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
Pancontinental has invested more than $5 million in the exploration of PEL 87 in Namibia’s Orange Basin during the first licence period. Awarded in early 2018, PEL 87 is a joint venture permit covering 10,970 km², with an eight-year exploration term divided into three periods, plus possible extensions. It can be converted into a production licence under pre-agreed terms. The permit is currently in its first additional exploration phase. Located on-trend with major hydrocarbon discoveries
Afentra plc has confirmed ongoing negotiations to acquire interests in Blocks 3/05 and 3/05A from Etu Energias, though a final agreement is not yet guaranteed. The company intends to finance the acquisition using existing cash reserves, pending regulatory and government approvals. In collaboration with Sonangol and joint venture partners, Afentra is developing a strategic plan to boost production, expand reserves, and maximize asset value in these blocks. As an upstream oil and gas company, Afentra
Trans Atlantic Gem Sales (TAGS) and Angola’s state-owned diamond trader, Sodiam, successfully sold more than $15.4 million worth of large rough diamonds at their first tender of the year. The sale, held from March 5 to 13 in Luanda, featured 36 diamonds over 10 carats, including seven stones exceeding 60 carats. Approximately 95% of the goods found buyers. TAGS, which markets production from seven Angolan mines—Lulo, Tchegi, Somiluana, Kaixepa, Chitotolo, Catoca, and Luele—saw contributions from
Botswana’s plan to acquire a 24% stake in Belgian gem trader HB Antwerp, initially proposed by the previous government, remains uncertain. The deal, announced in March 2023 by former President Mokgweetsi Masisi, was intended to challenge Botswana’s long-standing partnership with De Beers by allowing State-owned Okavango Diamond Company to receive polished rather than rough prices for some of its sales. However, the agreement was never finalized. “They were still conducting due diligence and never closed
Despite a tough diamond market in 2024, London-listed Gem Diamonds delivered strong financial results, driven by cost containment, operational efficiencies, and strategic capital allocation, CEO Clifford Elphick reported. Global economic uncertainty, persistent inflation, and geopolitical tensions weighed on diamond prices throughout the year. However, Gem Diamonds achieved a 10% revenue increase, reaching $154.2 million, primarily due to the sale of 13 diamonds exceeding 100 carats each. Cost-cutting measures contributed to a 95% surge in EBITDA,
AIM-listed Botswana Diamonds has applied for 11 prospecting licences in Botswana, targeting copper, silver, cobalt, gold, nickel, zinc, and platinum group metals. This move follows the company’s AI-driven exploration programme, which initially focused on diamonds but uncovered hidden polymetallic deposits across the country. The nationwide AI exploration initiative began with a focus on diamonds. However, during data analysis, it became evident that the technology could also identify undiscovered polymetallic targets. “Our analysis has revealed a
Sonangol has reaffirmed its exclusive ownership of the Barra do Dande Ocean Terminal (TOBD) and emphasized the transparency of its management, aiming to address recent claims regarding alleged overpricing in the terminal’s construction and concerns about its ownership being registered in favor of a private entity, Enagol. In a statement released Thursday, Sonangol clarified that the TOBD is a strategic asset under its sole ownership. “TOBD is a strategic asset owned exclusively by Sonangol, and
