Barrick Gold Corp., the world’s second-largest gold producer and listed on the New York Stock Exchange under the ticker “GOLD,” is signaling a major strategic shift — one that leans heavily into copper. The Canadian mining giant has proposed changing its name to Barrick Mining Corp., dropping “Gold” from its title in a move that underscores its growing focus on copper and its diversification beyond its traditional bullion roots. Barrick is currently investing $6 billion
Aradel Holdings Plc, a prominent Nigerian energy company, has successfully completed its acquisition of the Olo and Olo West Marginal Fields for $19.5 million from the TotalEnergies/NNPC Joint Venture. This acquisition marks a significant milestone in the company’s expansion strategy and was disclosed alongside Aradel’s 2024 audited financial results, further emphasizing its commitment to a multi-field cluster development strategy within the Niger Delta region. By securing the Olo and Olo West fields, Aradel is enhancing
Portuguese energy firm Galp has finalized the $881 million sale of its upstream assets in Mozambique’s Area 4 to XRG P.J.S.C., a subsidiary of the Abu Dhabi National Oil Company (ADNOC), marking a significant shift in the country’s LNG sector. The transaction includes Galp’s interest in the Coral South FLNG project — Africa’s first deepwater floating liquefied natural gas facility — which has been operational since 2022. It also covers Galp’s stakes in the planned
Alrosa has unveiled the largest polished colored diamond in Russia’s history — a fancy vivid yellow gem weighing over 100 carats, named New Sun. The striking honey-golden diamond was cut from a 236-carat rough stone named Dawn, discovered in 2020 at Alrosa’s Ebelyakh deposit in Yakutia. The transformation from rough to polished was a meticulous process undertaken by a team of 15 master cutters at Alrosa’s manufacturing complex. To achieve the final result, the team
Australian junior miner Cobre has commenced a diamond drilling program at the Kitlanya West project in Botswana, targeting copper-silver mineralization in partnership with diversified major BHP. The drilling campaign follows seismic surveys completed in 2024 and is part of Cobre’s recently announced earn-in joint venture with BHP. The program includes three deep drill holes, each exceeding 1 km, aimed at testing large anticlinal trap sites identified in seismic sections and providing insights into the deeper
Lucara Diamonds has ended its engineering, procurement, and construction management contract with JDS Energy & Mining (JDS) as of March 31, shifting to owner-managed operations for the Karowe underground expansion project (UGP) in Botswana. Announcing the transition on Monday, the Canada-based company stated that it had signed a master service agreement (MSA) with JDS to complete specific engineering components, while all site-based contracts and activities now fall under Lucara’s direct oversight. The move is expected
Debswana Diamond Company will suspend production at its Letlhakane Tailings Plant (LTP) and Jwaneng Modular Plant (JMP) by the end of March 2025. This decision aligns with the company’s strategic response to ongoing challenges in the global diamond market, where demand and rough diamond prices have continued to decline through 2023 and 2024. In light of these conditions, Debswana’s Board of Directors, during its March meeting, revised the 2025 production target from 18 million carats
TotalEnergies EP Namibia B.V. (TEEPNA) and its joint venture partners—Impact Oil & Gas, NAMCOR, and QatarEnergy—plan to drill up to 40 subsea wells on the Venus Field offshore Namibia. Hydrocarbons will be processed and stored on a Floating Production, Storage, and Offloading (FPSO) vessel. TEEPNA has applied for an Environmental Clearance Certificate (ECC) to develop Block 2913B and produce light crude oil. To secure approval, an Environmental and Social Impact Assessment (ESIA) is being conducted
U.S. jet fuel imports are set to hit their highest level in two years this March, driven largely by shipments from Nigeria’s Dangote refinery to North America. Analysts suggest this influx could ease aviation fuel prices ahead of the peak summer travel season, Reuters reported. The 650,000 barrels-per-day (bpd) Dangote refinery, Africa’s largest, is rapidly reshaping global fuel markets. Initially challenging European refiners in gasoline exports, the facility is now making strides in the U.S.
Anglo American, the parent company of De Beers, has begun discussions with multiple banks regarding a potential initial public offering (IPO) for the diamond miner, according to a Bloomberg report. This move is part of Anglo American’s restructuring plan, announced last year, to divest De Beers and other non-core assets in order to focus on its primary businesses. At the same time, the company is exploring the possibility of selling De Beers outright. “Anglo is
