The MIBA, or Bakwanga diamond mining company In the Democratic Republic of Congo, has long been a cornerstone of the country’s economy. After several years of stagnation, it gradually recommenced operations in 2011. However, today, its business is no longer as lucrative as it once was. The company’s recovery plan, estimated at USD 453 million, is set to be implemented over five years, accompanied by an investment plan of USD 161 million to be executed
António Feijó, who spoke on Tuesday 27th October, during the opening of the first seminar to promote the construction and rehabilitation of new fuel stations, stated that candidates interested in investing in the sector will receive support from the banking institutions based in the province of Malanje, through subsidized credit, as well as from companies with the capacity to build these mentioned facilities. According to the official, the province of Malanje has 25 fuel stations,
Angola’s National Oil Company (NOC) Sonangol and the construction and engineering company, the China National Chemical Engineering Company (CNCEC), have signed a contract for the construction of the $6 billion Lobito refinery in the southern African country. The final agreement, which was signed on 24 October in the city of Lobito, Benguela Province, provides for the construction, technical support, and supervision of the construction process for the 200,000 barrel-per-day (bpd) refinery. “The processing capacities of
Oil prices rose by over $1 on Friday 27th October, as reports that the US military struck Iranian targets in Syria raised concerns of a widening of the Israel-Hamas conflict that could impact supply from the key Middle East-producing region. Brent crude futures for December rose $1.16, or 1.3%, to $89.09 a barrel by 0338 GMT. The US West Texas Intermediate contract for December climbed $1.08, also 1.3%, to $84.29 a barrel. The strikes on two facilities
The Governments of Kenya and Angola signed 11 Memoranda of Understanding (MoUs) aimed at strengthening bilateral relations between the two countries. The agreements will serve to enhance cooperation in oil and gas, mining, shipping and maritime cooperation. Additional areas of cooperation include wildlife management and conservation, youth development, agriculture, trade, information and communication technology and health. The MoUs were signed on 21 October by the countries’ respective cabinet secretaries and witnessed by Kenya’s President William
Aim-listed gold producer, developer and explorer Shanta Gold has reported steady gold production in line with expectations in its production and operational results for the quarter ended September 30. The report covers the company’s East African assets, comprising the New Luika and Singida gold mines, in Tanzania, and the West Kenya project, in Kenya. Our performance over the third quarter demonstrates the stable and reliable production volumes we have worked hard to achieve, with group gold production across our two operating mines of 27 935
However, this was offset by rough diamond production decreasing by 23% and steelmaking coal production decreasing by 21%. Moreover, nickel production was down 7% on lower grades and planned plant maintenance at the Minas-Rio iron-ore operation in Brazil put overall iron-ore production at a 4% lower level than the corresponding period of last year. Now, the focus of the London- and Johannesburg-listed company is on delivering full-year production guidance in line with a planned stronger
The price of a barrel of Brent crude oil for delivery in December ended today in the London futures market with an increase of 2.27%, reaching $90.16. Brent’s price for delivery in December rises by 2.27% and surpasses $90. The market continues to fluctuate due to increasing tensions in the Middle East, trading higher on Wednesday after three consecutive sessions of declining prices.
Botswana’s state-owned Okavango Diamond Company (ODC) has temporarily halted its rough stone sales as part of an industry-wide drive to reduce the glut of inventory caused by lower global demand for jewelry, its managing director Mmetla Masire said on Tuesday 24th of October, 2023. ODC, which reported a record $1.1 billion in revenue in 2022, holds 10 auctions a year to sell its 25% allocation of production from Debswana Diamond Company, a joint venture between
Angola’s export of 395.99 million barrels of crude oil made it possible to obtain revenue of US$40.4 billion, at an average price of USD 101.77 per barrel, during the 2022 financial year. The amount of crude oil exported during this period exceeded that of 2021, in which the export of 394.22 million barrels of crude oil was registered, resulting in revenue of 24.5 billion dollars. According to the report on the Mineral Resources, Oil, and
