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Zambia’s Power Utility Seeks Solution to $80M Payment Error in China Debt Talks 17 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 18 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 19 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with Africa’s goals to promote sustainable development, reduce fossil fuel dependency, and tackle challenges such as outdated vehicle fleets and inadequate public… Read More Here
B2Gold Faces Disruption at Fekola Mine Due to Workers' Strike in Mali 20 International Gold 

B2Gold Faces Disruption at Fekola Mine Due to Workers’ Strike in Mali

Constance
A workers’ strike at B2Gold’s flagship Fekola mine in southwest Mali has significantly reduced mining operations to just 25% of its full capacity, according to two employees at the mine. The strike, which began on November 29, involves between 1,875 and 2,000 workers protesting the dismissal of some of their colleagues. The strike, lasting seven days, was triggered after several employees were let go. While the Vancouver-based miner acknowledged the reduced capacity, it disputed the 25% figure, stating operations at Fekola were continuing at a “well in excess” of the… Read More Here
Zimbabwe to Seek 26% Stake in New Mining Projects 21 International Lithium New Mining Projects 

Zimbabwe to Seek 26% Stake in New Mining Projects

Constance
Zimbabwe plans to acquire a 26% free-carry stake in all new mining projects and will also negotiate with existing operators to secure similar shares in established projects. Pfungwa Kunaka, Zimbabwe’s Secretary for Mines, told Bloomberg that the government aims for a 26% ownership in most major mining ventures. He added that these negotiations would involve discussions with investors already operating in the country. Kunaka did not disclose how the government would finance these acquisitions. However, the move aligns with the rising trend of resource nationalism across Africa, where nations are… Read More Here
Arbitration Proceedings Over Cobre Panama Mine Escalate as Investors Await Panama’s Decision 22 International Copper 

Arbitration Proceedings Over Cobre Panama Mine Escalate as Investors Await Panama’s Decision

Constance
Arbitration proceedings between Canadian miner Franco-Nevada and the government of Panama over the Cobre Panama copper mine entered a new phase this week with the formation of a tribunal to hear the case, according to legal filings. Investors are awaiting a crucial decision from Panama’s President, Jose Raul Mulino, regarding the future of the Cobre Panama mine, which was shut down last year due to public unrest. Cobre Panama is the flagship operation of Canadian miner First Quantum Minerals, which is also seeking damages from Panama. Franco-Nevada, which had a… Read More Here
Gemfields Records $46.2 Million in Revenue from Latest Ruby Auction Despite Market Challenges 23 Gemstones International 

Gemfields Records $46.2 Million in Revenue from Latest Ruby Auction Despite Market Challenges

Constance
Gemfields, a leading gemstone miner, reported $46.2 million in revenue from its recent auction of mixed-quality rough rubies recovered from the Montepuez ruby mine in Mozambique. The auction, which featured 102 lots, saw 97 lots successfully sold. The auction revenue was impacted by a lower quantity of premium rubies available, which Gemfields identified as the primary factor driving the lower-than-expected results. However, the company noted that the average price per carat reached a record high for its mixed-quality ruby auctions, despite observing softer prices and thinner bidding. The rubies were… Read More Here
MMG Kinsevere Boosts Community Inclusion with Youth Recruitment Initiative 24 Mining in DRC 

MMG Kinsevere Boosts Community Inclusion with Youth Recruitment Initiative

Constance
MMG Kinsevere has taken a major step in advancing its community inclusion efforts by integrating 200 young people from 26 villages surrounding its mining operations into its workforce. On Wednesday, December 11, 2024, these individuals officially joined the professional sector through recruitment by Congo Astrale Company (CAC), the new security provider tasked with safeguarding the mining site. The presentation ceremony took place at the Cultural Center in Kifita village, located in the Kipushi territory’s Bukanda sector. The event was attended by officials from various entities invited by CAC. Gaunce Bupe,… Read More Here
President Tshisekedi Unveils Ambitious Rural Infrastructure Plan for 2025 25 Mining in DRC Infrastructural Development 

President Tshisekedi Unveils Ambitious Rural Infrastructure Plan for 2025

Constance
In his annual State of the Nation Address at the People’s Palace, President Félix Tshisekedi presented an ambitious plan to rehabilitate rural infrastructure in 2025. This initiative is a key component of the Local Development Program of the 145 Territories (PDL-145T). The Head of State announced plans to rehabilitate 38,000 kilometers of agricultural service roads under the PDL-145T, along with 11,423 kilometers of additional priority roads, all within a single year. “This work will be accompanied by the deployment of road brigades in each province to ensure regular maintenance,” stated… Read More Here
DRC and EU Launch Strategic Roadmap for Sustainable Development and Energy Transition 26 Mining in DRC Partnership 

DRC and EU Launch Strategic Roadmap for Sustainable Development and Energy Transition

Constance
On an official visit to Belgium for Raw Materials Week, Democratic Republic of Congo (DRC) Minister of Mines Kizito Pakabomba delivered a pivotal speech in Brussels on Wednesday, December 11, 2024. The event marked the official launch of the DRC-EU roadmap, following the signing of a Memorandum of Understanding (MoU) between the DRC and the European Union on October 26, 2023. In his address, Minister Pakabomba emphasized the importance of this strategic partnership, rooted in shared values of sustainability, transparency, and inclusive development. He reaffirmed the DRC’s commitment to playing… Read More Here

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