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
Glencore, has signed a deal with China’s GEM Co, committing to sell approximately a quarter of its annual cobalt production over the next five years. The leading cobalt producer will sell at least 61,200 tonnes of cobalt hydroxide to GEM between 2020 and 2024. This is as Beijing moves toContinue Reading
The Zambia Chamber of Mines (ZCM) is currently holding out hope that the forthcoming 2020 national budget will help restore the mining sector’s productivity and return Zambia to its previous position as one of the world’s leading copper producers. Furthermore, the Chamber has reiterated that Zambia is set to recordContinue Reading
The Angolan ambassador to China, João dos Santos called for investment in mining in his country. This was part of the presentation of new concessions. Santos was speaking on behalf of the Angolan minister of Mineral Resources and Oil, at the third technical presentation of the mining concessions of KassalaContinue Reading
Of the US $ 6.5 billion contributed to Mali’s national economy, a total of US $ 2.6 billion was allocated to taxes, royalties and dividends. Barrick Gold’s contribution to GDP in 2018 was approximately 6%” said president and chief executive Mark Bristow said during a press conference. Twenty years after MorilaContinue Reading
Zimbabwe’s mining sector has generated US $1.1Bn in the first seven months of 2019. This is quite a leap from the projected target of US $1.2Bn, according to the Minerals Marketing Corporation of Zimbabwe (MMCZ). MMCZ, which falls under the Ministry of Mines and Mining Development, is an exclusive agentContinue Reading
Zambian president Edgar Lungu appointed new finance and mining ministers in a reshuffle that included changes in numerous other departments as well. In a press release by the government of Zambia Patriotic Front Parliamentary Chief Whip Richard Musukwa was named the new Minister of Mines and Minerals Development, taking overContinue Reading
