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DRC and Nigeria Renew OPEC Commitment After Angola's Departure 21 Oil & Gas Mining in DRC Petroleum 

DRC and Nigeria Renew OPEC Commitment After Angola’s Departure

Constance
Following Angola’s decision to exit the OPEC oil cartel, Nigeria and Congo have reaffirmed their commitment to the Saudi-led oil producer group, which has been actively seeking support for additional output cuts to boost prices. Africa’s biggest oil producers, Nigeria and Angola, were among several countries given lower output targets for 2024 after years of failing to meet the previous ones, Reuters reported. On Thursday, Angola announced its exit from OPEC, citing that the organization no longer served its interests. But Nigeria’s minister of state for petroleum Heineken Lokpobiri said… Read More Here
Recommissioning Starts as Porgera Prepares to Resume Operations in Q1 2024 22 Gold International News in Brief 

Recommissioning Starts as Porgera Prepares to Resume Operations in Q1 2024

Constance
 Following the formal completion of the Porgera Project Commencement Agreement on December 22nd, work has started on the recommissioning of the Porgera gold mine in Papua New Guinea, which has been in care and maintenance since April 2020. This work is expected to be completed over the next few weeks, paving the way for mining and processing to restart in the first quarter of 2024. Barrick president and chief executive Mark Bristow, who was closely involved in the negotiations that eventually delivered the restart agreement, said the mine’s new ownership… Read More Here
Council of State Clears Accused Gécamines Officials 23 Mining in DRC 

Council of State Clears Accused Gécamines Officials

Constance
An interim order issued on December 14, 2023, by the Council of State has dismissed the first president of the Court of Auditors, scrapping the illicit measures imposed on October 23, 2023, against four individuals, including Albert Yuma Mulimbi, Deogratias Mutombo Mwana Nyembo, Jacques Kamenga, and Fredy Muganza, regarding an alleged embezzlement of over 25 million US dollars from Gécamines. The prohibitions preventing these personalities from leaving the country and freezing their bank accounts were immediately annulled by the Council of State’s Litigation Section. The order was issued by the… Read More Here
Loncor Gold Sells Makapela Gold Project to Propel Adumbi Mine Development 24 Mining in DRC Gold 

Loncor Gold Sells Makapela Gold Project to Propel Adumbi Mine Development

Constance
Loncor Gold, owner of the Adumbi gold mine, has seized an opportunity to fuel its flagship project’s progression by selling its Makapela gold project. The decision to divest the Makapela asset, announced on December 13, 2023, has enabled Loncor to secure 13.5 million Canadian USD (approximately 10 million USD). CEO John Barker highlighted that this strategic move allowed Loncor to procure vital funds for the Adumbi mine’s development without resorting to substantial equity dilution. The sale of Makapela, categorized as a “non-essential asset,” aligns with the company’s strategy to bolster… Read More Here
Tenke Fungurume Mining in DRC Environment Social Governance (ESG) 

TFM paid approximately USD 987 million to the Public Treasury

Constance
Tenke Fungurume Mining (TFM), situated over 190 km from Lubumbashi, the capital of Haut-Katanga province in the southeastern Democratic Republic of Congo (DRC), has made significant financial contributions to the Public Treasury and various public administrative services, totaling around $987 million. As detailed in the 2022 environmental, social, and governance report released on October 31, 2023, TFM disclosed its substantial fiscal support to the DRC, amounting to a cumulative sum of $4.768 billion. This substantial contribution encompasses diverse components such as income taxes, royalties, customs duties, and taxes related to… Read More Here
IMF Disburses US$187 Million to Zambia, Praises Economic Resilience 25 Mining in Zambia Economy 

IMF Disburses US$187 Million to Zambia, Praises Economic Resilience

Constance
The International Monetary Fund (IMF) has allocated a substantial disbursement of US$187 million to Zambia, marking a pivotal milestone following the completion of the second review under the Extended Credit Facility (ECF). This recent disbursement elevates the total funds extended to Zambia by the IMF to a significant US$561 million. Earlier in July of the current year, Zambia received an approximate sum of $188 million, contributing to this cumulative amount. These disbursements align with the envisaged US$1.3 billion under the 38-month Extended Credit Facility (ECF), initially sanctioned in August 2021.… Read More Here
Minister Foresees Three-Month Search for Trapped Miners in Zambia 26 Mining in Zambia Artisanal mining Mine Safety Mining safety Safety & Health 

Minister Foresees Three-Month Search for Trapped Miners in Zambia

Constance
Elisha Matambo, Copperbelt Minister, has revealed that the ongoing search for trapped miners within tunnel one in Chingola is anticipated to stretch over a period of two to three months. Matambo emphasized the extended timeline, citing safety concerns that impede the direct search for the trapped miners using the existing tunnels. Explaining the approach, he highlighted that employing excavators to drill is deemed the safest method to extract the small-scale miners who have been trapped for the past 20 days. However, he provided a glimmer of hope, noting that progress… Read More Here
DRC and Angola Seal Oil Production Deal for Block 14/23 Concession 27 Mining in DRC Oil & Gas Petroleum 

DRC and Angola Seal Oil Production Deal for Block 14/23 Concession

Constance
In a landmark development, Cabinda Gulf Oil Company Limited (CABGOC) has inked a consequential Production Sharing Agreement (PSA) to operate in the prized Block 14/23 concession, nestled within the Zone of Common Interest (ZIC) in the maritime expanse shared by Angola and the Democratic Republic of Congo (DRCongo). Under this monumental PSA, co-signed with the Governments of Angola and DRCongo, CABGOC, a subsidiary of Chevron operating in Angola, assumes the role of the primary operator, commanding a substantial 31 percent stake in the coveted block. Per an exclusive press release… Read More Here
ZCCM-IH Secures US$1.1 billion Strategic Partnership with IRH for Mopani Copper Mines Plc 28 Mining in Zambia Copper 

ZCCM-IH Secures US$1.1 billion Strategic Partnership with IRH for Mopani Copper Mines Plc

Constance
ZCCM Investments Holdings Plc (ZCCM-IH) has sealed a significant pact with International Resources Holding RSC Limited (IRH) for a strategic collaboration involving Mopani Copper Mines Plc (MCM). The agreement, involving a total investment commitment of US$1.1 billion by IRH, marks a transformative phase in the relationship between Glencore International AG (Glencore) and MCM, subject to specific conditions. Key Highlights: 1.Investment Structure: .IRH pledges US$620 million as new equity, securing a controlling 51% stake in MCM. These funds will propel MCM’s capital projects and enhance its working capital. .An additional approximately… Read More Here
Zambia's Mineral Development Strategy Aims for Green Energy Opportunities 29 Mining in Zambia Battery Metals 

Zambia’s Mineral Development Strategy Aims for Green Energy Opportunities

Constance
Zambia’s Ministry of Mines and Minerals Development is charting a new course to capitalize on global shifts toward electric batteries and green energy. Spearheaded by Permanent Secretary Hapenga Kabeta, the ministry has crafted a visionary draft of a critical minerals strategy aimed at seizing emerging opportunities in the electric battery and sustainable energy sectors. Kabeta emphasized that the ministry is actively engaging stakeholders to refine and enhance the strategy, seeking their valuable input to shape a robust plan aligned with Zambia’s mineral potential. Central to this strategy is the government’s… Read More Here

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