Petra Diamonds has dismissed claims by South Africa’s National Union of Mineworkers (NUM) that it plans to lay off 468 employees due to ongoing challenges in the diamond market. The company clarified that only 84 employees from its Cullinan and Finsch mines in South Africa will be affected, significantly fewer than the number reported by the union. NUM alleged that Petra intended to replace permanent employees with contract workers to cut costs. However, a company
Shell is set to decide by the fourth quarter of 2025 whether to proceed with field development in Namibia’s offshore PEL 39 block, while Chevron nears completion of its seismic data interpretation in the Walvis Basin, according to a senior government official. “Shell and its partners are working hard to calibrate data from the nine wells drilled so far,” said Maggy Shino, Petroleum Commissioner at Namibia’s Ministry of Mines and Energy. She added that Shell
Anglo American has initiated preliminary discussions with banks regarding the potential listing of its De Beers diamond unit, as the company moves forward with the final phase of its comprehensive restructuring plan. The company is pursuing a dual-track strategy: seeking a buyer for De Beers while preparing for an initial public offering (IPO) as a backup option. This marks a significant step in Anglo’s commitment to exit the diamond business, a promise made last year
Financial rating agency Fitch Ratings has stated that the resumption of TotalEnergies’ Liquefied Natural Gas (LNG) project in Mozambique this year could pave the way for ExxonMobil’s long-awaited final investment decision on a major LNG development in the country’s north. “The resumption of construction on TotalEnergies’ LNG project could facilitate a final investment decision (FID) on ExxonMobil’s proposed $30 billion LNG project. This partially onshore project would drive economic growth during its construction phase,” Fitch
Dangote Petroleum Refinery has temporarily paused the sale of petroleum products in Naira to address discrepancies between its sales revenue and crude oil purchase obligations, which are currently priced in U.S. dollars. In a statement issued to customers on Wednesday, the refinery’s management explained that the value of petroleum products sold in Naira had surpassed the worth of Naira-denominated crude it had received, prompting the need for the adjustment. The statement also refuted claims circulating
Vitol has agreed to acquire a $1.65 billion stake in Eni’s assets, including the Baleine project in Côte d’Ivoire and the Congo LNG project in the Republic of Congo. The deal encompasses both producing oil and gas assets as well as exploration, appraisal, and development-stage blocks. Under the agreement, Vitol will acquire: This acquisition strengthens the partnership between Vitol and Eni in West Africa, building on their existing collaborations in Ghana’s OCTP and Block 4
Petra Diamonds plans to lay off approximately 468 workers at its Cullinan and Finsch mines in South Africa, according to the National Union of Mineworkers (NUM). NUM claims Petra intends to replace many of its permanent employees with contract labor to cut costs. The union attributes the job cuts to weak diamond market conditions, operational underperformance, upcoming debt refinancing, and cost-cutting measures. “The NUM believes these justifications are pretexts to sacrifice workers and shield executives
London-listed Pensana has secured full financing of $268 million for the development of its Longonjo rare earth project in Angola, marking a significant step forward for the global magnet metal supply chain. The Africa Finance Corporation (AFC) has approved a $81.2 million contribution to a $160 million syndicated loan facility, alongside South Africa’s Absa Bank. This facility will cover 60% of Phase 1 funding, subject to final loan documentation and conditions precedent. The remaining funding
Australia-listed Lucapa Diamond Company has finalized its Mineral Investment Contract (MIC) for the Lulo Joint Venture (JV) in Angola, increasing its ownership stake to 51%. During a three-day meeting in Angola, the MIC committee and JV partners—including Endiama, Rosas & Petalas, and Lucapa—agreed on all outstanding details. The final agreement has now been submitted to the Angolan Ministry of Mineral Resources and Petroleum for formal signing. A signing ceremony is expected soon, with Lucapa set
The exit of Russian diamond company Alrosa from Angola’s Catoca and Luele mines was officially finalized on Monday through the signing of three agreements between Endiama, Angola’s national diamond company, and Taaden, a state-owned mining company from Saudi Arabia. Endiama Chairman José Ganga Júnior explained that Alrosa’s departure was driven by operational difficulties stemming from sanctions imposed on Russia. Over the past 15 months, efforts were made to secure a viable solution for Catoca and
