Al Cook, CEO of De Beers, stated that Angola is the premier destination globally for diamond exploration and a top priority for the South African multinational. During a meeting with President João Lourenço last Wednesday, Cook revealed that De Beers has identified six promising diamond exploration zones in the country. The identification of these zones stems from aerial studies conducted by De Beers in Angola, as noted in a statement from the country’s regulatory agency,
Angola’s Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, stated on Wednesday last week that the government is in ongoing discussions with Russian diamond company Alrosa, a 41% shareholder in the Catoca diamond mine. He emphasized Angola’s commitment to protecting national interests during these negotiations. Speaking at the 2nd International Diamond Conference in Saurimo, Azevedo explained, “Our focus is on Angola’s interests, and we have conveyed these priorities to Alrosa.” Alrosa, facing sanctions due
Gem Diamonds reported a revenue increase for Q3, driven by the sale of more large diamonds, which boosted the average price per carat. Revenue from the company’s Letšeng mine in Lesotho surged 36% year-over-year to $42.7 million for the three months ending September 30. Sales volume rose 11% to 26,617 carats, while the average price per carat climbed 22% to $1,603. Revenue also improved by 9% from the previous quarter, with the average price up
De Beers is considering additional production cuts in response to ongoing weak demand and oversupply in the diamond market. This potential move follows the miner’s earlier reduction of its 2024 production target by 3 million carats, as the company anticipates a prolonged market recovery. “We reduced rough-diamond production from De Beers in response to market conditions,” stated Duncan Wanblad, CEO of De Beers’ parent company, Anglo American. “The diamond market remains challenging, with high midstream
Italy’s Eni and the UK’s BP have resumed exploration activities in Libya after a ten-year suspension. The National Oil Corporation (NOC) announced that Spanish oil company Repsol is also preparing to restart drilling in the Murzuq Basin, while Austria’s OMV is set to resume operations in the Sirte Basin in the coming weeks. On Saturday, Eni commenced exploratory work in Area “B” (96/3) of the Ghadames Basin, marking its first well under the Fourth Contracting
Sintana Energy has provided an update on its second exploration and appraisal campaign in Namibia’s Orange Basin, a prominent area in global oil and gas exploration on blocks 2813A and 2814B. These blocks are governed by Petroleum Exploration License 83 (PEL 83), operated by a subsidiary of Galp Energia, with Sintana holding an indirect 49% interest in Custos Energy (Pty) Ltd., which in turn has a 10% working interest in PEL 83. Namibia’s National Petroleum
NNPC Ltd’s three refinery complexes in Nigeria, currently undergoing extensive turnaround maintenance (TAM), are not expected to meet the diesel sulfur content regulation limit of below 1,500 parts per million (ppm) upon their commissioning. This exceeds even local regulatory standards for sulfur levels in diesel, reflecting challenges in bringing the government-operated refineries in line with cleaner fuel standards. The NNPC-operated refineries are located in Port Harcourt, Warri, and Kaduna and have been under rehabilitation since
De Beers is swiftly advancing its diamond exploration efforts in Angola, with CEO Al Cook recently announcing at the Angola International Diamond Conference that the company has already identified eight “high-potential kimberlite targets.” This progress comes as De Beers resumed exploration in 2022, following extensive regulatory reforms under President João Lourenço, who took office in 2017 after the end of José Eduardo dos Santos’ presidency. In the early 2000s, De Beers and other major diamond
Diamond mining giant De Beers has maintained its full-year production forecast of 23-26 million carats but is evaluating options with partners to scale down production as the midstream sector holds unusually high inventory levels, and demand recovery remains slow. In its third-quarter production and trading report for the period ending September 30, De Beers highlighted challenging trading conditions due to elevated inventory in the midstream and continued weak consumer demand in China. In response, the
ASX-listed Lucapa Diamond Company has reported the sale of 5,587 carats from the Lulo diamond mine in Angola, where it holds a 40% interest. During the quarter ending September 30, the diamonds were sold at an average price of $3,033 per carat, generating $16.9 million in revenue. Despite a shift in the mining plan due to late seasonal flooding, production at Lulo remained consistent with the same period in 2023. A lower recovered grade was
