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DRC Reveals $70 Million Plan to Revitalize MIBA and Increase Diamond Production 1 Mining in DRC Diamond 

DRC Reveals $70 Million Plan to Revitalize MIBA and Increase Diamond Production

Constance
Last Friday in Kinshasa, Kizito Pakabomba, the National Minister of Mines, presented a $70 million plan to relaunch the Bakwanga Mining Company (MIBA) during the tenth Council of Ministers. The plan, which focuses on five key areas—certification of mining reserves, concession security, production-related investments, personnel costs, and monitoring-evaluation—aims to increase MIBA’s production capacity from 2026. The company, based in the Kasai region, is targeting an annual output of 2,438,484 carats, valued at $58.95 million in revenue from diamond extraction and marketing. To support this ambitious goal, the National Minister of… Read More Here
Lundin Mining Workers in Chile End Strike with New Wage Agreement 2 International Copper 

Lundin Mining Workers in Chile End Strike with New Wage Agreement

Constance
Workers at Lundin Mining Corp.’s Caserones mine in Chile have ended a nearly two-week strike after accepting a new wage proposal. Approximately 90% of one of the mine’s three unions voted in favor of the new three-year contract on Saturday, following a preliminary agreement reached late Friday, according to union leader Marco Garcia. The strike, led by a union representing 29% of the workforce at Caserones, had disrupted production at the mine, which produced 137,100 tons of copper last year, according to Chilean government data. The resolution of the strike… Read More Here
South Africa's Gold Sector Declines Despite Record Prices 3 International Gold 

South Africa’s Gold Sector Declines Despite Record Prices

Constance
Despite record-high gold prices, South Africa’s gold sector continues to experience a “deep structural decline,” according to Hugo Pienaar, chief economist at the Minerals Council. Reviewing the latest mining production and sales data from Stats SA for the second quarter of 2024, Pienaar highlighted the ongoing challenges in the industry. Since the fourth quarter of 2019, only manganese and chrome have shown growth, while overall mining production in the second quarter of 2024 was 8.7% lower than pre-COVID levels. Iron ore and gold have been the worst performers, with the… Read More Here
Coltan Traffickers Caught in Goma Amid Crackdown on Illegal Mineral Trade 4 Mining in DRC Coltan 

Coltan Traffickers Caught in Goma Amid Crackdown on Illegal Mineral Trade

Constance
As part of the “Safisha Muji wa Goma” operation, seven packages of coltan, a key mineral used in the production of electric batteries, were seized on Saturday by the National Intelligence Agency (ANR) in collaboration with security forces in Goma, North Kivu. The seizure marks a significant victory in the fight against the illegal mineral trade that fuels conflict in the Democratic Republic of Congo (DRC). According to Congolese National Radio and Television (RTNC), the 350kg of coltan originated from Rubaya in Masisi territory and was en route to Rwanda… Read More Here
Lualaba Governor Aims to Diversify Economy Beyond Mining Sector 5 Mining in DRC 

Lualaba Governor Aims to Diversify Economy Beyond Mining Sector

Constance
Lualaba Governor Fifi Masuka announced her government’s plan to reduce the province’s economic reliance on the mining sector by creating new businesses. Speaking on Friday, August 23, during the presentation of her five-year program, Masuka outlined her vision for economic diversification. Addressing provincial officials at the Lualaba Provincial Assembly, Governor Masuka emphasized the need to diversify the province’s economy, which currently depends heavily on mining. “My government and I will establish new companies within the provincial portfolio to diversify the economy and lessen our dependence on the mining sector,” she… Read More Here
DRC Mining Cadastre Identifies Over 3,000 Inactive Mining Titles 6 Mining in DRC 

DRC Mining Cadastre Identifies Over 3,000 Inactive Mining Titles

Constance
On Friday, August 24, 2024, Popol Mabolia Yenga, Director General of the Mining Cadastre (CAMI), held a press briefing at the Sultani Hotel in Kinshasa. The event served as a platform for dialogue between CAMI’s management and various stakeholders in the DRC’s mining sector, focusing on the management of mining titles. Mabolia revealed that more than 3,070 mining titles are currently inactive and may face freezing. He also noted that one-third of the mining titles are not compliant due to issues such as failure to commence work and non-payment of… Read More Here
DRC to Negotiate New IMF Program After Successful Completion of Previous Agreement 7 Mining in DRC Economy 

DRC to Negotiate New IMF Program After Successful Completion of Previous Agreement

Constance
Following the completion of the sixth and final review of the economic program launched in 2021 with the International Monetary Fund (IMF) under the Extended Credit Facility (ECF), the Democratic Republic of Congo (DRC) government is preparing to negotiate a new program with the IMF, as well as a program under the Resilience and Sustainability Fund (RST). During the tenth meeting of the Council of Ministers on Friday, August 23, 2024, President Félix Tshisekedi instructed the government to “formally” engage in a new program with the IMF. He emphasized the… Read More Here
DRC Govt to Fast-Track Funding for Key Development Projects 8 Mining in DRC Infrastructural Development 

DRC Govt to Fast-Track Funding for Key Development Projects

Constance
The DRC government is set to accelerate funding for flagship development projects nationwide for the remainder of the year. This announcement was made on Wednesday by Daniel Mukoko Samba, Deputy Prime Minister and Minister of the National Economy, following an economic situation meeting with Prime Minister Judith Suminwa. Key projects include the Local Development Program for 145 Territories (PDL-145 T), focusing on rural development. This includes the construction and rehabilitation of agricultural service roads, rural water supply systems, and initiatives to promote agriculture in rural areas. “These efforts also extend… Read More Here
Sibanye-Stillwater Secures R6bn Credit Facility and Gold Prepay Deal 9 International Gold 

Sibanye-Stillwater Secures R6bn Credit Facility and Gold Prepay Deal

Constance
Sibanye-Stillwater has refinanced its rand revolving credit facility (RCF), increasing it to R6 billion, and secured R1.8 billion through a gold prepay arrangement to enhance its financial position. CEO Neal Froneman described the gold prepayment as a “proactive, strategic financing alternative” that boosts liquidity while maintaining exposure to potential gold price increases. The RCF refinancing, which includes an option to expand by an additional R1 billion, signals strong support from South African lenders. These measures follow June’s agreement to adjust debt covenants, allowing the company to carry net debt up… Read More Here
Peru’s copper output this year likely to fall short of 3mt goal 10 Copper International 

Peru’s copper output this year likely to fall short of 3mt goal

Constance
Peru will likely produce between 2.7 million and 2.8 million metric tons of copper this year, the head of a major mining group told Reuters on Tuesday, with estimated output falling below the government’s 3 million ton goal. The copper production forecast was provided by Victor Gobitz, head of the SNMPE mining, oil and energy association. Peru is the world’s No. 3 producer of the key industrial metal, used widely in vehicles and construction, especially for electrical wiring due to its ability to conduct current. Gobitz, who provided the output… Read More Here

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