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Category: Corporate News

Diamonds Corporate News International

De Beers Mulls Further Output Cuts Amid Weak Diamond Demand and Oversupply

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

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International Corporate News Exploration Oil

Eni and BP Resume Exploration in Libya After Decade-Long Hiatus

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

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International Corporate News Exploration Oil

Sintana Energy Advances Appraisal Campaign in Namibia’s Orange Basin with Promising Mopane Well

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

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International Corporate News Oil Petroleum

NNPC’s Nigerian Refineries Face Diesel Sulfur Compliance Hurdles Amid Turnaround Maintenance

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

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Diamonds Corporate News Local

De Beers Accelerates Diamond Exploration in Angola with Eight High-Potential Targets Identified

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

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Diamonds Corporate News International

De Beers Adapts Production and Launches Diamond Authentication Amid Market Challenges

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

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Diamonds Corporate News Local

Lucapa Reports Strong Diamond Sales from Lulo Mine Despite Seasonal Challenges

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

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International Corporate News Oil Petroleum

Dangote Refinery Seeks Cancellation of Import Licenses to Protect Domestic Production

Dangote Petroleum Refinery and Petrochemicals FZE has filed a lawsuit with the Federal High Court in Abuja, seeking to annul the import licenses granted to the Nigerian National Petroleum Corporation (NNPC), Matrix Petroleum Services, A. A. Rano, and four other oil companies. According to Nairametrics, these licenses permit the companies to import refined petroleum products, but Dangote contends that it produces sufficient quantities of these products to meet local demand, negating the need for imports.

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Diamonds Corporate News International

Lucara Sells Clara Diamond Platform to Founders for $3 Million

Lucara Diamond Corp (TSX: LUC) has sold its 100% stake in the Clara rough diamond sales platform to its original founders, a group led by the HRA Group of Companies and company founder Eira Thomas. Clara is a digital marketplace that revolutionizes rough diamond sales, leveraging technology to connect buyers and sellers while enhancing transparency and trust. The platform integrates provenance and traceability services for individual rough diamonds, addressing the industry’s growing need for improved

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Local Corporate News Diamonds News

TAGS and Sodiam Sell $12.9M in Rough Diamonds at Angola Tender

Trans Atlantic Gem Sales (TAGS) and Angola’s state-owned Sodiam sold $12.9 million worth of rough diamonds at their third tender of the year. The sale, held in Luanda, featured 44 diamonds over 10.8 carats, including two stones exceeding 175 carats. Of the 44 stones offered, 42 were sold. Despite a challenging global diamond market, 38 international manufacturing firms participated in the tender. Both TAGS and Sodiam highlighted the benefits of the transparent tender system, which

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