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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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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”