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Mining firm, Barrick keen on more copper exploration in Zambia, Congo DR

Published

1 year ago

July 8, 2023

Leading gold and copper producer, Barrick says it is sourcing for more copper deposits in Zambia and the Democratic Republic of Congo.

Barrick’s CEO, Mark Bristow, said its search was in line with its plan to expand its presence on the African Copperbelt.

“We are looking at exploration opportunities across the country just as we are looking for exploration opportunities in southern Congo,” Bristow said during a briefing at Lumwana mine.

The mining firm is also considering plans to develop the Lumwana mine which currently produces about 267,000 metric tons of copper into a tier-one asset, as well as to extend the life of the operation to 2060. But Bristow did not comment on speculation that his company was interested in First Quantum Minerals, but said Barrick would adopt a cautious approach to doing deals in the sector.

The mineral deposits in Zambia and Congo DR have drawn international attention, although the countries have yet to translate the resources into sustainable wealth as both are currently in a dire financial state. Last year, the US signed a historic memorandum of understanding with the two countries to develop an electric vehicle battery supply chain.

Copper is usually found in nature in association with sulfur and is considered by experts to be one of the oldest metals ever used. It has been one of the most important materials in the development of civilization.

Zambia is the eighth largest copper producer in the world. Recent research has estimated that the potential for undiscovered copper deposits in Zambia is larger than once thought. Put together, the DRC and Zambia’s copper belts are the second-largest global reserves of copper.

Related Topics:Congo DR copper Featured Zambia

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IMF mission concludes 4th loan program assessment in Egypt

Published

1 hour ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

2 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.