Egypt’s state-owned Egyptian Natural Gas Holding Company (EGAS) has taken a significant step in expanding its international footprint by establishing a subsidiary in Saudi Arabia. Named Modern Gas Saudi Arabia, the newly formed company, with an initial capital of $530,000, marks EGAS’s entry into the Saudi market, with an 80% ownership stake. This strategic move, announced by Egypt’s Ministry of Petroleum on March 17, is part of EGAS’s broader strategy to attract foreign investment and
Angola is holding steady with its crude oil production at 1.1 million barrels per day (bpd), matching levels seen before its exit from OPEC. This production rate is expected to be sustained until at least 2027. Since reaching a peak of 2 million bpd in 2008, crude oil output in Angola, the second-largest producer in Africa, has experienced a gradual decline. To offset this decline, the country has shifted its focus towards increasing natural gas
Gem Diamonds reported a significant decline in profit for the full fiscal year of 2023, with earnings from its Letšeng deposit in Lesotho dropping to $1.6 million compared to $20.2 million in 2022. CEO Clifford Elphick attributed the decline to various global challenges, including economic uncertainties, conflicts, and a subdued diamond market. The company’s revenue fell by 26% to $140.3 million, primarily due to lower rough diamond prices resulting from the market downturn. Sales volume
De Beers reported a total of $430 million in proceeds from its second rough-sales cycle of the year, showing a 13% decline compared to the same period in 2023. However, this figure marks a 15% increase from its first sight of the year and a significant improvement from the final sight of 2023. Although below average for this time of year, the recent sales indicate a recovery, especially driven by increased demand in the diamond-jewelry
Firestone Diamonds announced the recovery of a 215-carat rough diamond from its Liqhobong mine in Lesotho, marking the largest high-quality stone found at the deposit to date. The company intends to offer the diamond through a competitive bidding tender, following viewings in Antwerp and Dubai. Firestone holds a 75% stake in Liqhobong, with the remaining 25% owned by the Lesotho government. After experiencing challenges due to the COVID-19 pandemic, Firestone resumed operations in October 2022.
The upcoming Technical and Scientific Days of the Mining Workers’ Day, running from April 15th to 27th, will showcase significant milestones in Angolan mining, including the inauguration of the Samiluana diamond project in Lucapa and the Cácata Phosphate Exploration Project in Cabinda. The Samiluana diamond project, located in Lunda-Norte province, boasts an estimated production capacity of 12 thousand carats per month and is set to create 762 jobs. With a 33 percent stake from Samiluana
Angolan oil company ACREP’s shares are now listed on the “MROV” Over-the-Counter Market of the Angolan Debt and Stock Exchange (BODIVA) following a recent bidding process. The auction determined demand for 24 percent of the 37 percent stake held by Banco de Poupança e Crédito (BPC) in the private oil and gas firm. The Market for Registration of Transactions on Securities (MROV) is dedicated to recording previously conducted but unsettled transactions of securities not traded
Botswana Diamonds’ Chairperson, John Teeling, has highlighted several positive developments achieved by the company in 2023. These include the discovery of a high-grade anomaly similar in size to the KX36 kimberlite pipe, progress on Thorny River mining permits in South Africa, and renewed interest in the Ghaghoo diamond mine in Botswana. Despite a depressed diamond market in 2023, Teeling remains optimistic about the long-term outlook for mined diamonds. He acknowledges the growing market for lab-grown
The Angolan Government is taking decisive steps to criminalize illegal diamond mining, a practice involving an estimated 1.3 million “garimpeiros” (illegal diamond explorers), mostly foreigners. This move comes amidst concerns over the harmful impacts of illegal mining on the environment, public health, and national security. Presenting the proposal for a Law to Combat Illegal Mining Activity in parliament, Secretary of State for Mineral Resources, Jânio Correia Vitor, emphasized the need for more efficient mechanisms to
The Angolan government has raised concerns about illegal diamond exploration, highlighting the potential risk it poses to the commercialization of Angolan diamonds in Europe and America. The need to criminalize “garimpeiros” (artisanal miners) has been emphasized to address this issue. Jânio Correia Vitor, the Secretary of State for Mineral Resources, stressed the international association of illegal diamond mining with human rights violations, warning of potential repercussions on diamond sales abroad. He emphasized the importance of
