Angola’s state-owned diamond producer, Endiama, acknowledged that some clients are hesitant to engage due to its partnership with Russia’s Alrosa PJSC. However, the company emphasized that its diamond production is not subject to Western sanctions. Alrosa, the Russian diamond giant, holds a 41% stake in Angola’s Catoca mine and a controlling interest in the Luele mine. Endiama Mining SA, which owns the majority shares in both mines, has made recent management changes to strengthen its
Canada-based Lucara Diamond has sold its 100% interest in the Clara rough diamond sales platform to its original founders, led by the HRA Group of Companies and Lucara’s CEO, Eira Thomas. The Clara platform, a digital marketplace for rough diamonds, is designed to modernize the diamond trading process by connecting buyers and sellers through advanced technology. Clara offers verification technologies that integrate provenance and traceability services, providing greater transparency and trust in transactions of individual
Zambia has signed a cooperation agreement with the Arab Bank for Economic Development in Africa (BADEA), securing a $50 million investment for the construction of the Kalabo-Sikongo-Angola Border Road in Western Province. The agreement was formalized in Riyadh, Saudi Arabia, by Zambia’s Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, and BADEA President, Dr. Sidi Ould Tah. Alongside the road project, a $500,000 capacity-building initiative was also agreed upon to support the training of
African hydrocarbon-producing nations have successfully raised 45% of the $5 billion required to establish the African Energy Bank (AEB). This pan-African institution is designed to address the financing gap for oil and gas projects, a challenge heightened by the withdrawal of several international donors from fossil fuel investments. According to credible sources, the funds for the project have been secured by African nations, with Angola, Ghana, and Nigeria emerging as the largest contributors. “The funds
Rio Tinto has launched its 2024 ‘Beyond Rare’ tender, the second in its Art Series collection, showcasing 48 exceptional lots of rare diamonds. This year’s collection, titled ‘Colour Awakened,’ features seven historic diamonds from Australia’s now-closed Argyle diamond mine, which operated from 1983 to 2020. The “old masters” consist of seven round brilliant-cut pink and red diamonds, ranging from 0.60 to 2.63 carats. Each was unearthed from the Argyle mine over a decade ago, with
The National Bank of Ethiopia has allocated $175 million in foreign exchange to the state-owned Ethiopian Petroleum Supply Enterprise to cover upcoming fuel import payments, as the country continues to grapple with severe dollar shortages. Ethiopia, which spends approximately $4 billion annually on fuel imports, has faced growing financial strain due to the COVID-19 pandemic and a two-year civil war that ended in late 2022. To alleviate these pressures, Ethiopia is set to receive $345
The growth of Angola’s oil industry is driving economic improvements and contributing to diversification across sectors, particularly in industries and agriculture, according to Braulio de Brito, president of the Association of Companies Providing Services in the Angolan Oil Industry (AECIPA). In an interview with Lusa during the Angola Oil & Gas Conference, de Brito stated, “The expansion of the oil industry translates into growth for the Angolan economy, promoting diversification and encouraging the development of
Angola’s oil sector will continue to dominate the economy over the next decade, despite a gradual decline in its significance, according to Tiago Dionisio, chief economist at consultancy firm Eaglestone. Dionisio pointed out that oil’s contribution to Angola’s GDP has decreased from 43% in 2010 to 25.5% by the end of last year, and this downward trend is expected to continue. However, oil will remain the most important sector in terms of GDP. “Oil still
The chief economist of Banco Fomento Angola (BFA), José Miguel Cerdeira, stated that there is no viable alternative to using oil revenues to finance Angola’s economic diversification. He emphasized the need for capital investment to sustain the country’s energy transition. “There’s no great alternative for the Angolan economy at present. Oil revenues must finance diversification and drive the development of an economy that includes other exports beyond oil,” Cerdeira said in an interview with Lusa,
Angola’s President, João Lourenço, addressed the United Nations General Assembly in New York on Tuesday, emphasizing the country’s strides toward sustainable development. In his speech during the 79th session, he highlighted significant government investments in renewable energy, particularly in the construction of hydroelectric dams and photovoltaic parks, which now account for 67% of Angola’s energy matrix. President Lourenço revealed that Angola currently produces over 6,500 megawatts of electricity and is constructing the Caculo Cabaça hydroelectric
