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Cyril Mutombo: “The group of seven mining giants is called Mining promotion initiative (MPI)”
The group of seven mining giants who slammed the door at the Congolese Business Federation (FEC) Chamber of Mines is called the Mining Promotion Initiative (MPI) and not G7 Mining. The clarification has just been given by Cyril Mutombo, country director of Barrick in DRC as part of the panel discussion focused on the “Zoom of key projects that are changing the situation in the DRC”, this Friday, June 21, 2019 at DRC Mining Week .
Cyril Mutombo first corrected the shooting about the name of “G7 mining”, which he considers unofficial. Because, the political context of the time being what it was, this denomination was stuck to them when they had nothing against the country.
“This is a name that was given to the seven CEOs who had met former head of state Joseph Kabila to discuss the new Mining Code. The group is called rather “Mining promotion initiative (MPI),” he explained to the audience.
While the DRC Constitution gives everyone the freedom to choose the association they wish to belong to, these mining giants operating in the DRC have freely opted to leave the FEC and continue to work together to guarantee not only the interests of the DRC. State but also theirs in a wanted win-win partnership.
To this member of MPI to clarify: “when people join together and create a new chamber of commerce association. We must accept them. Because, this competition will stimulate the emulation. ”
Most of the mining industry’s contributions to the public purse come from the activity of MPI members. This includes references to taxes, fees and taxes, as well as direct and indirect jobs created across the country.
To defend their interests, flouted by the Chamber of Mines (reason for leaving the FEC), they got together to reflect on the evolution of a mining industry profitable to all. This is how they demonstrated to the government how tax, as defined in the new Mining Code, posed a serious problem.
“The stability was broken. A mining investment like Kibali took ten years to build its underground mine. And just finished, and you are told that the rules on which you have invested your billions of dollars, have changed. Put yourself in our place, “he lamented.
This situation has created indignation in the hands of these mining operators. From their reflection on the possible solutions, they therefore proposed to the government a payment in installments. This implies that during the fat cow period, they pay more royalties and that if they do not, they pay less.
This update has enlightened the public and eliminated any misinterpretation of the departure of these FEC miners. Present in the room, Dieudonné Kasembo said the FEC still keeps a place for those of these mining operators who want to return home.
Nadine FULA
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DRC: USD 58 million down payment to oil distributors for loss of earnings
Through the Minister of Finance, Doudou Fwamba Likunde Li-Botayi, the central government has announced the payment of $58 million, a first instalment of shortfalls, to all oil tanker corporations in all distribution zones.
The announcement was made at a meeting held on Monday November 4, 2024 by the Minister of Finance with a delegation of oil companies representing the various distribution zones in the Democratic Republic of Congo.
According to the Minister of Finance, this payment is part of the Government’s efforts to clear, in instalments and as quickly as possible, the revenue shortfalls for the 2023 financial year.
He also reassured oil companies that the next instalment would be paid shortly.
“Doudou Fwamba Likunde Li-Botayi declared: “The process of clearing these shortfalls is irreversible, and the Government’s various commitments, made through the Ministry of the Economy, will be honored in the interests of all parties.
AGNES KAYEMBE
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Africa: start-ups raised USD 254 million in October 2024
The platform Africa: The Big Deal recently published the monthly financial report on African start-ups.
According to the report, in October 2024, African start-ups raised $254 million, a record for this month since 2019 as forty-two (42) companies raised financing despite a global context of tightening liquidity.
Indeed, these figures, places October as the second best month of 2024, after July, with an increase of almost 50% compared to the average of the last 12 months, a contrast to the global trend.
“The main highlight of the month was the transaction by Moniepoint, a Nigerian fintech, which closed a $110 million Series C financing round, representing 43% of the total raised in October. This fund-raising, one of the largest in the sector, could establish Moniepoint as the eighth African unicorn, a title reserved for companies valued at over one billion dollars. Other major deals of the month included the $42 million raised by BasiGo in Series A, and the $33 million obtained by cryptocurrency exchange platform Yellow Card in Series C.
In addition, the report notes that since the beginning of 2024, African start-ups have raised a total of $1.7 billion, spread over 393 deals exceeding $100,000, although this performance remains down 32% on the previous year.
Of these, 137 transactions exceeded the million-dollar mark, a year-on-year decline of 20%, reflecting the persistent tensions in the financing of technology start-ups.
AGNES KAYEMBE
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World: sustainable forest management, World Bank calls for annual investment of USD 536 billion
The World Bank is sounding the alarm on the massive financing needs to protect the world’s forests and support the fight against climate change.
In its new report, the institution informs that to achieve conservation, biodiversity and land restoration objectives, stakeholders would need to invest 536 billion dollars each year, four times the current amounts, for a total of 8.4 trillion dollars by 2050.
Similarly, the Global Challenge Program: Forests for Development, Climate, and Biodiversity (GCP-F), launched by the World Bank, aims to transform forest management practices.
he objective of this program is to promote forests as economies in their own right, generating economic opportunities and sources of sustainable development.
This economic model, note the experts, is based on exploiting forest resources in harmony with nature, mobilizing private investment while meeting conservation challenges.
By integrating key sectors such as agriculture, energy and infrastructure, the World Bank aims to encourage “standing” forests, capable of supporting livelihoods, storing carbon and generating global public goods.
Flory Musiswa
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