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Montage Gold Secures $825 Million for Construction of Côte d'Ivoire's Largest Gold Mine 20 Gold International New Mining Projects 

Montage Gold Secures $825 Million for Construction of Côte d’Ivoire’s Largest Gold Mine

Constance
Montage Gold has successfully raised $825 million in Côte d’Ivoire to finance the construction of the country’s largest gold mine, which is expected to achieve an annual production capacity of 301,000 ounces during its first eight years of operation. This project is set to significantly bolster gold production in Ivory Coast in the long term. In a press release dated October 24, 2024, Montage announced that the funding was secured through a combination of loans and advance sales of future gold production. This financing involved collaboration with one of its… Read More Here
Maniema Province Ushers in New Era with Oil Tax Agreement 21 Mining in DRC Oil & Gas Petroleum 

Maniema Province Ushers in New Era with Oil Tax Agreement

Constance
A new era is emerging for Maniema Province following a significant development on Monday, October 21. Oil companies and the provincial government signed a historic memorandum of understanding to establish a conventional tax on petroleum products. This tax, set at 300 Congolese francs per liter, aims to fund ambitious projects to improve the province’s infrastructure. The revenue generated from this tax will be allocated to road infrastructure projects, enhance public services, and stimulate the local economy. The decision, reached after extensive negotiations, was met with enthusiasm from all stakeholders. During… Read More Here
DRC Govt Addresses Foreign Presence in Mining Areas Amid Recent Arrests 22 Mining in DRC 

DRC Govt Addresses Foreign Presence in Mining Areas Amid Recent Arrests

Constance
The presence and movement of foreigners in mining sites were key topics during the eighteenth meeting of the Council of Ministers, held on Friday, October 18, 2024. In his remarks, Head of State Félix-Antoine Tshisekedi highlighted concerns regarding illegal foreign operations in the country’s mining regions. The President pointed out that, despite the liberalization of the mining sector—enshrined in the Mining Code—foreign operators must comply with legal regulations. He stated, “The abandonment of the ban on the movement of foreigners in mining areas should not be interpreted as a lack… Read More Here
Rawbank Partners with ARSP to Boost Funding for 20,000 SMEs in DRC 23 Mining in DRC Economy 

Rawbank Partners with ARSP to Boost Funding for 20,000 SMEs in DRC

Constance
RAWBANK CEO Mustafa Rawji is leveraging the expertise of the Private Sector Subcontracting Regulatory Authority (ARSP) to reach 20,000 small and medium-sized enterprises (SMEs) that will benefit from the $200 million allocated by the financial institution. He made this announcement during a working session held at the ARSP. “Rawbank is seizing an opportunity to create substantial wealth and expand SMEs in the DRC, particularly in the mining sector and other industries regulated by the ARSP. Traditionally, banks have focused on financing large companies, but we recognize the urgent need to… Read More Here
DRC Solidifies Position as Leading Global Producer of Cobalt and Copper from 2018 to 2022 24 Copper Cobalt Mining in DRC 

DRC Solidifies Position as Leading Global Producer of Cobalt and Copper from 2018 to 2022

Constance
Between 2018 and 2022, the Democratic Republic of Congo (DRC) solidified its status as the world’s largest producer of cobalt and the second-largest producer of copper. According to the International Monetary Fund (IMF), the DRC generated an average of $5.5 billion annually in mining revenues during this period, a notable increase from $4 billion between 2013 and 2017. This surge in revenue is further supported by analyses from various media outlets, including Bankable, a subsidiary of the Ecofin Agency, highlighting the DRC’s strategic significance in supplying critical raw materials. As… Read More Here
DRC Authorities Close Kanshi Commune's Artisanal Diamond Mine to Protect Resident Safety 25 Diamond Artisanal mining Mining in DRC 

DRC Authorities Close Kanshi Commune’s Artisanal Diamond Mine to Protect Resident Safety

Constance
The artisanal and clandestine diamond mine in the Kanshi commune of Eastern Kasai was officially closed on Monday, October 21, 2024, to safeguard the lives of local residents, as stated in a report from the Council of Ministers. “The governor announced the permanent closure of the artisanal diamond mine in Kanshi and the establishment of enhanced surveillance measures to prevent further tragedies,” the report noted. This decision follows a series of fatalities linked to clandestine diamond mining activities, primarily conducted by young residents, which have resulted in significant loss of… Read More Here
Sodimico SA Conducts Inventory of Mining Sites in Kasumbalesa 26 Mining in DRC 

Sodimico SA Conducts Inventory of Mining Sites in Kasumbalesa

Constance
On Friday, October 17, 2024, the Congolese Industrial and Mining Development Company (Sodimico SA) initiated an inventory of mining sites in Kasumbalesa, located in the Haut-Katanga province. Gilbert Tutu Tedeza, the Chairman of the Board of Directors of Sodimico, stated, “We are on a mission to assess the situation in Kasumbalesa, where we will visit various mining sites,” following a meeting with the President of the Provincial Assembly, Michel Kabwe. During this visit, the Sodimico Board of Directors seized the opportunity to seek the support of the deliberative body to… Read More Here
Tanzania to Establish Power Grid Connection with Zambia to Alleviate Drought-Induced Power Shortages 27 Mining in Zambia Electricity 

Tanzania to Establish Power Grid Connection with Zambia to Alleviate Drought-Induced Power Shortages

Constance
Tanzania is advancing plans to establish a power grid connection with Zambia to help address Zambia’s drought-related power shortages, announced Deputy Prime Minister Doto Biteko at the Singapore International Energy Week. “We have interconnectors with our neighbors—Rwanda, Burundi, and Kenya—and now we are establishing an interconnector with Zambia to assist our neighbor during this severe drought,” said Biteko, who also serves as the Minister of Energy. As a member of the Eastern African Power Pool, Tanzania has access to a broader market, allowing it to sell surplus electricity to neighboring… Read More Here
Africa Finance Corporation Advances Zambia-Lobito Rail Project with Concession Agreements 28 Mining in Zambia Angola Mining in DRC Transport and Logistics 

Africa Finance Corporation Advances Zambia-Lobito Rail Project with Concession Agreements

Constance
The Africa Finance Corporation (AFC) has significantly advanced the Zambia Lobito Rail project by entering into concession agreements with the governments of Angola and Zambia. This ceremonial signing took place on the sidelines of the 79th session of the United Nations General Assembly (UNGA 79) with the participation of U.S. Secretary of State Antony J. Blinken and the Biden Administration’s G-7 Partnership for Global Infrastructure and Investment (PGI). The agreements empower the AFC to take the lead in funding, constructing, owning, and operating this vital infrastructure project aimed at enhancing… Read More Here
Neelkanth Metals Fined 900,000 Kwacha in Zambia for Illegal Copper Scrap Operations 29 Uncategorized 

Neelkanth Metals Fined 900,000 Kwacha in Zambia for Illegal Copper Scrap Operations

Constance
Neelkanth Metals Limited has been fined 900,000 Kwacha by the Ndola Chief Resident Magistrate across three charges related to illegal handling and acquisition of copper scrap. The fines include 300,000 Kwacha for trading in scrap metal without a license, another 300,000 for failing to maintain transaction records, and an additional 300,000 for acquiring scrap metal without a clearance certificate. If payment is not made by November 4, 2024, authorities may issue a warrant of distress, allowing asset seizure to recover the fines. Additionally, over 4,000 kilograms of confiscated copper cables… Read More Here

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