’s ruling party, Zanu-PF, has passed a resolution to make the gold-backed ZiG currency the country’s sole legal tender, moving to phase out the US dollar. The resolution, finalized at Zanu-PF’s annual conference, mandates the government to “expedite dedollarization efforts” and prioritize the ZiG currency, though no specific timeline was provided. The ZiG, short for Zimbabwe Gold, marks Zimbabwe’s sixth currency shift in 15 years as an alternative to the US dollar, which remains legal tender until at least 2030 under current law. President Emmerson Mnangagwa has hinted at accelerating… Read More Here
Haut-Katanga Assembly Launches Environmental Probe into MMG Kinsevere Amid Community Concerns 8 Mining in DRC Corporate News 

Haut-Katanga Assembly Launches Environmental Probe into MMG Kinsevere Amid Community Concerns

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Following environmental concerns raised by local communities over MMG Kinsevere’s mining activities, Michel Kabwe Muamba, President of the Haut-Katanga Provincial Assembly, has initiated a joint commission to investigate. On October 28, 2024, Kipushi Territory Administrator Gaunce Bupe Kapalo officially launched the commission’s work, which includes independent experts and representatives of affected parties. “We are here to fulfill our mandate from the Assembly President,” Kapalo said, calling on residents to remain calm as the commission aims for swift findings, expected by Friday. Representing MMG, Charles Kyona, Deputy General Manager for Stakeholder… Read More Here
Prime Minister and Asia Minerals Limited Discuss Manganese Investment in DRC 9 Mining in DRC Battery Metals 

Prime Minister and Asia Minerals Limited Discuss Manganese Investment in DRC

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On Saturday, October 26, 2024, Prime Minister Judith Suminwa Tuluka met with a delegation from Asia Minerals Limited (AML Group), a global mining company, led by President Eric Chung. The company, specializing in manganese mining—particularly in South Africa—expressed strong interest in exploring investment opportunities within the Democratic Republic of Congo’s mining sector. Following the meeting, Eric Chung praised the productive discussions and highlighted the Congolese government’s openness and dedication to mining industry standards. He noted the positive state of relations between Japan and the DRC, which date back to the… Read More Here

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