Lucara Diamond Corp. has renewed its rough-supply agreement with Belgian manufacturer HB Antwerp after terminating the deal in September. The new contract, which spans a 10-year period, is similar to the last agreement, with HB committing to buy all rough over 10.8 carats from Lucara’s Karowe mine in Botswana, the miner said Yesterday February 19th. The purchase price of the diamonds will be based on the estimated polished outcome of each stone, which the pair
Gem Diamonds has unearthed a 113-carat rough from its Letšeng mine in Lesotho, the third over 100 carats this year. The miner discovered the high-quality, type IIa diamond on February 17, it said Monday. On January 17, the company retrieved a low-quality, 139-carat diamond from the site, and on January 8, it found a high-value, 295-carat, white, type IIa rough. The recovery of three 100-plus-carat diamonds so early in the year is a boon for
Angola is at the forefront of nurturing its domestic service industry within the oil and gas sector through robust local content regulations. These policies are instrumental in creating revenue streams for local service firms while enhancing their overall contribution to the industry. The Angolan government’s commitment to local content is exemplified through its Angolanization initiative, aimed at empowering national entrepreneurship by favoring local service providers in oil and gas contracts. Enshrined in official decrees such
Benedito Manuel, the general director of CATOCA, emphasized the need for mining companies to go beyond mere social responsibility and prioritize social justice and equity in the distribution of resources, particularly in diamond-rich areas. Speaking at the panel discussion on “the social responsibility of diamond companies in mining regions” during the Mining Indaba, Manuel stressed the importance of processing the exploited resources locally to create a value chain that fosters job creation and contributes to
According to the Paris-based International Energy Agency (IEA), India is projected to play a pivotal role in driving global oil demand growth by the end of the decade, fueled by robust economic expansion, population growth, and demographic trends. The IEA forecasts that India will emerge as the primary driver of oil demand increase until 2030, closely trailing China in this aspect. It is anticipated that India’s oil demand will surge by nearly 1.2 million barrels
De Beers’ prices fell last year as a prolonged oversupply in the midstream and economic challenges weighed on demand. The company’s rough-price index, which reflects like-for-like values, dropped 6% for the 12-month period, parent company Anglo American reported last week. Sales volume slipped 19% to 27.4 million carats, with the average selling price sliding 25% to $147 per carat. While the company has not published its full-year revenue, rough sales decreased 36% to $3.63 billion,
Botswana has designated BWP 890 million ($65 million) from its new fiscal 2024-2025 budget for the purchase of a 24% stake in Belgian manufacturer HB Antwerp. The deal, which it first announced in March, calls for the African country to supply rough from state-owned Okavango Diamond Company (ODC) to HB Botswana for five years. The partnership would operate in a similar fashion to HB’s previous supply deal with Lucara Diamond Corp, enabling Botswana to retain
Energy supermajor TotalEnergies and offshore drilling contractor Vantage Drilling have signed a binding agreement to form a new joint venture (JV). Under the agreement, TotalEnergies will acquire the Tungsten Explorer drillship from Vantage Drilling. To the tune of $199 million, TotalEnergies will acquire a 75% majority stake in the JV, with Vantage Drilling owning the remaining 25%. “Through this innovative partnership, TotalEnergies will be able to hedge deep offshore drilling costs: the JV will provide
The Democratic Republic of Congo (DRC) is seeking ‘modern investors’ to tap into the country’s mining sector, which boasts over $460 trillion worth of untapped mineral deposits. Miguel Kashal Katemb, Director General of the DRC’s Regulatory Authority for Subcontracting in the Private Sector (ARSP), said the country wants to collaborate with responsible investors, particularly those focused on equity funds and exchange-traded funds, to drive infrastructure development within the mining sector. “We have many big investors
U.S. Secretary of State Anthony Blinken’s visit to Luanda in January 2024 cemented Washington D.C.’s commitment towards energy development and economic prosperity in Angola. In a meeting with Angola’s President João Lourenço and Foreign Minister Tete António, Blinken discussed bilateral relations and partnerships in the areas of infrastructure, energy, economic engagement and trade. The U.S. signed a seven-side MoU in October 2023 with the African Development Bank, the Africa Finance Corporation, the EU and the
