De Beers reduced prices for smaller rough diamonds at this week’s sight, though manufacturers say the adjustments aren’t enough to ease their profitability challenges. The miner cut the price of 3-grainer (0.75-carat) and smaller goods by 4% to 6%, market insiders told Rapaport News Tuesday. In 4- to 6-grainers (1 to 1.5 carats), the price decline was around 4%, they estimated. Prices of 5- to 10-carat rough increased slightly, though this partly reflected modifications to the assortments,
Angola and the United States of America inked financing agreements worth $1.3 billion in Dallas on Tuesday for the development of the Lobito Corridor, a key beneficiary of the Global Investment and Infrastructure Partnership (PGI). The signed documents, exchanged between Angolan Finance Minister Vera Daves and Reta-Jo Lewis, President of the US Export-Import Bank (EXIM Bank), will fund three infrastructure projects associated with the Lobito Corridor. Additionally, they target investments in clean energy, connectivity, radio
Angola is gearing up for its next international tender in 2025 as part of its six-year licensing strategy initiated in 2019. With the National Oil, Gas & Biofuels Agency (ANPG) finalizing contract negotiations for the concluded 2023 bid round, which attracted 53 bids, the country’s upstream sector is poised for substantial growth. The burgeoning investment in exploration and new oil and gas developments is set to be supported by Angola’s robust transport and logistics infrastructure.
Shell Nigeria Gas (SNG) – a subsidiary of energy major Shell – and Nigeria’s Oyo State Government have signed a partnership to establish a gas supply and distribution network aimed at providing gas to industrial and commercial consumers within the state. The project comprises the construction of 15km of pipelines with a capacity to deliver 60 million standard cubic feet per day, with first gas expected by Q4, 2025. SNG will construct and manage the gas distribution
Zambia is allocating $6 million towards boosting mineral production and enhancing sustainability, productivity and safety in mining operations through the establishment of the Mining Technology (MinTech) hub. The MinTech hub will serve as an innovation and collaboration centre for the mining industry, offering training and capacity-building programs to promote the adoption of new technologies and best practices. “We are the major producers of a variety of minerals, but specifically copper,” said Zambia’s Minister of Science
Yinson Production, an energy infrastructure and technology company, has finalized a $1.3 billion limited recourse term loan facility for the construction of the Agogo FPSO in Angola. The financing, backed by a consortium of 13 lenders, encompasses both pre- and post-delivery expenses for the facility, with Standard Chartered Bank acting as the Global Coordinating Bank. Structured into three secured tranches with staggered maturities spanning up to 10 years, the multi-tranche financing will support the complete
Offshore services company ADES Holding has secured a drilling contract from Egypt’s Suez Oil Company. Under the $42.93 million contract, a jack-up unit will be used for drill works at the Gulf of Suez, with the 21-month term expected to commence in the coming weeks. This latest contract comes on the heels of ADES Holding’s recently awarded campaigns in Qatar and Thailand, set to begin in the second half of 2024. As a result, the services company has
Mozambique’s Coral South floating LNG (FLNG) facility reached a critical milestone on Monday, successfully passing a performance test achieving production above 3.4 million tons per year. Dual mixed refrigerant LNG process technology and equipment developed by global industrial gases company Air Products passed the evaluation, enabling maximum efficiency, increased reliability and reduced environmental impact. In addition to its proprietary equipment and technology, Air Products provided technical advisory services for the installation, commissioning, start-up and performance
Arrow Minerals, an exploration and development company, has discovered high-grade mineralization at its newly acquired Simandou North Iron Project in Guinea-Conakry. During the initial drilling phase in February, the company unearthed promising results from the first five holes, with surface samples showing grades as high as 63%. Additional testing of 392 samples is currently underway. With a commitment to establishing a direct shipping grade iron mining operation by June, Arrow Minerals plans to capitalize on
Senegal’s National Bank for Economic Development (BNDE) has obtained a €70-million financing line from the Development Bank of Southern Africa (DBSA), promoting South-South financial cooperation. The loan aims to bolster BNDE’s capacity to support the Senegalese economy, particularly projects led by SMEs, while strengthening its role as a development bank. DBSA will provide the line of credit for a seven-year period. The announcement aligns with Senegal’s decision to boost BNDE’s capital to €79 million, reflecting
