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Corporate News Diamonds International

Botswana and De Beers Finalize Negotiations on Rough Diamond Sales Agreement

The Government of the Republic of Botswana (GRB) and De Beers Group have successfully concluded negotiations for a new sales agreement governing Debswana’s rough diamond production. This agreement also includes an extension of Debswana’s mining licenses beyond 2029, marking a significant milestone in their longstanding partnership. The development follows the Heads of Terms agreed upon on September 30, 2023. Debswana, a 50:50 joint venture between GRB and De Beers, operates some of Botswana’s most prominent

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Corporate News International Oil

Nigeria Seeks OPEC Quota Increase as Oil Production Rebounds

Nigeria is preparing to lobby the Organisation of Petroleum Exporting Countries (OPEC) for a higher oil production quota as the country recovers from years of declining crude output. Gbenga Komolafe, the chief executive of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), stated that the country aims to boost production to meet budgetary targets before formally requesting an adjustment in its OPEC quota. “Nigeria’s priority is to ramp up production to align with its budget goals

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Corporate News Diamonds International

Botswana and De Beers Reach Diamond Extraction Deal, Ensuring Economic Stability

Botswana’s President, Duma Boko, who secured a victory in October’s elections, announced that his government has reached a diamond extraction and sales agreement with De Beers, providing much-needed certainty to the nation’s gem-dependent economy. The terms of the deal were finalized by midnight on January 24, and an official announcement is expected soon. Botswana is the world’s leading producer of rough diamonds by value, with the industry accounting for the majority of its income. Most

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Corporate News International Mining Projects

Golden Deeps Begins New Diamond Drilling Program to Expand Nosib Copper-Silver Deposit in Namibia

Golden Deeps has initiated a new diamond drilling program targeting the Nosib copper-silver deposit on its Otavi Mountain Land tenements in northern Namibia. The Nosib deposit, initially defined in June 2024, features a significant zone of copper-vanadium-lead-silver oxide and supergene mineralization from surface levels. As drilling extends deeper and further west, the deposit transitions into a primary copper-silver stratabound sulphide zone, hosted by the Nosib Formation clastic sediments—an uncommon geological setting in a region known

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International Corporate News Oil

Mozambique President Meets TotalEnergies CEO to Discuss Stalled LNG Project

Mozambique’s President, Daniel Chapo, recently met with Patrick Pouyanne, CEO of TotalEnergies, to discuss the status of the company’s delayed $20 billion liquefied natural gas (LNG) project in the southern African country. The Mozambique LNG project, initially expected to restart construction by the end of 2024 and begin gas production by 2029, has faced setbacks. Last week, TotalEnergies confirmed that force majeure remains in place for the project due to ongoing security concerns and pending

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Corporate News International Oil

Marketers Consider Shifting from Dangote Refinery as Imported Fuel Prices Decline

Oil marketers have announced that the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, decreased to ₦922.65 per litre as of Friday, marking a ₦32.35 drop from the previous ₦955 per litre price at Dangote’s loading gantry. This figure reflects several components, including shipping fees, import duties, and exchange rate variations. “The lower cost of imported petrol often serves as an incentive to dealers, and you can’t fault marketers who choose to

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Corporate News International Oil

Algeria Partners with Chevron to Explore Offshore Oil Potential

Algeria has signed a two-year agreement with U.S. energy giant Chevron to evaluate offshore oil reserves in the Mediterranean, according to the country’s energy ministry. The agreement, established between Algeria’s national hydrocarbon agency, Alnaft, and Chevron North Africa, focuses on conducting detailed studies to assess offshore oil resources, identifying opportunities for exploration and development. This initiative is part of Algeria’s strategy to advance its hydrocarbon sector, attract high-quality investments, and enhance technical expertise in offshore

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Corporate News Gas International Oil

TotalEnergies’ $20 Billion Mozambique LNG Project Faces Delays Over Security and Financing

TotalEnergies has confirmed that its $20 billion Mozambique LNG project will miss the 2029 production target due to unresolved force majeure and ongoing security concerns in the region. Initially, the company planned to lift force majeure and restart construction by late 2024, which would have facilitated production by 2029. However, delays in financing and security stabilization have extended the timeline. A $4.7 billion loan from the US Export-Import Bank (Exim) remains unapproved since construction halted

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Corporate News Diamonds International

De Beers Names Botswana’s Olympic Champion Letsile Tebogo as Global Ambassador

De Beers has announced Botswana-born Olympic gold medalist Letsile Tebogo as its new global ambassador, further strengthening the company’s ties to the nation where it has played a pivotal role in economic development. Tebogo made history at the 2024 Olympics by clinching gold in the 200-meter race and was later named World Athletics Male Athlete of the Year. This partnership between De Beers and Tebogo underscores Botswana’s remarkable transformation into a leading diamond-producing country, a

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Corporate News Diamonds Local

Lucapa Diamond Company Unveils Promising Results from Geophysical Survey at Merlin Project

Lucapa Diamond Company (ASX: LOM) has achieved significant results from the first geophysical survey conducted in 25 years at its Merlin diamond project in the Northern Territory, utilising advanced exploration technology. A preliminary review of the electromagnetic (EM) survey data revealed two large, highly conductive base metal targets, prompting the company to plan follow-up ground-based geophysics to further define these targets. A second phase of survey data processing is in progress, aimed at identifying new

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