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Congo: Miners now authorised to resume work at South Kivu

Published

3 months ago

September 25, 2024

The Democratic Republic of the Congo’s South Kivu provincial governor has authorised the restoration of all mining operations in the area, but he also stated that authorities would keep looking into the industry.

Rich in minerals like gold, copper, diamond, tin, tantalum, and cobalt, the volatile region’s mining operations were halted in July after businesses and operators were told to vacate the sites to “restore order to mining operations” by Governor Jean-Jacques Purusi Sadiki.

Everything was restored in August, except for gold extraction. In a statement released at the time, an official representing the government emphasised that discussions with industry participants would go on.

A provincial minister of mines told Reuters in early September that after a preliminary examination conducted following the ban in July, it was discovered that more than 550 mining operators out of almost 650 were working without the required authorisations.

He continued by saying that over 45 persons had been taken into custody for their roles in fraud and the illicit mining of minerals in the province, two of them were magistrates.

“Today, we’re opening up mining activities throughout the region,” Governor Sadiki told mining operators during a meeting on Monday.

To stop the local populace from being exploited, he said, a team would be sent to investigate each mining business.

“If they violate any of our commitments, we’ll shut down that company or cooperative and hit them with exemplary fines,” the governor warned.

Authorities in South Kivu province have previously accused several firms of illegal activities, including mining without permits, dumping chemicals into water sources and underpaying workers.

Authorities in the province of South Kivu have already charged many companies with engaging in unlawful actions, such as underpaying employees, mining without a permit, and dumping chemicals into water sources.

Related Topics:Featured Miner South Kivu

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Moroccan annual inflation rises to 0.8% in November

Published

2 days 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

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.”