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Sinomine Resource Group Makes Significant Investment in Zambian Copper Mine 1 Mining in Zambia Copper Mergers & Acquisitions 

Sinomine Resource Group Makes Significant Investment in Zambian Copper Mine

Constance
Shares of Sinomine Resource Group experienced a notable surge following the announcement of its plan to acquire a majority stake in a Zambian copper mine for USD 58.5 million. Sinomine closed 6.8 percent higher at CNY 40.79 (USD 5.67) on the Shenzhen stock exchange today. The acquisition will be conducted through Sinomine’s subsidiary, African Minerals, which will purchase a 65 percent stake in Junction Mining from Momentum Ventures and Chifupu Resources. Junction Mining’s primary asset is the Kitumba copper project in Zambia, boasting 27.9 million tons of proven… Read More Here
Benguela Entrepreneurs Encouraged to Seize Lobito Corridor and Refinery Opportunities 2 International Transport and Logistics 

Benguela Entrepreneurs Encouraged to Seize Lobito Corridor and Refinery Opportunities

Constance
The provincial governor of Benguela has called on the business community in Benguela to fully leverage the economic prospects presented by the Corridor and Refinery located in Lobito. Speaking at the inauguration of Aliança Empresarial’s new headquarters, Governor Luís Nunes underscored the importance of unity among business leaders. Aliança Empresarial, currently comprising 17 members, welcomed four new members during the event, with a mission to bolster the province’s socioeconomic activities through collaborative efforts. Among the newly incorporated members are prominent associations such as the Angola Industrial Association (AIA), Salt Producers… Read More Here
Freddy Shembo Vows Stringent Oversight for SICOMINES Infrastructure Projects 3 Mining in DRC Infrastructural Development 

Freddy Shembo Vows Stringent Oversight for SICOMINES Infrastructure Projects

Constance
Freddy Yodi Shembo, Director General of the Collaboration Agreement Steering, Coordination, and Monitoring Agency (APCSC), assures rigorous supervision of infrastructure projects linked to the renegotiated Chinese contract in the Democratic Republic of Congo (DRC). Following the signing of Amendment No. 5 to the Sino-Congolese “mines against infrastructure” Convention, Shembo pledges meticulous monitoring to ensure quality and transparency in project execution. He emphasizes the APCSC’s commitment to diligent oversight, leveraging agencies like the Major Works Agency (ACGT) and the Technical Control Office (BTC) for effective scrutiny. Shembo underscores the importance of… Read More Here
DRC Government Unveils Pioneering Initiative Led by Minister of Mines 4 Mining in DRC 

DRC Government Unveils Pioneering Initiative Led by Minister of Mines

Constance
The Government, led by Minister of Mines Antoinette N’samba Kalambayi, unveiled a pioneering initiative on Monday, March 11, 2024, during a workshop dedicated to the cause. Deputy Minister of Mines Godard Motemona and Minister of Social Affairs Modeste Mutinga also participated, alongside experts and senior committee members. During the event, Minister Kalambayi highlighted significant achievements resulting from the allocation of 0.3% of mining turnover to local communities. Notable developments include the construction of healthcare facilities, modern morgues, durable bridges, and equipped educational institutions, among others. These projects aim to enhance… Read More Here
Africa: IMF calls on African leaders to rethink fiscal policy in the region 5 International Economy 

Africa: IMF calls on African leaders to rethink fiscal policy in the region

Constance
At the 12th African Forum focusing on budgetary strategies amidst Africa’s escalating debt, speakers, including various institution departments and invited African ministers, emphasized the urgent need for African leaders to reevaluate budgetary policies to expedite economic growth. Acknowledging the mounting debt vulnerabilities due to internal and external shocks, stakeholders underscored the necessity of rethinking fiscal policies to prevent a continual rise in the region’s public debt-to-GDP ratio, which could hamper private investment and limit countries’ ability to invest in vital resources. To address future shocks, stakeholders advocate for the development… Read More Here
Goldman Sachs Forecasts Declines in Key Energy Transition Minerals (Study) 6 Battery Metals Cobalt Lithium Nickel 

Goldman Sachs Forecasts Declines in Key Energy Transition Minerals (Study)

Constance
Goldman Sachs, an American investment bank, forecasts significant declines in the prices of cobalt, nickel, and lithium over the next twelve months, driven by weakening demand from the electric vehicle industry in Western countries and oversupply. Despite already experiencing substantial drops—60% for nickel, 80% for lithium, and 65% for cobalt—from their peak levels, analysts at the Wall Street bank caution against premature optimism regarding the end of this downward trend. Over the coming year, Goldman analysts anticipate price decreases of 12% for cobalt, 15% for nickel, and 25% for lithium… Read More Here
BRICS Pursues Technology-Based Payment System to Reduce Dollar Dependency 7 International Economy 

BRICS Pursues Technology-Based Payment System to Reduce Dollar Dependency

Constance
The BRICS group aims to lessen reliance on Western currencies like the US dollar by establishing a technology-driven payment system, as announced by Mr. Ushakov, Foreign Policy Advisor to Russian President Vladimir Putin, to TASS news agency. “We believe it’s crucial to create an independent payment system within BRICS, leveraging modern technologies such as digital currencies and blockchain,” stated Mr. Ushakov, noting its cost-effectiveness and universal applicability. Russia, currently holding the presidency of the group, supports this initiative. BRICS Leads the Charge for Economic De-dollarization While the dollar still dominates… Read More Here
Copper and Other Mining Product Prices Show Slight Increases in International Markets 8 Mining in DRC Cobalt Copper Gold 

Copper and Other Mining Product Prices Show Slight Increases in International Markets

Constance
During the period between March 9 and 14, 2024, the price of copper was expected to experience a slight increase in international markets. According to the National Mercurial Commission of the Ministry of Foreign Trade, copper, a key mining product exported from the Democratic Republic of Congo (DRC), was projected to sell at USD 8,406 per tonne during this period, compared to USD 8,335 per tonne the previous week, indicating a modest increase of USD 71.45 or 0.86%. Additionally, other main mining products exported from the DRC, such as cobalt,… Read More Here
DRC Poised to Overtake Peru as World's Second Largest Copper Producer 9 Mining in DRC Copper Economy 

DRC Poised to Overtake Peru as World’s Second Largest Copper Producer

Constance1 Comment
The Democratic Republic of Congo (DRC), with its vast mineral wealth estimated at $24 trillion, is on the brink of surpassing Peru to become the world’s second-largest copper producer. In 2023, the DRC, already Africa’s leading copper producer, exported 2.84 million tonnes of copper, securing its position as the world’s second-largest copper producer, ahead of Peru, which exported 2.76 million tonnes. While these statistics await international confirmation, forecasts from Wood Mackenzie suggest that the DRC is on track to overtake Peru by 2026-2027, a sentiment echoed by Ruben Arrieta, a… Read More Here
FIRST QUANTUM CEO INSPECTS PROGRESS OF S3 EXPANSION AT KANSANSHI 10 Mining in Zambia Copper Economy 

FIRST QUANTUM CEO INSPECTS PROGRESS OF S3 EXPANSION AT KANSANSHI

Constance
First Quantum Minerals Chief Executive, Tristan Pascall, has been on the ground at Kansanshi to personally inspect the progress the company is making with its S3 expansion project. Of a total investment commitment of US$1.25 billion, the majority of this is being spent this year to ensure the entire project is completed by mid-2025. The S3 expansion entails an expansion of the mine pit and the mining fleet that services it, as well as the construction of a new processing plant, and a major expansion of the Kansanshi smelter. The… Read More Here

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