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Gold and silver to shine again in 2024 21 International Gold 

Gold and silver to shine again in 2024

Constance
Gold hit an all-time high in 2023, dragging silver up with it and experts see little reason why its upward progress should falter in the coming 12 months. Traditionally, gold is on the other end of a seesaw with the US dollar. The established wisdom is if the US currency strengthens, gold’s value drops and vice versa, a pattern played out pretty much to the letter in 2023. Gold dipped when interest rates were rising in a US central bank bid to curb inflation, pushing the dollar higher. As soon as… Read More Here
Great Southern Copper cheers 'very positive' period of exploration 22 International Copper 

Great Southern Copper cheers ‘very positive’ period of exploration

Constance
Great Southern Copper PLC (LSE:GSCU) chief executive Sam Garrett cheered a “very positive first half” as the explorer filed its interim results covering the six-month period ended 30 September 2023. “We continue to make strong progress across our prospects and in particular at Especularita where our exploration campaigns have delivered encouraging results and helped to delineate promising prospects for further exploration,” he said in a statement. “In addition to these projects, during the period we also took our first foray into lithium with the acquisition of an option over the… Read More Here
Zanaga Iron Ore Surges 26% on Hydroelectric Power Deal for Congo Project 23 Mining in DRC Hydro power plant 

Zanaga Iron Ore Surges 26% on Hydroelectric Power Deal for Congo Project

Constance
Zanaga Iron Ore Co Ltd (AIM:ZIOC) witnessed a notable surge of 26% in its shares on Thursday, driven by a significant announcement regarding its Republic of Congo project. The company disclosed the signing of a memorandum of understanding with China Machinery Engineering Corporation (CMEC) aimed at implementing hydroelectric power solutions for the iron ore project in Congo. This includes potential funding for these power projects, along with preliminary agreements involving the Republic of Congo government and other relevant entities. Chairman Clifford Elphick expressed optimism, stating, “Our feasibility study update process… Read More Here
Mozambique: Tanzanian dies in illegal mine collapse 24 International Artisanal mining Mining safety Safety & Health 

Mozambique: Tanzanian dies in illegal mine collapse

Constance
An illegal miner of Tanzanian nationality died on Sunday when a mine shaft collapsed in part of the concession granted to the company Montepuez Ruby Mining (MRM), in the northern Mozambican province of Cabo Delgado. According to a statement from MRM, the Tanzanian has been identified as 31 year old Maulide Maunau, who had been living in Nanhupo A, one of the villages that illegal miners use for temporary shelter. “At 20.00 on 24 December, a security official identified a group of 25 illegal miners inside the MRM concession”, said… Read More Here
10 African countries with the highest debts to the IMF 25 International Economy 

10 African countries with the highest debts to the IMF

Constance
The International Monetary Fund (IMF) is a key player in global finance, offering monetary assistance to governments suffering economic difficulties. However, these loans from the IMF can have deep and varied effects on their economy. These effects are felt in some parts of Africa, particularly in regions where the debt is unsustainable. Typically as a last resort, countries often turn to the IMF in times of economic crisis to stabilize their financial systems. These loans help cushion the economic adversities said countries may be going through. Loans from the global… Read More Here
IMF Approves $620.65M Budget Support for Six East African Nations 26 Economy 

IMF Approves $620.65M Budget Support for Six East African Nations

Constance
The International Monetary Fund has agreed to a funding program with six East African countries. So far, the global lender has approved the payment of $620.65 million in budgetary support for them including Rwanda, Tanzania, and the Democratic Republic of Congo (DRC). This is a small part of the commitment that totals $1.92 billion. The countries selected by the IMF currently have some degree of debt issues, and they are Rwanda, Tanzania, DRC, Somalia, Burundi, and Kenya. According to a report by The East African, an East African news publication,… Read More Here
ZDA Reports Record Investment Inflow for 2023, with US$ 6 billion in the Mining Sector 27 Mining in Zambia Economy 

ZDA Reports Record Investment Inflow for 2023, with US$ 6 billion in the Mining Sector

Constance
The Zambia Development Agency (ZDA) announced a momentous achievement with nearly $40 billion in committed investments from 379 projects this year, marking a remarkable surge compared to the previous year’s commitments. BEIMBA MALITI, Chairperson of the ZDA Board, disclosed that this significant figure signified an exceptional growth of over 300% from the prior year’s commitment of $8.61 billion from 359 projects. The breakdown revealed the manufacturing sector as the frontrunner, boasting investments worth $19.72 billion, closely trailed by the energy sector with $8.9 billion and mining at $6 billion. Professor… Read More Here
Barrick's Twiga Minerals Strengthens Gold Refining Alliance with Rand Refinery 28 International Gold Press Release 

Barrick’s Twiga Minerals Strengthens Gold Refining Alliance with Rand Refinery

Constance
Tanzania – Barrick Gold Corporation (Barrick), through its subsidiary Twiga Minerals Corporation, has sought to further streamline its gold refining activities by growing its partnership with Rand Refinery. Rand Refinery is a world-leading, LBMA-accredited gold and silver refiner based in South Africa. Rand Refinery completed its own on-site due diligence process of the Twiga operations in line with the LBMA’s Responsible Gold Guidance and the OECD Due Diligence Guidance. The majority of Twiga’s gold doré is now sent to Rand Refinery, with the balance continuing to be refined by MMTC PAMP. All… Read More Here
copper continues to rise at 8,451 USD per tonne this week from December 25 to 30, 2023 in DRC 29 Mining in DRC Copper 

copper continues to rise at 8,451 USD per tonne this week from December 25 to 30, 2023 in DRC

Constance
The trend for the majority of the DRC’s mining export products is upward during this week from December 25 to 30, 2023, according to forecasts from the National Mercurial Commission of the Ministry of Foreign Trade. Copper is still up this week at 8,451 USD per tonne against 8,261 USD per tonne the previous week, a positive price difference of 187 USD. Zinc is also showing an upward trend this week at 2,579 USD per tonne against 2,409 USD per tonne last week, showing an increase of 130 USD. Tin… Read More Here
DRC Govt Urged to Conduct Comprehensive Mineral Research 30 Mining in DRC 

DRC Govt Urged to Conduct Comprehensive Mineral Research

Constance
The government of the Democratic Republic of Congo (DRC) has received calls to intensify mineral research efforts to ascertain precise mineral quantities within the nation’s territories. During a recent conference at the University of Kinshasa, Deputy Inspector of the General Inspectorate of Mines, Dona Kampata Mbwelele, delved into the profound shifts in mining production within the DRC and the influence of the recently amended mining legislation on local mining firms. Mbwelele emphasized the significant influence of the mining code revision, highlighting its transformative impact on mining production. “Before the revised… Read More Here

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