Home to an established energy market that provides for a wide range of oil and gas, renewable energy and power distribution investment opportunities, Algeria is well-positioned to serve as a major energy supplier to regional and global markets. The north African country holds up to 159 trillion cubic feet (tcf) of natural gas resources and 12.2 billion barrels of oil reserves, producing approximately 970,000 barrels of oil and 9.9 billion cubic feet of gas per
The value of De Beers’ rough diamond sales for the eighth sales cycle of this year decreased to a provisional $200-million, as the diamond miner reduced its rough diamond availability in light of the industry’s midstream working to rebalance certain areas of stock accumulation. De Beers sold $508-million of rough diamonds during the eighth sales cycle of 2022 and $370-million of rough diamonds in the seventh sales cycles of this year. Sightholder and auction sales for
Canadian diamond mining company Diamcor Mining, which owns and operates the Krone-Endora at Venetia mine, in South Africa’s Limpopo province, plans to complete a term loan financing of up to C$5-million. The proceeds will be used for general corporate purposes, the deployment of additional operational equipment to support increased processing volumes, the continued advancement of the work programmes currently under way at Krone-Endora and to provide the company with additional working capital to offset the timeframes associated with the
HB Antwerp, a Belgian gem processor and trader, said that one of its founding members who was fired last month has been reinstated, amid a pending deal with Botswana for the supply of rough stones. Oded Mansori was reinstated as managing partner and director and all four of the company’s founding partners have moved past “internal differences of the last several weeks”, HB Antwerp said in a statement issued late on Monday. The three-year-old company said last month
According to forecasts from American finance and insurance giant Citigroup, the barrel of Brent, which serves as a benchmark for a large part of global oil production, could collapse to around $70 in 2024. According to these forecasts published on Monday October 2, 2023, it appears that this collapse estimated at around 70 dollars would be dependent on an expected excess supply. “There is a risk of a significant correction during the fourth quarter of
Diamond mining company Lucara Diamond today, October 2nd announced the resignation of CFO Zara Boldt and VP of technical services John Armstrong. Boldt will step down with effect from December 29, and Armstrong will resign on December 1. The company did not name successors for either Boldt or Armstrong. Lucara, which owns the Karowe mine in Botswana, in August reappointed William Lamb as CEO, when Eira Thomas resigned.
Anglo American unit De Beers and Botswana’s government signed a deal covering the main aspects of a new sales and mining agreement for their Debswana diamond venture in the African nation. The pact covers a new ten-year sales deal for Debswana’s rough diamond production through to 2033, along with a 25-year extension to the Debswana mining licences through to 2054, De Beers and the Botswana government said in a joint statement on Sunday. The latest incident happened in Chegutu, some 100 km
Global oil and gas services provider Sapura Energy has been awarded a $300 million contract by Azule Energy – a 50:50 joint venture between oil and gas supermajors Eni and bp – for the provision of offshore transportation and installation services for Angola’s offshore Northern Gas Complex project. Under the contract, Sapura Energy will provide engineering services, transportation and installation, and other services for the Quiluma and Maboqueiro platforms, with work for the project expected for completion
The Ministry of Solid Minerals Development of the Federal Government of Nigeria has issued a warning to international entities that support banditry in order to carry out unlawful mining in the nation. Alaba Balogun, the ministry’s head of press and public relations, issued this warning via a statement he released last week. The warning, according to the Punch NG, a Nigerian newspaper, was issued by Minister Dr. Oladele Alake and was relayed during a courtesy
A greater investment in skill development in solar market technology, according to a United Nations organization, might help create jobs in nations such as Kenya through collaborations with multinational businesses that control the sector. The United Nations Conference on Trade and Development (UNCTAD) has urged governments to create skills that would enable young people to find work and to promote local enterprises’ participation in solar panel supply chains. “Growth in the solar panel market provides
