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Zesco Settles $82 Million Loan Prepayment to China Exim Bank for Kariba North Bank Extension 17 Mining in Zambia Electricity 

Zesco Settles $82 Million Loan Prepayment to China Exim Bank for Kariba North Bank Extension

Constance
The Zambian government has clarified that the $82 million paid by Zesco to China Exim Bank is part of a loan obtained to help develop the $320 million, 360-megawatt Kariba North Bank Extension hydropower station. According to the Ministry of Finance, the financing agreement, secured in November 2009, established an account to manage funds for servicing the loan. Secretary to the Treasury, Felix Nkulukusa, explained that following approval from the Zesco Board in December 2022, the company transferred the accumulated $82 million as a principal prepayment to China Exim Bank.… Read More Here
Zambia’s EV Battery Plant Nears Market Rollout Amid Manufacturing Sector Growth 18 Mining in Zambia Battery Metals 

Zambia’s EV Battery Plant Nears Market Rollout Amid Manufacturing Sector Growth

Constance
Commerce, Trade, and Industry Minister Chipoka Mulenga has announced that the Electric Vehicle (EV) battery plant in Chibombo, operated by the Zambia Jiangxi Multi-Facility Economic Zone, is conducting battery trials. The batteries are expected to enter the market by January 2025. Speaking at the 38th Annual General Meeting of the Zambia Association of Manufacturers (ZAM) in Lusaka, Mulenga emphasized the pivotal role of the manufacturing sector in achieving Zambia’s Vision 2030 to become a prosperous middle-income nation. During the event, a memorandum of understanding was signed between the Ministry of… Read More Here
KCM to Invest $700 Million in Boosting Copper Production 19 Mining in Zambia Copper Economy 

KCM to Invest $700 Million in Boosting Copper Production

Constance
Konkola Copper Mines (KCM) has announced a $700 million investment over the next five years to unlock the full potential of its operations in Chililabombwe, Zambia. KCM Chief Operating Officer Malcolm Mewett revealed that this investment constitutes a significant portion of the $1 billion pledged by Vedanta Resources Limited for KCM’s growth. He emphasized that the funds will primarily focus on underground developments at the Konkola Mine, enabling the extraction of vast copper reserves and significantly increasing production. “This investment will help the mine achieve its target of producing 300,000… Read More Here
Zambia Hosts Timbuktoo Mine Technology Hub to Transform Africa’s Mining Industry 20 Mining in Zambia Mining technology 

Zambia Hosts Timbuktoo Mine Technology Hub to Transform Africa’s Mining Industry

Constance
Africa’s mining sector is poised for significant transformation with the launch of the Timbuktoo Mine Technology Hub, supported by the United Nations Development Programme (UNDP). The hub, inaugurated at the National Institute for Scientific and Industrial Research (NISIR) in Lusaka, Zambia, aims to drive technological innovation, foster creativity, and support startups across the continent. Technology and Science Minister Felix Chipota Mutati, speaking on behalf of President Hakainde Hichilema, praised the UNDP’s decision to establish this Pan-African innovation hub in Zambia. Mutati emphasized its alignment with Zambia’s goal of producing three… Read More Here
EquityBCDC Leads $282 Million Syndication to Support DRC’s Oil Sector 21 Mining in DRC Oil & Gas Petroleum 

EquityBCDC Leads $282 Million Syndication to Support DRC’s Oil Sector

Constance
EquityBCDC has announced the second drawdown of $282 million from its landmark syndication with FirstBank DRC SA, Ecobank RDC, and Standard Bank. This initiative, in collaboration with the Congolese government, aims to finance the country’s oil debt and ensure stability in the distribution of petroleum products nationwide. Of the total drawdown, EquityBCDC contributed $156 million, building on the success of the initial $123.5 million drawdown. The effective management of the first tranche has bolstered confidence in this second phase, which is designed to support oil companies and mitigate any potential… Read More Here
DRC Orders Audits of Perenco’s Oil Operations and Environmental Impact 22 Mining in DRC Oil & Gas Petroleum 

DRC Orders Audits of Perenco’s Oil Operations and Environmental Impact

Constance
The Democratic Republic of Congo (DRC) has initiated two comprehensive audits of Perenco, the sole producer of oil in the country, based in the Kongo Central province. The audits aim to examine the company’s production activities and environmental practices. The Ministry of Hydrocarbons has tasked Alex Stewart International (ASI), a Liverpool-based auditing firm known for its rigorous reviews, with assessing Perenco’s technical and operational activities. ASI will focus on clarifying the management of Perenco’s mature onshore and offshore oil fields. In parallel, Environmental Resources Management (ERM), a specialist consultancy, has… Read More Here
DRC Advances Energy Sector with Inga II and Renewable Projects 23 Mining in DRC Hydro power plant 

DRC Advances Energy Sector with Inga II and Renewable Projects

Constance
The Democratic Republic of Congo (DRC) is taking significant steps to enhance its energy sector, with the G25 group of the Inga II Hydroelectric Power Plant set to produce an additional 1.2 million megawatt hours upon its rehabilitation. This development was highlighted by President Félix Tshisekedi during his December 11, 2024, State of the Nation address to Parliament. President Tshisekedi emphasized the centrality of energy to the country’s socio-economic transformation, stating, “Sustainable economic growth requires reliable, affordable, and sustainable access to energy. It drives raw material transformation, technological innovation, and… Read More Here
DRC Senate Approves Ratification of Lobito Corridor Agreement 24 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
DRC Govt Takes Charge of Kamoa Mining Product Sales 25 Mining in DRC Cobalt Copper Economy 

DRC Govt Takes Charge of Kamoa Mining Product Sales

Constance
The Government of the Democratic Republic of Congo (DRC) has announced its direct involvement in the sale of mining products from Kamoa, a company in which the State holds a 20% stake. This move aims to better secure national economic interests within the crucial mining sector. Kamoa’s turnover is projected to reach $3 billion, and as part of this new strategy, the Government, through the Minister of the Portfolio, will oversee the pricing and sale of mining products. Minister Jean-Lucien Bussa made this announcement during the Estates General of the… Read More Here
Miguel Kashal Highlights DRC’s Value Chain Potential at Global Citizen Forum 26 Mining in DRC Events & Expos 

Miguel Kashal Highlights DRC’s Value Chain Potential at Global Citizen Forum

Constance
The Director General of the Regulatory Authority for Subcontracting in the Private Sector (ARSP), Miguel Kashal, led a high-level Congolese delegation at the Global Citizen Forum, held from December 4–5, 2024, in the United Arab Emirates. The fourth edition of the forum, themed “The Future of Wealth,” gathered prominent business leaders from across the globe. As a panelist, Kashal highlighted the Democratic Republic of Congo’s (DRC) investment potential and its commitment to fostering local content development. He emphasized the vision of President Félix Tshisekedi to empower the middle class and… Read More Here

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