VenturesNow

Zambian miners fault Minerals Regulation Commission Bill

Published

5 months ago

August 7, 2024

Two mining organizations warned on Wednesday that Zambia’s proposed minerals regulation law may discourage investment and provide a “fatal blow” to aspirations to increase annual copper output to 3 million tons.

The new Minerals Regulation Commission Bill, put up by Zambia’s government, aims to “regulate and monitor the development and management of mineral resources” in the continent’s second-largest producer of copper.

However, the Association of Zambian Mineral Exploration Companies (AZMEC) and the Chamber of Mines (ZCM), the country’s leading mining trade association, claimed in a joint statement that several provisions of the proposed law “will drive up the perception of investment risk in Zambia”.

“Unfortunately, due to…the prospect of forced ‘free carry’ acquisitions by the state of stakes in new ventures, this Bill will seriously undermine property rights,” the mining industry bodies said.

“The Bill also grants unaccountable and arbitrary discretionary decision-making powers to individual regulators, which present obvious future corruption risks,” they added.
Zambia’s mines ministry was not immediately available to comment.

Since the previous administration’s 2019 seizure of Konkola Copper Mines from Vedanta, the country’s investment image has suffered. President Hakainde Hichilema’s government, elected in 2021, has worked to restore it and increase copper production.

The corporation was returned to Vedanta by the new administration, which intends to increase copper production to 3 million tons annually in the next ten years to capitalize on the rising demand for the metal, which is essential to the world’s transition to greener energy sources.

According to figures from the Zambia Chamber of Mines, copper output fell to 698,000 tons in 2023 from 763,000 tons the year before.

Major mining companies, like First Quantum Minerals and Barrick Gold, are pouring billions of dollars into their copper holdings in Zambia.

International Resources Holding (IRH), a firm based in the United Arab Emirates that acquired a 51% share in Mopani Copper Mines from Glencore, has committed to investing $1.1 billion to increase output at the mine.

VenturesNow

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.

VenturesNow

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

Published

3 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.”