Catoca Mining Company, situated in the province of Lunda Sul, has recently acquired nine suction pumps equipped with an advanced automation system from South Africa. These pumps boast a pumping capacity of up to 800 cubic meters per hour, aimed at improving the flow and suction of submerged water within the mine. According to José Jorge Chingango, head of the Water Evacuation section, the acquisition of these pumps will ensure smoother operations. Initially, maintenance will
The Somiluana Mining Company, located in Lunda-Norte province, is set to inaugurate its new Sorting Plant (CRP) this month, with a capacity of 6 tons of cubic meters. Guilherme Raimundo, the deputy general director of the mining company, announced that this new facility could significantly boost diamond production at the secondary deposit by approximately 12,000 carats per month, leading to the creation of over 700 jobs. The inauguration ceremony marks the commencement of large-scale production
The National Diamond Trading Company of Angola (SODIAM) has announced plans for an online auction featuring 18 special stones. Scheduled from the 11th to the 18th of this month in Luanda, the auction will be conducted in collaboration with TRANS ATLANTIC GEM SALES. The auction will be exclusively electronic, with bidding closing on April 19th at 10:00 local time. Targeted at customers registered in SODIAM’s database with expertise in special stone sales, the lots will
Angola’s Gross Domestic Product (GDP) expanded by 1.4% year-on-year in the fourth quarter of 2023 compared to the same period in 2022, according to data from the National Statistics Institute (INE). However, there was a 0.3% decrease in the economy from the third quarter to the fourth quarter of 2023, after seasonal adjustments. For the entire year of 2023, the Angolan economy grew by 0.9% compared to 2022. Key contributors to this growth were the
The price of a barrel of Brent oil for delivery in June reached a maximum of 91.90 dollars yesterday on the London futures market. The appreciation was above 1.30 percent compared to the previous day. North Sea crude, which serves as a reference in Europe and also for Angola, closed the day on the International Exchange Futures with an increase of 1.30 dollars compared to the last negotiation, when it closed at 90.65 dollars, this
Sonangol Trading and Shipping, the international arm responsible for oil, derivatives, and natural gas transportation and marketing for Angola’s state oil company, is embarking on an expansion strategy across the African continent. Currently engaged with four countries – DRC, Namibia, Togo, and Cameroon – the company aims to strengthen its presence and trade volumes in these markets. Luís Manuel, President of the Executive Committee of Sonangol Trading and Shipping Business Unit (UNTS), revealed these plans
Bank of America has predicted that the price of oil will surge to $95 per barrel by June. Francisco Blanch, the director of raw materials and derivatives at the bank, attributes this increase to dwindling reserves and escalating geopolitical tensions. Additionally, production cuts by OPEC+ could impact the interest rate reduction strategies of the US Federal Reserve and the European Central Bank. According to a recent Bank of America Research report, released yesterday, commodity prices
Tullow Oil, a multinational exploration company, has adjusted the value of its assets in Kenya, writing off $17.9 million. This decision comes as the company awaits updates on the Field Development Plan submitted to the Kenyan government in March 2023 for its Turkana project. The revised valuation of Tullow’s Kenya assets declined from $260.1 million in December 2022 to $242.2 million by the end of 2023. Tullow aims to reverse these impairments once uncertainties are
Angola and Brazil are poised to strengthen their collaboration within the oil and gas sectors, driven by their robust growth trajectories. While existing partnerships have laid a solid foundation, exploring untapped opportunities could significantly bolster bilateral relations and spur mutual development. Angola’s premier event for the oil and gas industry, Angola Oil & Gas (AOG) 2024, will delve into how bilateral cooperation acts as a catalyst for progress. The event serves as a platform for
South Africa’s Department of Mineral Resources and Energy (DMRE) has initiated the third bid window of the Battery Energy Storage Independent Power Producer Procurement Program (BESIPPPP). This tender aims to procure five energy storage systems, totaling 616 MW/2,464 MWh. Scheduled bids must be submitted by July 31, 2024, for projects designated to five pre-selected substation sites identified by Eskom, the country’s energy company. These sites, located in the Free State province, include Harvard, Leander, Theseus,
