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Uganda looking for mining investors as price of Copper hits record high

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The Ministry of Finance and Mining Uganda said on Tuesday that it was inviting investors who are interested in mining within and outside the county to revive a vast copper mine in the country’s west that also holds significant cobalt deposits.

The ministry made the disclosure in a joint statement, noting that the government was open to partnership with the private sector to revive mining.

“We have invited companies to express their interest in partnering with the government through a mineral production sharing agreement,”

“The redevelopment of Kilembe Mines will have a catalytic effect of facilitating industrialization, offer significant employment opportunities and increase revenue.”

The Kilembe Mines is Uganda’s largest copper mine, with estimated deposits of copper in excess of 4,000,000 tonnes and an undetermined amount of cobalt ore. In addition, there are approximately 2,800 acres (1,100 ha), of unexplored acreage at the site.

Since the beginning of 2022, the price of Copper has hit a record height and Ugandan President Yoweri Museveni is eager to expand the exploration of the country’s mineral wealth – which includes gold, base metals, uranium, rare piles of earth, iron, titanium, vermiculite, and diamonds – to help boost growth.

The mine began operations in 1950 and there are an estimated four million tonnes of copper ore beneath the mountains of Kilembe, located about 380 kilometers southwest of Kampala. The firm however collapsed in 1982 as the Ugandans who were put in charge of the new parastatal, Kilembe Mines Ltd, did not have the required expertise to run it.

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Nigerien President, Mohamed Bazoum wants employment quotas for African immigrants

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Niger’s President Mohamed Bazoum wants employment quotas for African immigrants tailored to job needs from European countries.

President Bazoum made the position in an interview with an Italian newspaper, La Repubblica. on Friday.

The president’s argument is that the quota will address European countries’ needs for its labour market and could help resolve the problem of illegal migration and human trafficking.

“In France, Spain, and Italy you have many jobs in sectors of employment where Africans can work,” Bazoum said.

“These numbers need to be established, country by country, and then the consulates entrusted with the responsibility of enforcing them.”

Surveys of African migrants in or heading toward Europe reveal that the majority were either employed or in school at the time of their departure. Yet, they felt despair over their economic prospects.

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IMF Chief, Ceyla Pazarbasioglu, to visit China over Africa’s growing debt profile

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As the debt profile of many African countries continues to rise, the International Monetary Fund strategy chief, Ceyla Pazarbasioglu will travel to China next week for another high-level meeting.

Her travel is part of efforts to press the world’s largest sovereign creditor for quicker progress on debt restructurings for countries in need.

The IMF chief had called for debt restructuring arrangements for Zambia and Chad to be completed shortly.

Pazarbasioglu said it was critical to move forward and that “outreach to China next week is very important, at the highest levels.”

“It’s moving – very slowly, but it’s moving,” Pazarbasioglu said, noting that the participation of mining company Glencore Plc in the Chad treatment was also “a very good sign” that “even the most difficult private sector participants” were participating.

She said the Paris Club of official bilateral creditors had taken years to hammer out their debt relief processes, and China was learning, although she noted that the debt issues facing borrowing countries now were acute.

“The problem we have is that we don’t have that time right now because these countries are very fragile and dealing with debt vulnerabilities,” she said. “What we need is speed.”

Pazarbasioglu said the IMF would continue to press for changes to the Common Framework, including a freeze in debt payments when countries apply for a debt treatment, as well as clearer procedures and timelines for action, and ensuring comparable treatment for private creditors.

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