Namibia Considers De Beers Stake as Diamond Prices Decline and Industry Faces Challenges Namibia will carefully assess whether to acquire a stake in De Beers as the global diamond market faces a prolonged slump, local media reported on Monday, citing the country’s Deputy Prime Minister. Anglo American, De Beers’ parent company, announced on September 9 that it is selling the diamond giant as part of a portfolio restructuring to focus on copper and iron ore.
Rio Tinto Launches ‘Into the Light’ Tender Featuring Last Pink, Red, Violet, Yellow and White Diamonds Rio Tinto has announced the launch of its final Beyond Rare tender, offering an exclusive selection of pink, red, violet, yellow, and white diamonds sourced from its Canadian and Australian operations. The tender, titled “Into the Light,” features 52 lots weighing a total of 45.44 carats. This edition marks the conclusion of the company’s celebrated Art Series, following the
Eni to Invest $8 Billion in Egypt Over Five Years to Expand Oil, Gas, and Mining Operations Eni has announced plans to invest $8 billion in Egypt over the next five years in partnership with its collaborators, focusing on the development of existing fields and further exploration, according to Guido Brusco, Chief Operating Officer for Global Natural Resources. Brusco revealed the investment plan during a meeting with Prime Minister Mostafa Madbouly and Petroleum Minister Karim
TotalEnergies’ Failed Nigerian Onshore Asset Sale Hinders Debt Reduction and Divestment Plans TotalEnergies’ planned sale of a minority stake in a Nigerian onshore oil producer has collapsed, disrupting its strategy to divest mature, high-cost assets and reduce debt. In July 2024, the French energy giant agreed to sell its 10% stake in Shell Petroleum Development Company of Nigeria (SPDC) to Mauritius-based Chappal Energies, part of a broader wave of divestments by oil majors from Nigerian
Seplat Energy to Boost Nigeria Oil and Gas Output Following ExxonMobil Shallow-Water Asset Deal Seplat Energy Plc has announced plans for significant investment in Nigeria over the coming years following its acquisition of ExxonMobil’s shallow-water assets. The acquisition brought Mobil Producing Nigeria Unlimited under Seplat’s portfolio, marking what CEO Roger Brown described as a turning point for the company. Speaking at the firm’s Capital Markets Day, Brown said the transaction strengthens Seplat’s position and makes
PENGASSAN Strike Halts Dangote Refinery, Shuts Down NNPC, NUPRC, and NMDPRA Operations in Nigeria Major oil institutions in Nigeria, including the Nigerian National Petroleum Company Limited (NNPC), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), have been shut down following a strike initiated by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) on Monday. Background to the Strike The disruption follows reports on
Petra Diamonds Extends Refinancing Deadline Again as Talks Continue with Senior Lender London-listed Petra Diamonds has announced that it requires a further extension to finalise the terms of a commitment agreement with a senior secured bank lender as part of its ongoing refinancing plans. The original deadline for entering into a commitment letter under the terms of a lock-up agreement was extended from September 10 to September 24. However, full agreement on terms has not
Newmont Pours First Gold at Ahafo North Project in Ghana, Commercial Output Set for Q4 2025 Gold producer Newmont has poured its first gold at the Ahafo North project in Ghana, marking a major milestone on September 19, 2025, as the company advances toward commercial production in the fourth quarter of this year. “The first gold pour at Ahafo North represents a major operational milestone that validates years of careful planning, engineering, and construction, and
Angola’s ENDIAMA Seeks Minority Stake in De Beers to Promote Pan-African Ownership, Countering Botswana’s Push for Control Angola’s state-owned diamond company, ENDIAMA E.P., has submitted a fully funded offer to acquire a strategic minority stake in De Beers, signaling a major shift in African diamond industry dynamics. The Angolan government clarified that the bid is not aimed at majority control. Instead, it seeks to foster a pan-African ownership model that would support De Beers’ long-term
ExxonMobil Says Mozambique LNG Project Could Begin by 2030 if Cabo Delgado Security Improves US energy giant ExxonMobil has reaffirmed that security remains the decisive factor for advancing its multi-billion-dollar LNG project in Cabo Delgado, northern Mozambique. The company is leading the construction and future operation of natural gas liquefaction and related facilities for Area 4, one of the Rovuma Basin’s largest offshore blocks. The project is operated by Mozambique Rovuma Venture (MRV), a joint
