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Moanda Urges Socir Revival for Local Oil Refining in DRC 1 Mining in DRC Oil & Gas 

Moanda Urges Socir Revival for Local Oil Refining in DRC

Constance
Voices in Moanda, situated on the Atlantic coast of the DRC, are increasingly advocating for the revival of the Congolese Society of Refining Industries (Socir), which ceased oil refinery activities in 1999, according to local sources. Following a meeting attended by civil society, local officials, and Perenco, a Franco-British oil company, alongside Minister of Hydrocarbons Aimé Molendo Sakombi on Monday, Marcel Matumpa Buka, a national deputy for the region, publicly urged for Socir’s operations to resume and proposed the establishment of a national oil exploitation company. “We urge the government,… Read More Here
IMF Applauds DRC's Infrastructure Commitment with Sicomines 2 Mining in DRC Economy Infrastructural Development 

IMF Applauds DRC’s Infrastructure Commitment with Sicomines

Constance
Gabriel Leost, the IMF representative in the Democratic Republic of Congo (DRC), commended the government’s dedication to including $324 million annually in the finance law over seven years for road infrastructure construction. This commitment is part of a contract between the DRC and the Chinese Enterprise Group (GEC), specifically Sino-Congolese Mines (Sicomines). “This marks a significant achievement compared to previous years. The authorities have published most of the mining contracts, including the latest amendment with Sicomines. As part of the latest review, they committed to incorporating revenues and expenditures related… Read More Here
DRC Minister of Hydrocarbons Visits SOCIR to Revitalize National Refining Activities 3 Mining in DRC Oil & Gas 

DRC Minister of Hydrocarbons Visits SOCIR to Revitalize National Refining Activities

Constance
On Saturday, July 6, the Congolese Society of Refining Industries (SOCIR) in Moanda, located on the Atlantic coast at the mouth of the Congo River, welcomed Aimé Molendo Sakombi, the Congolese Minister of Hydrocarbons. This visit marked his inaugural tour to engage with stakeholders in the oil sector of Kongo-central province. Since 1999, SOCIR has operated solely as a storage and distribution facility for imported petroleum products, despite its initial mandate to refine national crude oil, revealed an anonymous company executive on site. “We believe the minister’s visit can expedite… Read More Here
DRC Initiates New IMF Programs to Boost Economic Reforms 4 Mining in DRC Economy 

DRC Initiates New IMF Programs to Boost Economic Reforms

Constance
Following the successful conclusion of the sixth and final review of the economic program in 2021 with the International Monetary Fund (IMF) under the Extended Credit Facility (ECF), the Democratic Republic of Congo (DRC) is preparing to negotiate a new three-year program. This announcement comes from a press release issued on Wednesday, July 3, 2024, by Minister of Finance Doudou Fwamba Likunde. In the statement, Minister Likunde reaffirmed the government’s commitment, led by Prime Minister Judith Suminwa Tuluka, to embark on significant structural reforms aimed at fostering economic growth for… Read More Here
China Demands Accountability from DRC After Fatal Attack on Chinese Nationals in Ituri 5 Mining in DRC Regional conflict 

China Demands Accountability from DRC After Fatal Attack on Chinese Nationals in Ituri

Constance
China has called for accountability from the Democratic Republic of Congo (DRC) following a tragic incident in Djugu, Ituri province, where six Chinese nationals were killed in a targeted attack by militiamen from the Congo Development Cooperative (CODECO). In a statement issued through the Ministry of Foreign Affairs, China urged the Congolese government to swiftly apprehend those responsible for the murders and ensure they face justice for their heinous acts against Chinese citizens. Beijing emphasized the need for the DRC to enhance the protection of all its nationals within Congolese… Read More Here
UN Warns Companies of Sanctions Over Conflict Minerals from Central Africa 6 Gold Mining in DRC Regional conflict Tin 

UN Warns Companies of Sanctions Over Conflict Minerals from Central Africa

Constance
Companies sourcing metals from central Africa may face UN sanctions for indirectly supporting the ongoing conflict in eastern Democratic Republic of Congo (DRC), according to a report by UN experts. The report highlights that Congo’s trade in gold, tin, and tantalum, a critical mineral used in portable electronics, directly funds armed groups involved in severe human rights abuses. This trade fuels one of the world’s deadliest conflicts. Over the past year, multiple armed groups have taken control of Rubaya, one of the world’s largest tantalum ore sites in Congo, rendering… Read More Here
Zijin Mining Projects Up to 50% Surge in First-Half Net Profit 7 International Cobalt Copper 

Zijin Mining Projects Up to 50% Surge in First-Half Net Profit

Constance
BEIJING – China’s largest gold and copper producer, Zijin Mining, anticipates a first-half net profit increase of up to 50%, the company announced in a trading statement on Monday. Zijin Mining’s net profit for the first half of the year could reach as high as 15.5 billion yuan ($2.13 billion), a 50% year-on-year increase, driven by higher output. The company expects gold output to rise by 9.6% to 35.4 metric tons, copper output to increase by 5.3% to 518,000 tons, and silver output to grow by 1.3% to 210.3 tons.… Read More Here
Zambia Approves Construction of Second Coal-Fired Power Plant Amid Energy Crisis 8 Mining in Zambia Coal Infrastructural Development 

Zambia Approves Construction of Second Coal-Fired Power Plant Amid Energy Crisis

Constance
Zambia’s Energy Regulation Board has approved the construction of a second coal-fired power plant as the country faces its worst drought in decades, which has significantly reduced output from its hydroelectric dams that supply the majority of its energy. The new 300 MW facility will be built in the southern region of Zambia, doubling the capacity of an existing plant at the site, according to a statement released on Monday. Maamba Collieries, primarily owned by Hyderabad, India-based Nava, will lead the project. Zambia generates about 85% of its power from… Read More Here
Maamba Collieries Granted Lithium & Tantalum Exploration Licenses in Southern Zambia 9 Mining in Zambia Battery Metals Exploration Lithium New Mining Projects 

Maamba Collieries Granted Lithium & Tantalum Exploration Licenses in Southern Zambia

Constance
08th July 2024, Lusaka, Zambia: ZCCM Investments Holdings Plc (ZCCM-IH) has announced that its investee company, Maamba Collieries Limited (MCL), in which it has a shareholding of 35%, has been issued two Large Scale Exploration Licenses for Lithium and other minerals (amethyst, aquamarine, tantalum and tin) in the Southern Province of Zambia. MCL intends to commence exploration as soon as possible to ascertain the presence of these minerals in these licence areas. The licenses are valid for a period of four years during which period MCL plans to carry out… Read More Here

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