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IMF Approves $2.87 Billion Agreement with DRC for Economic Growth and Climate Resilience 20 Mining in DRC Economy 

IMF Approves $2.87 Billion Agreement with DRC for Economic Growth and Climate Resilience

Constance
On January 15, 2025, the International Monetary Fund (IMF) Executive Board approved a new cooperation agreement with the Democratic Republic of Congo (DRC), encompassing two major programs worth $2.87 billion. The package includes a $1.77 billion Extended Credit Facility (ECF) and a $1.1 billion Climate Resilience Facility (CRF). Prime Minister Judith Suminwa Tuluka announced the agreement following an extraordinary Council of Ministers meeting chaired by President Félix-Antoine Tshisekedi. Minister of Communication and Media, Patrick Muyaya, confirmed that disbursements will occur in tranches, contingent on progress in implementing agreed economic reforms.… Read More Here
South Kivu’s Mineral Wealth Lost to Illicit Mining, Earning Under $1 Million Annually 21 Mining in DRC Artisanal mining Cobalt Copper Lithium 

South Kivu’s Mineral Wealth Lost to Illicit Mining, Earning Under $1 Million Annually

Constance
South Kivu, a province rich in copper, cobalt, lithium, and other valuable minerals, generates less than $1 million annually due to widespread illicit mining activities. This stark contrast between the province’s mineral potential and its economic output was highlighted by Governor Jean-Jacques Purusi during a recent meeting with local stakeholders. Despite its mineral wealth, South Kivu remains one of the poorest regions in the Democratic Republic of Congo (DRC), a situation that Governor Purusi attributes to the illegal exploitation of its resources. “The mining sector does not even generate $1… Read More Here
DRC’s Economy Thrived in 2024 Amid Challenges, Records 6% GDP Growth 22 Mining in DRC Economy 

DRC’s Economy Thrived in 2024 Amid Challenges, Records 6% GDP Growth

Constance
Despite persistent security challenges in the eastern regions, the Democratic Republic of Congo (DRC) achieved remarkable economic growth in 2024, with its real GDP growth rate estimated at 6.0%, according to the International Monetary Fund (IMF). This economic performance surpassed initial IMF projections of 4.7%, highlighting the country’s resilience in navigating economic and security challenges. Finance Minister Doudou Fwamba credited the growth to effective public financial management and the stabilization of the macroeconomic framework. “Prudent fiscal policies have laid the foundation for this exceptional growth,” he stated. The mining sector,… Read More Here
$700 Million Set for Phase One of Kinshasa-Brazzaville Bridge Project 23 Mining in DRC Infrastructural Development Transport and Logistics 

$700 Million Set for Phase One of Kinshasa-Brazzaville Bridge Project

Constance
The total cost of the first phase of the Kinshasa-Brazzaville road-rail bridge construction project is estimated at $700 million. This figure was announced during a restitution meeting held on Wednesday, January 15, 2024, and chaired by Prime Minister Judith Suminwa. The meeting brought together delegations of experts from the Democratic Republic of Congo (DRC) and the Republic of Congo. DRC’s Minister of Infrastructure and Public Works, Alexis Gisaro, emphasized that this cost serves as a baseline, with the project expected to evolve over multiple phases. “Many other projects will be… Read More Here
Rwanda Announces First Oil Discovery in Lake Kivu 24 Oil & Gas International 

Rwanda Announces First Oil Discovery in Lake Kivu

Constance
Rwanda has confirmed its first-ever oil discovery, identifying 13 reservoirs in Lake Kivu, which lies along its border with the Democratic Republic of Congo (DRC). “We have oil,” announced Francis Kamanzi, CEO of the Rwanda Mines, Petroleum, and Gas Board, during a parliamentary hearing, as reported by local media outlet Igihe. The discovery follows more than a decade of exploration efforts in the lake. Kamanzi expressed optimism about uncovering additional reserves, noting the significant oil deposits already identified in neighboring Uganda and the DRC within the Great Lakes region. Despite… Read More Here
FQM ANNOUNCES STRONG 2024 ZAMBIAN PRODUCTION RESULTS AND FOCUS ON SUSTAINABLE GROWTH 25 Mining in Zambia Copper Corporate News Gold Nickel 

FQM ANNOUNCES STRONG 2024 ZAMBIAN PRODUCTION RESULTS AND FOCUS ON SUSTAINABLE GROWTH

Constance
First Quantum Minerals (FQM) has announced a strong performance from its Zambian operations in 2024, with strong copper, gold, and nickel production. The company also reaffirmed its focus on sustainability and operational resilience, with the S3 Expansion project on track for completion in mid-2025. The mining firm achieved annual copper production of 431 thousand tonnes (“kt”) in 2024, exceeding the guidance range of 400 to 420kt. Kansanshi achieved its highest copper and gold production since 2021 and 2022, respectively, predominately driven by higher grades. Sentinel’s increased copper production reflected higher… Read More Here
The Zambia International Mining and Energy Conference Returns for its 12th Edition from 19 to 20 March 2025 26 Events & Expos Sponsored Content 

The Zambia International Mining and Energy Conference Returns for its 12th Edition from 19 to 20 March 2025

Constance
Now is an opportune time to invest in Zambia’s mining and energy sectors and this is clearly demonstrated at the annual Zambia International Mining and Energy Conference and Exhibition (ZIMEC). Returning for its 12th edition and the third held right in the heart of Zambia’s Copperbelt, ZIMEC 2025 will run from the 19th to the 20th of March 2025 at the Garden Court Hotel in the mining city of Kitwe. Held under the High Patronage of The President of the Republic of Zambia, His Excellency Hakainde Hichilema, the event is… Read More Here
China’s Grid Investments Surge to Support Record Renewable Energy Growth 27 International Energy 

China’s Grid Investments Surge to Support Record Renewable Energy Growth

Constance
China, the global leader in renewable energy development, is ramping up its investment in power infrastructure to ensure that its rapidly growing clean energy capacity reaches homes and businesses effectively. In the first 11 months of last year, spending on power transmission infrastructure surged 19% to 529 billion yuan ($72 billion), according to the National Energy Administration. While funding for new power generation capacity reached 866.5 billion yuan, its growth rate was 12%, marking the first time since 2018 that grid investment outpaced generation projects. State Grid Corporation of China,… Read More Here
ZAMBIA AND SAUDI ARABIA SIGN MOU OF COOPERATION IN MINERAL RESOURCES 28 Mining in Zambia Copper Partnership 

ZAMBIA AND SAUDI ARABIA SIGN MOU OF COOPERATION IN MINERAL RESOURCES

Constance
Minister of Mines and Mineral Resources, Hon. Paul C. Kabuswe, MP, and His Excellency Mr. Bandar bin Ibrahim Al- Khorayef, Minister of Industry and Mineral Resources of the Kingdom of Saudi Arabia, have signed a Memorandum of Understanding (MoU) of Cooperation in Mineral Resources in the Mining Sector. The MoU was signed in Riyadh, Kingdom of Saudi Arabia, on the 14 January 2025, on the sidelines of the 2025 Future Minerals Forum that was taking place from 14th to 16th January. The MoU aims to foster collaboration between the two… Read More Here
Copper Production Declines in Peru as Antamina Mine Output Drops 29 International Copper 

Copper Production Declines in Peru as Antamina Mine Output Drops

Constance
Peru, the world’s third-largest copper producer, reported a decline in copper output for November, primarily due to reduced production at the Antamina mine. According to the Ministry of Energy and Mines, national copper production fell 4.6% year-over-year in November, reaching 241,883 metric tons. Cumulative output for 2024 through November stood at 2.47 million tons, representing a 1.1% decline compared to the same period in 2023. The drop in November’s output was significantly impacted by a 31% decrease in production from the Antamina mine. The mine, jointly operated by Glencore, BHP,… Read More Here

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