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Author: Makungu Coco

International Energy News

Genesis Energy and USAID Partner to Advance Climate Solutions in Africa

Genesis Energy, an energy infrastructure development firm, and the US Agency for International Development (USAID) have entered into an agreement to mobilize $10 billion towards renewable energy, nature-based solutions, and climate mitigation measures in Africa. The collaboration aims to harness private sector investment to assist countries in fulfilling their Nationally Determined Contributions under the Paris Agreement. Implemented under USAID’s Comprehensive Action Against Climate Change Initiative, the agreement spans the next five years. Gillian Caldwell, USAID’s

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International Energy News

South Africa Introduces New Guidelines for Solar Energy Projects

South Africa’s Department of Forestry, Fisheries and the Environment (DFFE) has introduced fresh guidelines for solar photovoltaic (PV) and battery energy storage systems (BESS) developed in areas of “low” or “medium” environmental sensitivity. The guidelines represent a shift in South Africa’s renewable energy strategy, aiming to expedite renewable investments and project development while ensuring the protection of environmentally sensitive regions. In eligible zones, developers can streamline the environmental authorization (EA) process, reducing bureaucratic hurdles. Under

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Local News Oil

China’s CNOOC Eyes Oil Investment Opportunities in Angola

China National Offshore Oil Corporation (CNOOC) is dispatching a delegation of senior executives to Angola to explore investment prospects in oil exploration, aligning with Angola’s goal of ramping up production to 1.18 million barrels per day (bpd). Despite a recent decline in exports, China is keen on enhancing investment in Angola’s exploration and production sector, reaffirming the long-standing energy ties between the two nations. Angola, a major oil supplier to China in sub-Saharan Africa, has

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International Mining News

South Sudan Mining Minister Calls for Increased Sector Cooperation

South Sudan’s Minister of Mining Martin Gama Abucha has called for increased cooperation among African countries in the mining sector, ensuring that the continent’s mineral resources benefit local populations. The announcement was made ahead of a mining investment forum in Malawi and comes before the seventh edition of the South Sudan Oil & Power (SSOP) 2024 conference and exhibition, taking place in Juba on June 25-28. This year’s SSOP conference will feature the inaugural South

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Diamonds International News

π——π—˜ π—•π—˜π—˜π—₯𝗦 π—¦π—–π—”π—Ÿπ—˜π—¦ 𝗗𝗒π—ͺ𝗑 𝗣π—₯π—’π——π—¨π—–π—§π—œπ—’π—‘ 𝗧𝗒 π— π—”π—‘π—”π—šπ—˜ π—œπ—‘π—©π—˜π—‘π—§π—’π—₯𝗬 π—Ÿπ—˜π—©π—˜π—Ÿπ—¦

De Beers Group, the world’s leading producer of rough diamonds by value, strategically scaled down production in the first quarter of 2024 to manage its inventory levels amidst the gradual recovery of the market. Despite experiencing a significant drop in demand for rough diamonds globally in 2023, De Beers maintained its production guidance for that year, resulting in substantial stockpiling. The global diamond industry faced a major decline in 2023 following strong demand in the

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Diamonds International News

Gem Diamonds Revenue Bounces Back Amid Demand UpswingΒ 

Gem Diamonds’ revenue rose in the first quarter as demand for rough from its LetΕ‘eng mine in Lesotho began to return. Sales grew 17% year on year to $43 million for the three months ending March 31, the company said last week. Sales volume climbed 27% to 32,571 carats, outweighing an 8% drop in the average price to $1,321 per carat. The result reflected a favorable comparison with the same period in 2023 when rough

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Diamonds International News

Ailing Rough Prices Dent Mountain Province Revenue

Sales of rough from Mountain Province’s Gahcho KuΓ© mine in Canada dropped in the first quarter amid slow demand and weak prices.Β  Diamond sales fell 31% year on year to $66.1 million for the three months ending March 31, Mountain Province said last week. Sales volume slipped 2% to 938,310 carats, while the average price plunged 29% to $70 per carat.  The decrease is the result of a prolonged slowdown in the diamond market caused

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Mining International News Oil

Canadian Natural Resources Eyes Significant Bitumen Output Increase at Horizon Oil Sands Mine

Canadian Natural Resources, Canada’s largest oil and gas producer, revealed plans on Thursday to explore opportunities for a substantial boost in bitumen output at its primary oil sands mine, Horizon. President Scott Stauth announced a potential expansion of 195,000 barrels per day (b/d) at the Horizon mining and upgrading plant in northern Alberta, surpassing earlier projections of 75,000 b/d. The company aims to leverage advanced engineering and scaling processes to enhance production capabilities. Currently, Horizon

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Local Governance News

President Lourenco Explores Business Opportunities in South Korea

The President of the Republic embarked on a two-day journey to South Korea this Monday, delving into discussions about business prospects in Angola, particularly focusing on the abundance of strategic minerals coveted by the Korean electronics industry. During his visit to the Korean parliament, João Lourenço engaged in dialogues with Kim Jin-pyo, the president of the National Assembly, regarding the challenges of industrialization. He emphasized a range of resources pivotal to bilateral relations, notably the

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Local News Oil Petroleum

Government’s First Quarter Fuel Expenditure Drops by 21%

In the first quarter, the government’s expenditure on fuel procurement decreased by 21%, totaling US$769 million, according to the head of the sector. Luis Fernandes, Director-General of the Petroleum Derivatives Regulatory Institute (IRD), provided detailed insights, revealing that 1.2 million metric tons of fuel were purchased during this period. Diesel accounted for 51.3% of the purchased fuel, followed by gasoline at 35.5%, fuel oil at 7.7%, JET A1 (aircraft fuel) at 4.5%, illuminating oil at

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