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Rwanda and Rio Tinto Strike Lithium Deal Despite DRC's Reserves 1 Mining in DRC Battery Metals Lithium 

Rwanda and Rio Tinto Strike Lithium Deal Despite DRC’s Reserves

Constance
The Democratic Republic of Congo (DRC) ranks seventh among the 23 countries worldwide with proven lithium reserves, yet neighboring Rwanda, devoid of such reserves, has struck a deal with mining giant Rio Tinto for lithium exploration and exploitation. This move underscores a troubling trend of exploitation of Congo’s natural resources, exacerbated by the recent agreement between the European Union (EU) and Rwanda to develop value chains for critical raw materials, including those historically pillaged by armed groups linked to Rwanda. The urgency for Congo to safeguard its territory and resources… Read More Here
President Tshisekedi Condemns Rwanda-EU Pact as Threat to DRC's Resources 2 Mining in DRC Governance 

President Tshisekedi Condemns Rwanda-EU Pact as Threat to DRC’s Resources

Constance
President Félix Tshisekedi of the Democratic Republic of Congo (DRC) has sharply criticized the recent memorandum of understanding between Rwanda and the European Union (EU) regarding sustainable value chains for critical raw materials. Speaking during a special press briefing aired live on the national channel, Rtnc, Tshisekedi labeled the agreement as a tasteless provocation. Tshisekedi argued that the pact would only serve to further exploit the DRC’s natural resources to the benefit of the Rwandan regime. He condemned the EU’s involvement, accusing it of indirectly supporting the illicit trade of… Read More Here
Tanzanian Parliamentary Committee Lauds Barrick’s Work at North Mara 3 Gold International Press Release 

Tanzanian Parliamentary Committee Lauds Barrick’s Work at North Mara

Constance
 Tanzania’s Parliamentary Standing Committee for Energy and Minerals has commended Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) for the significant turnaround at the North Mara gold mine and its improved relations with the community. Members of Parliament recently visited the mine along with the Deputy Minister of Minerals, Ministry officials, the Regional Commissioner, District Commissioner, ward councilors and village leaders. The delegation was shown the mine’s water treatment plant, tailings storage facility, the Nyabigena and Gokona open pits and a number of Barrick’s community development projects such as Matongo’s agribusiness initiative and secondary… Read More Here
MUZ Urges Accelerated Formalization of Illegal Mining Operations in Zambia 4 Mining in Zambia Artisanal mining 

MUZ Urges Accelerated Formalization of Illegal Mining Operations in Zambia

Constance
The Mine Workers Union of Zambia (MUZ) has issued a compelling call to the government to accelerate the formalization process of illegal mining operations. MUZ President, Joseph Chewe, emphasized that expediting this process is essential to mitigate the occurrences of fatalities during mining activities. Chewe underscored the importance of refraining from demonizing illegal miners but rather integrating them into the formal sector, thereby enabling them to contribute positively to national development efforts. He emphasized that formalization would not only enhance safety standards but also facilitate government oversight through the deployment… Read More Here
Zambia's Kwacha Emerges as Top-Performing African Currency Amid Aggressive Monetary Policy 5 Mining in Zambia Economy 

Zambia’s Kwacha Emerges as Top-Performing African Currency Amid Aggressive Monetary Policy

Constance
Zambia’s kwacha has emerged as the top-performing African currency against the U.S. dollar in 2024, with a remarkable surge of 13.8% to 22.8, according to LSEG data. This surge is attributed to the central bank’s aggressive monetary policy tightening, which included measures such as raising commercial banks’ reserve ratios and increasing interest rates to counter the currency’s decline and rising inflation. Analysts highlight the importance of sustaining the kwacha’s strengthening by attracting more foreign investment. Zambian officials acknowledge that prolonged debt restructuring and declining copper production have hindered foreign investment… Read More Here
Zambia's Govt to Finalize Handover of Mopani and Konkola Copper Mines to new Investors 6 Mining in Zambia Copper Economy 

Zambia’s Govt to Finalize Handover of Mopani and Konkola Copper Mines to new Investors

Constance
The Zambian government has announced its plans to finalize the handover of Mopani Copper Mines to a new investor by the end of February 2024. Additionally, Finance and National Planning Minister Situmbeko Musokotwane revealed that only one step remains for Konkola Copper Mines to be returned to Vedanta, after which production will resume. Dr. Musokotwane emphasized that once these processes are completed, both mining giants will resume production, bringing economic revival to the Copperbelt region and the entire country. He highlighted that even before production restarts, investors are already sending… Read More Here
FQM shares jump on refinancing measures 7 Copper International 

FQM shares jump on refinancing measures

Constance
First Quantum Minerals (TSE: FM) shares surged as much as 11% after it agreed to sell $1 billion in stock and raise $1.6 billion from a notes offering to strengthen its balance sheet after Panama closed the company’s flagship copper mine. The Vancouver-based metals producer has been under growing pressure to provide answers on how it will continue to meet obligations, with billions of dollars maturing in the coming years while its biggest profit driver remained indefinitely closed. In an announcement on Wednesday, First Quantum said it also agreed with… Read More Here
SkyPower Global Partners with AFC for 200 MW Solar Power Project in DRC 8 Mining in DRC Energy 

SkyPower Global Partners with AFC for 200 MW Solar Power Project in DRC

Constance
SkyPower Global, a solar energy company, has announced a partnership with the Africa Finance Corporation (AFC) to develop a 200 MW solar power project in the Democratic Republic of the Congo (DRC). The agreement marks a significant step forward in the DRC’s efforts to increase its renewable energy generation capacity and improve electrification rates while addressing climate change concerns. The project, which is part of a larger 1 GW solar power purchase agreement previously signed by SkyPower with the state-owned utility Société Nationale d’Electricité (SNEL), is expected to commence construction… Read More Here
ARSP Cancels Three Subcontracting Contracts Worth Estimated $1 Billion for Law Violation 9 Mining in DRC Governance News in Brief 

ARSP Cancels Three Subcontracting Contracts Worth Estimated $1 Billion for Law Violation

Constance
CRSN (CREC 7, CREC 9) and INTERNATIONAL FOURTEENTH FIRST CONGO SARL are the first two companies affected by this cancellation measure, both held by shareholders of SICOMINES disguised as subcontractors for excavation works within the same main company. The third company sanctioned for the same offense is BANGDE CONSTRUCTION. Despite not being eligible, these three subcontractors alone hold contracts worth over a billion dollars, which constitutes a violation of the law. Therefore, this measure will enable companies with majority Congolese capital to obtain more contracts in line with the vision… Read More Here
FQM Implements Leadership Changes to Address Challenges in Zambian's Operations 10 Mining in Zambia Copper Mining Personality 

FQM Implements Leadership Changes to Address Challenges in Zambian’s Operations

Constance
First Quantum Minerals Ltd (FQM) is undergoing a significant restructuring of its top-tier personnel at its Zambian operations to address production and safety issues, according to an internal memo obtained by Reuters. The company’s decision comes amid ongoing challenges, including the recent closure order of its flagship Panama mine, which has led to a significant decline in market value since public protests against the Cobre Panama project began in October. In an email sent by chief operating officer Rudi Badenhorst to Kansanshi mine employees, it was acknowledged that the Zambian… Read More Here

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