Alrosa’s profit and revenue declined sharply in 2024, as sanctions on Russian diamonds and weak market demand weighed on its financial performance. The company reported a profit of RUB 19.25 billion ($215.3 million) for the year, a steep drop from RUB 85.18 billion ($952.8 million) in 2023. Revenue fell 26% to RUB 239.07 billion ($2.67 billion). Beyond reduced consumer demand due to sanctions, Alrosa recorded a RUB 4.98 billion ($55.6 million) impairment on property, plant,
Lucapa Diamond Company reported a net loss of $1.5 million for 2024, significantly improving from its $17.2 million loss in 2023. The company attributed the decline to lower diamond prices, production disruptions, and challenging market conditions. Lucapa’s annual revenue dropped 31% to $54.5 million, reflecting a weaker pricing environment. Operations at the Lulo mine in Angola were impacted by flooding, while geopolitical and economic uncertainties further pressured diamond prices. The company also faced infrastructure challenges,
VAALCO Energy is strengthening its footprint in Africa with a 70% acquisition of the offshore CI-705 block in Côte d’Ivoire. The deal, finalized on March 3, 2025, expands the company’s West African portfolio, following its 2024 purchase of the offshore Baobab field. The CI-705 block, located 70 km west of the CI-40 block, lies in the Tano Basin, a region with recent significant oil and gas discoveries. Positioned 60 km from Eni’s Calao discovery, the
Minbos Resources has received the second tranche of funding for the Cabinda Phosphate Fertilizer Project in Angola, securing $2.43 million from the Fundo Soberano de Angola. The final $1.17 million tranche will be disbursed upon completion of project insurance renewals and supplier quotations. Located in Cabinda Province, the project involves open-pit mining and fertilizer production, with an estimated 20-year mine life. Proven and probable reserves stand at 4.72 million tons. Minbos Resources, which holds an
Predator Oil is advancing its gas exploration efforts in Morocco, having already drilled four wells within its Guercif license. The company began drilling the MOU-5 well on March 3, 2025, as part of a strategic push to assess the site’s gas potential. Estimates suggest the region may contain up to 6 trillion cubic feet (TCF) of gas. A successful discovery could enhance Morocco’s energy security and reduce its reliance on imports. Despite mixed results from
Akakus Oil Operations has successfully completed drilling the B-52H well in the Sharara oil field in southern Libya, with an estimated production capacity of 1,750 barrels per day. In a significant move to boost oil exploration, Libya’s National Oil Corporation (NOC) recently launched its first exploration tender since 2008. The tender offers over 20 exploration blocks, spanning both onshore and offshore areas, as part of a broader effort to revive the country’s energy sector and
Seplat Energy has announced plans to invest up to $320 million in 2024, focusing on drilling new wells and upgrading infrastructure as part of its strategy to boost oil production. This follows Seplat’s acquisition of Exxon Mobil’s Nigerian assets, with the company aiming to more than double its output to 140,000 barrels per day (bpd). In October 2023, Seplat obtained government approval for a 40% stake in four oil mining leases, as well as key
Dangote Industries Limited (DIL) and its subsidiaries have announced a tax remittance of over N402.3 billion for 2024, making the group the highest taxpayer in Nigeria. Speaking at a media briefing in Lagos, Anthony Chiejina, Chief Branding and Communication Officer of Dangote Group, highlighted that the payment includes contributions from key subsidiaries such as Dangote Cement, NASCON, and Dangote Packaging Limited. “As a responsible business entity, Dangote Group remains committed to fulfilling its tax obligations
The Nigerian National Petroleum Company (NNPC) Limited has confirmed ongoing negotiations for a renewed naira-for-crude agreement with Dangote Petroleum Refinery. This clarification comes amid concerns over a potential hike in petrol prices following reports that NNPC had halted its crude supply deal with Dangote and other local refineries. In a statement signed by Chief Corporate Communications Officer Olufemi Soneye, NNPC explained that the initial agreement was structured as a six-month contract set to expire in
Debswana Diamond Company is advancing its sustainability efforts to meet the rising global demand for ethically and environmentally sourced diamonds. The mining giant is intensifying its transition to a low-carbon future by enhancing operational efficiencies, adopting renewable energy, and advocating for regulatory reforms. Speaking on the company’s sustainability strategy, Debswana’s Executive Head of Safety and Sustainability, Mpho Mosate, underscored the company’s commitment to reducing emissions. “As a high-production entity, we recognize our responsibility to minimize
