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Angola's 'Diversifica Mais' Initiative Sparks Economic Growth Along Lobito Corridor 1 International Transport and Logistics 

Angola’s ‘Diversifica Mais’ Initiative Sparks Economic Growth Along Lobito Corridor

Constance
The “Diversifica Mais” initiative, launched by the Ministry of Planning in Luanda, aims to drive economic diversification and job creation along the Lobito Corridor. This project is set to support 370 companies operating within the corridor, while offering technical assistance to an additional two thousand enterprises. Led by project director Laércio Cândido, Diversifica Mais aims to increase private investment and foster growth among micro, small, and medium-sized enterprises. With a projected timeline extending until 2029, the initiative seeks to facilitate sustainable economic transformation throughout the corridor, spanning over a thousand… Read More Here
DRC Secures $123.5 Million Syndicated Loan to Repay Oil Company Subsidies 2 Mining in DRC Oil & Gas 

DRC Secures $123.5 Million Syndicated Loan to Repay Oil Company Subsidies

Constance
The Democratic Republic of Congo (DRC) has secured $123.5 million from a consortium of local banks, including Standard Bank, FirstBank RDC SA, Ecobank RDC, and Equity BCDC, to reimburse oil companies for fuel subsidies. This announcement was made jointly by the Ministers of Finance and the Economy, along with a press release from the participating banks. The syndication agreement, known as the “Club Deal,” represents a groundbreaking initiative in the Congolese financial sector and signals a significant milestone in its development. The funds raised will support the government’s efforts to… Read More Here
Zambia Secures Debt Restructuring Deals with China and India 3 Mining in Zambia Economy 

Zambia Secures Debt Restructuring Deals with China and India

Constance
Zambian President Hakainde Hichilema announced that agreements have been reached between China and India to restructure Zambia’s debt holdings. This move comes as Zambia seeks to address its significant debt burden, which exceeds $13 billion in external debt, a challenge compounded by its status as Africa’s second-largest copper producer, which halted payments in 2020. Last year, Zambia made progress in modifying $6.3 billion in debts owed to official lenders. However, efforts were hindered when China, as the largest creditor, objected to a deal with private investors involving approximately $4 billion… Read More Here
American Firm Center-Ville Group Partners with MIBA in $45 Million Deal in DRC 4 Mining in DRC Diamond 

American Firm Center-Ville Group Partners with MIBA in $45 Million Deal in DRC

Constance
Center-Ville Group, an American firm, has inked a partnership agreement with Bakuanga Mining Company (MIBA) in Kinshasa, totaling $45 million. According to a press release by MIBA’s Chairman of the Board of Directors and Director-General, the contract, structured as a loan, is intended to finance MIBA’s minimum recovery plan for diamond marketing. The funds, repayable over a seven-year period at a 3% annual interest rate, aim to bolster diamond sales both domestically and internationally. MIBA’s management views the partnership as an opportunity to optimize diamond sales and maximize profits, with… Read More Here
Certification Boosts Transparency in Congolese Artisanal Mining 5 Mining in DRC Artisanal mining 

Certification Boosts Transparency in Congolese Artisanal Mining

Constance
The Federal Institute of Geosciences and Natural Resources, in collaboration with the Federation of Congolese Companies (FEC), has completed a six-month training program for two Congolese auditors on artisanal and small-scale mining. The accreditations were awarded to the beneficiaries on Tuesday, March 12, 2024, in Kinshasa. Louis Watum, President of the Chamber of Mines within the FEC, emphasized the rigorous training undergone by the auditors, aimed at enhancing the certification process for artisanal mining activities, particularly in cobalt, copper, and the 3Ts (tin, tantalum, and tungsten). The auditors are tasked… Read More Here
Shareholder Urges Glencore to Retain Coal Business Despite Teck Acquisition 6 International Coal 

Shareholder Urges Glencore to Retain Coal Business Despite Teck Acquisition

Constance
Tribeca Investment Partners, a shareholder of Glencore, is advocating for the mining giant to retain its coal business even after finalizing the acquisition of Teck Resources’s coal-mining unit. While many of Glencore’s industry peers have divested from coal due to investor pressure, Tribeca believes that Glencore should maintain ownership of its coal assets, citing their world-class quality and strategic importance to the company’s earnings profile and shareholder value. Glencore’s initial plan was to spin off the combined coal unit following the completion of the Teck acquisition, pending shareholder approval. However,… Read More Here
Twelve die in two China coal mine accidents 7 International Coal Mine Safety 

Twelve die in two China coal mine accidents

Constance
Two coal mine accidents in China within a span of 24 hours have led to a death toll of 12, according to state broadcaster CCTV. The first incident occurred in an underground coal bunker in Zhongyang County, Shanxi province, which collapsed, resulting in five deaths as well as two individuals missing. The bunker is operated by Taoyuan Xinlong Coal Industry. The accident in Shanxi follows a notice issued last month by the mining safety regulator, which instructed mines to limit overproduction to avoid such incidents. Despite these measures, China’s leading coal-producing… Read More Here
Chambishi Copper Smelter Reduces Production Amid Power Shortages 8 Mining in Zambia Copper Electricity 

Chambishi Copper Smelter Reduces Production Amid Power Shortages

Constance
Zambia’s Chambishi Copper Smelter, owned by China Nonferrous Metal Mining Corp (CNMC), has cut one-fifth of its production due to severe power shortages in the country. The smelter, a key processing facility in Zambia, typically produces 250,000 tonnes of copper annually. However, ongoing droughts and maintenance projects by state-owned power utility Zesco have led to reduced electricity supply, prompting Chambishi to scale back capacity. Sources indicate that Chambishi began reducing production last week, anticipating power rationing announced by Zesco starting March 11. To address concerns about power security during shortages,… Read More Here
ARSP Cancels Three Subcontracts Worth US$1 Billion Due to Legal Violations 9 Mining in DRC Governance News in Brief 

ARSP Cancels Three Subcontracts Worth US$1 Billion Due to Legal Violations

Constance
The Regulatory Authority for Public Procurement (ARSP) has taken decisive action by canceling three subcontract agreements, valued at over US$1 billion collectively, for violations of the law. Among the affected companies are RSN (CREC 7, CREC 9) and International Fourteenth First Congo SARL, both affiliated with SICOMINES shareholders, who were operating as subcontractors for excavation projects within the main company. The third company facing sanctions is BANGDE CONSTRUCTION. These cancellations come as a response to these subcontractors’ failure to comply with legal requirements. Their combined contracts exceeded the stipulated limit,… Read More Here
Lumwana's Super Pit Expansion Set to Elevate Zambia's Copper Industry 10 Mining in Zambia Copper 

Lumwana’s Super Pit Expansion Set to Elevate Zambia’s Copper Industry

Constance
Lumwana, a prominent copper mine in Zambia, is on the brink of a transformative expansion project that will position it among the world’s leading copper producers. The development of the Super Pit expansion is poised to elevate Lumwana’s annual copper production to approximately 240,000 tonnes over a lifespan exceeding 30 years. This ambitious endeavor is a pivotal element of the Zambian government’s strategic initiative aimed at revitalizing the nation’s copper sector within the next decade. With an estimated project cost nearing $2 billion, construction is slated to commence later this… Read More Here

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