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Allegations of Illegal Forest Concessions Rock Congolese Government 1 Mining in DRC 

Allegations of Illegal Forest Concessions Rock Congolese Government

Constance
The Minister of State for Environment and Sustainable Development, Ève Bazaiba Masudi, is facing accusations of unlawfully awarding forest concessions. Greenpeace Africa has raised concerns, alleging that the minister granted concessions spanning over a million hectares to a single company in violation of existing laws and regulations. According to Greenpeace Africa, these concessions were allocated in provinces like Tshopo and Sud-Ubangi, among others, contrary to established legal frameworks. The NGO asserts that Minister Bazaiba granted these concessions to the company SORFA even before its official registration in the DRC. In… Read More Here
Rwanda Leads Coltan Exports Amidst Concerns of Resource Exploitation in DRC 2 Mining in DRC Coltan 

Rwanda Leads Coltan Exports Amidst Concerns of Resource Exploitation in DRC

Constance
Over the past decade, Rwanda has consistently emerged as the world’s top exporter of coltan on five occasions, according to data compiled by the ECOFIN agency. In 2023 alone, Rwanda exported 2,070 tonnes of coltan, surpassing the Democratic Republic of Congo’s (DRC) export volume of 1,918 tonnes. Despite Rwanda’s recurrent dominance in recent years, the DRC remains the primary supplier of coltan, with cumulative export figures of 17,330 tonnes compared to Rwanda’s 15,374 tonnes over the past decade. Coltan, a crucial mineral in the tech industry for devices like computers… Read More Here
Kristalina Georgiva re-elected as Managing Director of the IMF 3 International Economy 

Kristalina Georgiva re-elected as Managing Director of the IMF

Constance
On April 12, 2024, the Executive Board of the International Monetary Fund (IMF) reaffirmed its endorsement of Kristalina Georgieva as the sole candidate for the position of Managing Director for a second term, commencing on October 1, 2024. The decision, reached by consensus, followed extensive discussions, including dialogues with Georgieva herself. Coordinators of the Executive Council, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah, emphasized Georgieva’s exemplary leadership amidst global challenges. The Board commended Georgieva’s proactive response to major global shocks during her tenure, including facilitating over $360 billion… Read More Here
DRC's Commercial Banks Witness Decline in National Currency Assets 4 Mining in DRC Economy 

DRC’s Commercial Banks Witness Decline in National Currency Assets

Constance
The Central Bank of Congo (BCC) has reported a significant drop in the assets of commercial banks in the Democratic Republic of Congo (DRC) for the week spanning March 29 to April 5, 2024. According to the BCC, the assets in the national currency decreased by 61.8 billion Congolese Francs (CDF), reaching a total of 2,904.2 billion CDF. The BCC’s economic situation note revealed a net position of national currency assets for commercial banks, with a mandatory reserve of 2,376.0 billion CDF. Additionally, the weekly average net position stood at… Read More Here
DRC Explores Export Quotas to Stabilize Cobalt Prices 5 Mining in DRC Battery Metals Cobalt 

DRC Explores Export Quotas to Stabilize Cobalt Prices

Constance
The Democratic Republic of Congo, the world’s leading cobalt producer, is exploring options to boost the price of the battery metal, including the potential implementation of export quotas. This move comes as cobalt prices have plummeted by two-thirds since mid-2022 due to an oversupply situation exacerbated by excessive production from Congo, which accounts for about 75% of global cobalt supply. President Felix Tshisekedi has expressed concerns about the price slump and has tasked the government with investigating measures to ensure a fair price for cobalt. The government is now seeking… Read More Here
Eurasian Resources Group Inks MoU to Supply Cobalt to Japanese market with Mechema and Marubeni 6 Mining in DRC Battery Metals Cobalt 

Eurasian Resources Group Inks MoU to Supply Cobalt to Japanese market with Mechema and Marubeni

Constance
.The agreement with Mechema and Marubeni will explore the potential supply of cobalt hydroxide (up to 3ktCo per annum), and the production and marketing of cobalt sulfate .The potential cooperation could increase cobalt supply alternatives for Japanese market, which is showing substantial growth in demand due to global surge in EV adoption .It also supports ERG’s ambition to supply its cobalt to all key regions that will produce main portion of battery materials, one of which will be Japanese suppy chain Eurasian Resources Group (“ERG” or “The Group”), a leading… Read More Here
China to build more coal mines to feed surging power capacity 7 International Coal 

China to build more coal mines to feed surging power capacity

Constance
China’s National Development and Reform Commission announced plans to increase coal mining to bolster domestic supply and control price surges. The policy paper, released last week, outlines targets to add approximately 300 million tons of annual mining capacity by 2030 for “emergency storage reserves.” Qualified miners, particularly in key regions like Shanxi, Inner Mongolia, Shaanxi, and Xinjiang, will be encouraged to allocate up to 30% of the new capacity as backup reserves to mitigate price fluctuations. China has been leading a global resurgence in coal-powered capacity, contributing to about two-thirds… Read More Here
Chile’s copper output up 9.8% in February, Codelco production dips 8 International Copper 

Chile’s copper output up 9.8% in February, Codelco production dips

Constance
Copper production in Chile rose 9.8% on an annual basis to 417,000 metric tons in February even as state-run Codelco’s output dipped, the country’s copper commission Cochilco said last week. Despite the overall rise, production at Chile’s embattled copper giant Codelco, the world’s largest copper producer, dipped 1.6% to 103,700 tons. February’s rise in production was helped by a 34.1% year-on-year rise from BHP’s flagship Escondida mine, the world’s largest copper mine, which saw production reach 97,500 tons in February Collahuasi, another major copper mine in Chile jointly run by… Read More Here
Zambia Seeks Collaboration with India to Tackle Climate Change 9 Uncategorized 

Zambia Seeks Collaboration with India to Tackle Climate Change

Constance
The Minister of Green Economy and Environment, Hon. Eng. Collins Nzovu MP, has expressed Zambia’s keen interest in learning from India’s experiences and collaborating on climate change mitigation efforts. In a meeting with India’s High Commissioner to Zambia, His Excellency Mr. Ashok Kumar, Minister Nzovu highlighted the significant contributions of Zambia’s vibrant Indian community to the country’s economy, holding key positions across various sectors.  He also noted India’s substantial investments in Zambia, particularly in the mining sector, which exceed US$5 billion, with notable ventures such as Vedanta Resources in Konkola… Read More Here
Fortuna Silver Mines produces 1,750 kg of gold in Q1-2024 10 Gold International 

Fortuna Silver Mines produces 1,750 kg of gold in Q1-2024

Constance
Fortuna Silver, a Canadian mining powerhouse, is reshaping the mining landscape in West Africa with its Séguéla and Yaramoko gold mines in Ivory Coast and Burkina Faso, respectively. Together, these mines produced 61,733 ounces (1750 kg) of gold in the first quarter of the current year, marking a significant 49% increase from the previous year. In Ivory Coast, Fortuna Silver owns 90% of the Séguéla gold mine, with the Ivorian Government holding the remaining 10%. This ownership structure has enabled the company to generate robust cash flow and intensify its… Read More Here

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