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DRC to Negotiate New IMF Program After Successful Completion of Previous Agreement 1 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 2 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 3 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 4 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
DRC Central Bank Reports Price Increases in Oil, Copper, and Gold Amid Global Uncertainties 5 Mining in DRC Copper Gold Oil & Gas 

DRC Central Bank Reports Price Increases in Oil, Copper, and Gold Amid Global Uncertainties

Constance
The Central Bank of Congo’s observation barometer reported that as of August 14, 2024, the price of oil increased by 2.07% on a weekly basis, reaching USD 79.98 per barrel. This rise was driven by concerns over potential conflict in the Middle East between Israel and Iran, along with a sharp drop in U.S. commercial crude reserves by approximately 5.2 million barrels. Since December 2023, the oil price has risen by 2.71%. Copper prices surged by 3.12%, reaching USD 9,077.00 per ton, influenced by a strike at Chile’s Escondida mine,… Read More Here
Zambia Signs Agreement for 50 MW Solar Plant in Kafue 6 Mining in Zambia Energy 

Zambia Signs Agreement for 50 MW Solar Plant in Kafue

Constance
Dr. Francesca Chisangano Zyambo, Permanent Secretary Administration at the Ministry of Energy, has signed an Implementation Agreement with Wendit Group for the construction of a 50 MW solar plant in Kafue Town, Lusaka. Wendit Group CEO, Mr. Erich Horlacher, expressed his appreciation to the Zambian government and the Ministry of Energy for their steadfast support and commitment to advancing sustainable energy solutions. “The 50 MW solar plant marks a major advancement in Zambia’s energy sector. This project will provide clean, renewable energy, reduce dependence on fossil fuels, cut carbon emissions,… Read More Here
President Tshisekedi Appoints New Leadership at Primera Gold DRC SA 7 Mining in DRC Gold Mining Personality 

President Tshisekedi Appoints New Leadership at Primera Gold DRC SA

Constance
On Wednesday, August 21, 2024, President Félix-Antoine Tshisekedi Tshilombo announced new appointments to the board and executive management of Primera Gold DRC SA via a presidential decree broadcast on national television (RTNC). Mr. Joseph Mahombi Kazibaziba has been reappointed as Director General, while Mr. Vagheni Pay Pay is reappointed as Chairman of the Board of Directors. The decree also introduces several new board members, including Mr. Placide Nkala Basadilua, former Director General of Générale des Carrières et des Mines (Gécamines). Nkala Basadilua is noted for his controversial tenure, which involved… Read More Here
Congolese Consortium Rejects Repurchase of Royalties from Dan Gertler 8 Mining in DRC 

Congolese Consortium Rejects Repurchase of Royalties from Dan Gertler

Constance
The Congo N’est Pas à Vendre (CNPAV) consortium has firmly opposed the repurchase of royalties from Israeli businessman Dan Gertler, arguing that these royalties rightfully belong to the Congolese people and were originally acquired through corruption. This stance was articulated during a press conference held on August 23, 2024, at the Center for Studies for Social Action (CEPAS) in Gombe. The CNPAV presented two crucial documents during the conference, revealing recent findings from the Swiss justice system regarding Gertler’s controversial transactions and their impact on the Democratic Republic of Congo… Read More Here
Southern Africa’s Railways Surge with Global Investment Amid Copper Boom 9 Mining in Zambia Copper Mining in DRC Transport and Logistics 

Southern Africa’s Railways Surge with Global Investment Amid Copper Boom

Constance
Southern Africa’s railways are garnering international attention and attracting billions of dollars in investment, driven by the race to secure copper supplies essential for the energy transition. From Angola on the west coast to Tanzania on the east, governments and investors are poised to revive long-neglected rail lines and construct new ones. This surge in demand is largely fueled by the central African copperbelt shared by Zambia and the Democratic Republic of Congo. “We’re at a historic turning point,” said Babe Botana, Executive Director of the Southern African Railways Association.… Read More Here
Zambia Development Agency Secures $8.9 Billion in Investments 10 Mining in Zambia Economy 

Zambia Development Agency Secures $8.9 Billion in Investments

Constance
The Zambia Development Agency (ZDA) has successfully realized $8.9 billion in investments from 2021 to 2024, as announced by ZDA Director General, Mr. Albert Halwampa, during a media briefing held on Friday, August 23, 2024, at the ZDA Boardroom. Of the total committed investment of $54 billion, 440 companies have contributed to this substantial achievement, resulting in an actualization rate of 113%. The investments cover various sectors, with mining leading the way at $3.34 billion, followed closely by manufacturing at $3.10 billion, and transport at $1.2 billion. “This remarkable success… Read More Here

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