Rio Tinto and Vancouver-based Midnight Sun Mining have signed a US $51m joint venture agreement. The agreement will see the Anglo-Australian firm earn up to a 75% interest in the latter’s Solwezi licenses. According to media reports, the Solwezi licenses comprise two individual exploration licenses totalling 506 square kilometres situatedContinue Reading
Glencore’s Mopani Copper Mines, as a measure to retain sustainability will scale down on production. This is according to the hostile conditions created by the prevailing COVID-19 pandemic which has resulted in dwindling international metal prices and a concoction of other operational challenges. According to media reports, Mopani had, onContinue Reading
Moody’s comments on impact of Government’s coronavirus measures on Democratic Republic of Congo’s banks On 24 March, the Democratic Republic of Congo’s (DRC, Caa1 stable) central bank cut its benchmark interest rate and announced measures to reduce the adverse effects of the coronavirus outbreak on the economy. The measures includeContinue Reading
The global COVID-19 outbreak is not just a health catastrophe but increasingly is evolving into an economic crisis of global proportions. What does this mean for Africa’s energy story? On one hand, the envisaged economic rebuilding process will present a huge opportunity for the fast-tracking of low-carbon investments. With organisationsContinue Reading
The American government’s powerful finance arm, the Export-Import Bank of the United States (EXIM) has introduced a raft of measures designed to provide support and liquidity for the country’s significant number of exporting companies. Given EXIM Bank’s historic $5 billion investment in Mozambique LNG – its largest ever committed toContinue Reading
Metalshub, the digital platform for buyers and sellers of metals and ferroalloys, managed to almost fivefold its platform turnover in 2019 to reach 100 million euro. The word that perfectly describes the year 2019 for Metalshub is “growth”. The digital metal marketplace was able to grow to 100 million euroContinue Reading
hinese firms are looking to cash in on the bid for barrack Gold’s Lumwana copper mine in Zambia. Among the firms identified are; China Minmetals, Jiangxi Copper and Zijin Mining. The mine is estimated to go for up to US $1Bn, should the deal materialize. Furthermore, China Molybdenum and AluminumContinue Reading
A toxic combination of corruption and mismanagement in Democratic Republic of Congo’s revenues agencies and state mining companies is leaching a fifth of all mining revenues away from the state budget, Global Witness reveals today. Its report ‘Regime Cash Machine’ shows that at least $750 million went missing over threeContinue Reading
Democratic Republic of Congo’s central bank has announced stiff new financial penalties for companies that fail to repatriate at least 40 percent of their revenues from mineral exports, a decree seen by Reuters on Tuesday showed. Congo, Africa’s top copper producer, has been hit hard by low commodity prices overContinue Reading
Zambia owes major mining companies US $215m in tax refunds as at June 30, 2019. Zambia’s Finance Minister Bwalya Ng’andu made the announcement last week, following the long-running dispute with the miners. In December 2018, the Zambian government reportedly withheld payment, justifying their actions with lack of what they termedContinue Reading
