Mining Sector

Recent disclosures under the Extractive Industries Transparency Initiative (EITI) have been critical in exposing these discrepancies by comparing national export data with international trade statistics. These findings have reframed gold smuggling as a systemic governance and fiscal challenge and have prompted renewed policy attention on curbing IFFs, strengthening traceability, and improving revenue capture in Cameroon’s gold sector. This update examines how EITI-exposed discrepancies in Cameroon’s gold export data have brought illicit financial flows into sharp focus, triggered government enforcement measures, and highlighted the role of global trading hubs, particularly the UAE, in facilitating revenue losses from Africa’s extractive sectors.

On the 10 June 2025, the Zimbabwean government announced that it would ban the export of lithium concentrate, with the ban is scheduled to take effect from January 2027. Zimbabwe, Africa’s largest lithium producer, has positioned lithium at the centre of its economic transformation agenda as global demand for battery minerals accelerates due to the expansion of electric vehicles and renewable energy storage technologies. This update examines Zimbabwe’s evolving lithium policy as the government seeks to maximise national benefits through export bans and domestic beneficiation requirements. It analyses the rationale, timelines and political economy of the proposed bans on lithium ore and concentrate exports, while interrogating the ownership structures of dominant Chinese firms such as Sinomine and Zhejiang Huayou Cobalt.

In November 2025, Barrick Mining Corporation (“Barrick”) and the Government of the Republic of Mali (“Mali”) reached a comprehensive settlement resolving disputes arising from the Loulo and Gounkoto gold mining operations. The agreement concluded nearly two years of escalating conflict marked by regulatory changes, operational disruptions, employee detentions, asset seizures, and the initiation of international arbitration proceedings. Under the settlement, Barrick agreed to pay approximately USD 430 million, equivalent to around 244 billion CFA francs, in exchange for the withdrawal of all arbitration claims and the restoration of its operational position in Mali.

On the 1st of January 2026, reports pointed that Zambia had become the first African country to accept China’s yuan for mining tax payments. The Bank of Zambia confirmed that payments in renminbi began in October 2025. Zambia’s move represents a significant departure from the long-standing dominance of the US dollar in African public finance and resource taxation. This positions the country at the forefront of an emerging trend in which African states are experimenting with alternative settlement currencies to manage external vulnerabilities and deepen strategic economic partnerships. Drawing largely on recent analysis of currency diversification in African fiscal policies, this update argues that Zambia’s yuan policy reflects both pragmatic responses to liquidity constraints and deeper structural shifts in the global financial order, while raising important questions about transparency, dependency and long-term fiscal autonomy. This update examines Zambia’s decision to accept mining tax payments in the Chinese yuan, situating the policy within broader debates on currency diversification, fiscal sovereignty and the evolving political economy of Africa’s extractive sectors.