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Congo: Miners now authorised to resume work at South Kivu

Published

2 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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IMF mission concludes 4th loan program assessment in Egypt

Published

2 days 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

4 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.