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ZUPED Welcomes Vedanta's $250 Million Commitment to Revive Konkola Copper Mines 1 Mining in Zambia Copper 

ZUPED Welcomes Vedanta’s $250 Million Commitment to Revive Konkola Copper Mines

Constance
The Zambians for Unity, Peace, and Development (ZUPED) have expressed optimism regarding the future of Konkola Copper Mines Plc (KCM) following Vedanta Resources’ assurance of securing US$250 million to settle KCM’s creditors. This positive development follows a High Court decision on June 28, 2024, mandating the payment. Vedanta Resources, in collaboration with the Zambian government and ZCCM-IH, is diligently progressing to fulfill all requirements outlined in the transaction agreements. Ronnie Jere, President of ZUPED, voiced confidence that this financial injection would significantly bolster the country’s economy. “We believe the investor… Read More Here
Zambia Promotes Solar Energy Adoption to Mitigate Electricity Challenges for SMEs 2 Mining in Zambia Electricity Energy Green Energy 

Zambia Promotes Solar Energy Adoption to Mitigate Electricity Challenges for SMEs

Constance
To address the disruptions caused by electricity load shedding, the Zambian government is actively promoting the adoption of solar energy among small and medium-sized enterprises (SMEs). The initiative aims to enable businesses to maintain operations smoothly even during power cuts. Hon. Elias Mubanga, MP, Minister of Small and Medium Enterprise Development, is leading this effort. He emphasized the importance of supporting small businesses through reliable and sustainable energy solutions like solar power. “We want to ensure small businesses can thrive, even in the face of power outages,” Mubanga stated. “Solar… Read More Here
Zimbabwe Plans Transition to Gold-Backed Currency ZiG by 2030 3 International Economy Gold 

Zimbabwe Plans Transition to Gold-Backed Currency ZiG by 2030

Constance
Zimbabwean President Emmerson Mnangagwa has outlined plans for ZiG, the nation’s new gold-backed currency, to replace the US dollar as the sole legal tender before the 2030 deadline, effectively phasing out the current multicurrency system, Bloomberg reported. Last October, Zimbabwe extended its multi-currency system, anchored by the US dollar, until 2030 to mitigate concerns over upcoming currency policy changes. Speaking at an event in Mutare on Thursday, Mnangagwa emphasized the importance of ZiG’s adoption nationwide: “In two years’ time — in fact, two years is too far — we will… Read More Here
Tenke Fungurume Mining Achieves Copper Mark Certification, A First in Africa 4 Mining in DRC Copper 

Tenke Fungurume Mining Achieves Copper Mark Certification, A First in Africa

Constance
The Democratic Republic of Congo has made a significant stride in the mining sector with Tenke Fungurume Mining (TFM), a subsidiary of CMOC, achieving Copper Mark certification. This international label of social and environmental responsibility is a first for the country and the African continent. For TFM, the certification brings a sense of satisfaction and motivation to continue prioritizing social and environmental responsibility. The company aims to strengthen its position in the global copper and cobalt market while maintaining its commitment to sustainable development and respect for local communities. The… Read More Here
BANGDE CONSTRUCTION Secures Approval as Majority Congolese-Owned Subcontractor 5 Mining in DRC 

BANGDE CONSTRUCTION Secures Approval as Majority Congolese-Owned Subcontractor

Constance
After a six-month moratorium, BANGDE CONSTRUCTION SARL, initially listed as ineligible for subcontracting under major contracts with SICOMINES, has successfully transitioned into a majority Congolese-owned company.. This transformation was achieved through co-management with genuine Congolese partners, sanctioned by a memorandum of understanding. “During the moratorium, BANGDE CONSTRUCTION worked to comply with the subcontracting law by engaging real Congolese shareholders,” stated Miguel Kashal Katemb, the Director General of the Subcontracting Regulatory Authority (ARSP). “This compliance was verified and approved by the ARSP, ensuring that management power and dividends are genuinely shared.”… Read More Here
GoviEx Shares Plunge as Niger Revokes Madaouela Uranium Mining Permit 6 International Uranium 

GoviEx Shares Plunge as Niger Revokes Madaouela Uranium Mining Permit

Constance
Shares in GoviEx fell by 29% last week after the company announced that Niger had withdrawn the mining permit for its Madaouela uranium property. “GoviEx Uranium has been informed by the Government of the Republic of Niger, via a letter from the Minister of Mines, that it no longer has rights over the perimeter of the Madaouela mining permit, which is now in the public domain,” the company stated. This development is a significant blow to GoviEx, which has been developing Madaouela since 2007. GoviEx CEO Daniel Major, who has… Read More Here
Mozambique Recovers Undeclared Gold Amid Efforts to Combat Mineral Smuggling 7 International Gold 

Mozambique Recovers Undeclared Gold Amid Efforts to Combat Mineral Smuggling

Constance
The Mozambican government has recovered approximately 30 kilograms of undeclared gold from mining operators in the central province of Manica over recent years. Silva Manuel, Director of the Manica Provincial Service for Infrastructure, Mineral Resources, and Energy, told AIM that this recovery is a result of ongoing tracking efforts aimed at combating mineral exploitation and smuggling. However, the actual quantity of undeclared gold may exceed 30 kilograms. Companies operating in Mozambique’s mining sector have been involved in under-invoicing and tax evasion, resulting in significant financial losses for the state. In… Read More Here
Copper price surpasses $10,000, expected to rise further, says Citigroup 8 Copper International 

Copper price surpasses $10,000, expected to rise further, says Citigroup

Constance
Copper prices surpassed $10,000/tonne on Friday after Citigroup analysts predicted the industrial metal may retest that level on investor optimism over policy support in China. The world’s biggest consumer is widely anticipated to introduce further stimulus to upgrade its renewable energyThese additional measures, specifically targeting domestic property and grid investments, are expected to support copper prices in the near term, Citi analysts said in a note. The bank also noted that the recent pullback in copper is mainly due to weaker manufacturing data globally, which it believes is only temporary.… Read More Here
US Blocks Sale of Congolese Copper Mine to Chinese Defense Firm 9 Mining in DRC Copper 

US Blocks Sale of Congolese Copper Mine to Chinese Defense Firm

Constance
The US has intervened in the sale of a Congolese copper mine to a Chinese arms manufacturer to prevent Beijing from gaining further control over critical minerals, according to sources familiar with the matter. US officials urged the Democratic Republic of Congo’s state-owned miner, Gécamines, to review the recent sale of Trafigura-backed Chemaf Resources to Norin Mining, a subsidiary of China’s state-owned defense company Norinco, these sources said. This action is part of Washington’s broader effort to secure access to essential metals for US-friendly companies amid increasing competition between the… Read More Here
CEC Mining in Zambia Electricity News in Brief 

Copperbelt Energy Corporation to Address Mining Power Shortfall with Imports

Constance
Copperbelt Energy Corporation (CEC) Group Chief Executive Officer Owen Silavwe announced that imported power will start flowing next month to address the significant shortfall in the mining industry, which is estimated to be between 20% and 30%. Zesco has declared a force majeure on the mining sector, retracting 20% of the energy previously supplied to the mines. In response, CEC stated last month that it had signed contracts with the mining companies it serves to supply the power deficit through imports. During the Energy Indaba held last week in Lusaka,… Read More Here

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