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Category: Economy

International Economy Mining

DRC Targets ‘Modern Investors’ to Bolster Mining Sector

The Democratic Republic of Congo (DRC) is seeking ‘modern investors’ to tap into the country’s mining sector, which boasts over $460 trillion worth of untapped mineral deposits. Miguel Kashal Katemb, Director General of the DRC’s Regulatory Authority for Subcontracting in the Private Sector (ARSP), said the country wants to collaborate with responsible investors, particularly those focused on equity funds and exchange-traded funds, to drive infrastructure development within the mining sector. “We have many big investors

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Local Economy Energy Infrastructure

Strengthened U.S.-Angola Ties Poised to Boost Energy and Infrastructure Development

U.S. Secretary of State Anthony Blinken’s visit to Luanda in January 2024 cemented Washington D.C.’s commitment towards energy development and economic prosperity in Angola. In a meeting with Angola’s President João Lourenço and Foreign Minister Tete António, Blinken discussed bilateral relations and partnerships in the areas of infrastructure, energy, economic engagement and trade. The U.S. signed a seven-side MoU in October 2023 with the African Development Bank, the Africa Finance Corporation, the EU and the

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Economy Diamonds Local Mining News

Angola’s Diamond Industry Promises High Returns for Investors

Angola’s diamond industry is emerging as an increasingly attractive investment opportunity, driven by legislative reforms, the discovery of high-quality deposits, and a forward-thinking approach by the government. With the Ministry of Mineral Resources, Oil, and Gas actively engaging with regional and global partners, Angola aims to enhance diamond production and position itself as a hub for this precious gem. Sectoral Reforms Encourage Foreign Investment As the fourth-largest diamond producer in Africa and the sixth globally,

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Economy Local News Oil

Angola Set to Drill 43 Wells in 2024

Angola is gearing up for a significant boost in drilling activity in 2024, with plans to spud 43 wells, reflecting a 16% increase compared to the previous year. The country has set ambitious targets for a near-term production surge to reach 1.2 million barrels per day, and this will be facilitated by the expansion of the well pipeline, contributing to an overall increase in output. The planned drilling activities for 2024 mark a noteworthy advancement,

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Economy International News Oil

Nigeria’s Akpo West Field Commences Production under TotalEnergies’ Operation

The French supermajor, TotalEnergies, has initiated production at the Akpo West Field offshore Nigeria. The field has been seamlessly integrated with the pre-existing Akpo Floating Production, Storage, and Offloading (FPSO) vessel, which exhibited a production rate of approximately 124,000 barrels per day (bpd) in 2023. This achievement marks a significant milestone, enhancing the production capacity at the Akpo Field by an additional 14,000 bpd. Furthermore, it is expected to contribute up to four million cubic

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Economy Local News Oil

Angolan Oil Sector Addresses Impact of the New General Labor Law

The Association of Companies Providing Services in the Angolan Oil Industry (AECIPA) is holding a workshop today at the Higher Polytechnic Institute of Technologies and Sciences (ISPTEC) in Luanda. The workshop aims to analyze the changes in the New General Labour Law (NLGT) in the petroleum sector. According to the statement, the event, titled “New General Labour Law, What Has Changed,” will address some of the key issues of major relevance in the amendments to

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Diamonds Economy Local Mining News Oil

Angola and Botswana Focus on Oil and Diamond Refining

Angola and Botswana convened their respective ministerial delegations yesterday Wednesday 7th February, in Cape Town, South Africa, to discuss cooperation in the mineral resources sector. The ministers, Diamantino Pedro Azevedo from Angola and Lefoko Moagi from Botswana, explored the possibility of future bilateral meetings. During the meeting, the focus was on the foundational aspects of bilateral cooperation between Botswana and Angola, emphasizing the development of the extractive industry and the potential for strengthening relations in

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Economy Iron News Oil

ACREP puts 37.47% stake in Bodiva up for sale.

The oil operator ACREP launched, on Tuesday 6th February, in Luanda, the offer to sell 37.47 percent of its shares on the Debt and Securities Exchange of Angola (BODIVA). The shares will be available for acquisition from February 19 to March 1 of this year. The offer will be sold at a unit price ranging between 75,000 kwanza as the minimum value and 91,500 kwanza as the maximum value. It is the first time that

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Economy Energy Mining News

Geological Institute of Angola Seeks Cooperation in Geological Research

The Geological Institute of Angola (IGEO) signed two cooperation agreements in the field of geological research on Tuesday in Cape Town, South Africa. On the sidelines of the Angolan Mining Business Forum, agreements were reached with the Bureau de Recherches Géologiques et Minières de France (BRGM) and the Council for Geoscience of South Africa. The signatories included José Manuel, CEO of IGEO, Christophe Poinssot representing BRGM and Mosa Mabuza representing the Council for Geoscience, according

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Economy Energy Local Mining News

Trafigura and partner agree to transport minerals through the Lobito Corridor

The Trafigura and Kamoa-Kakula signed an agreement on Wednesday in South Africa to transport minerals for a minimum period of six years through LAR – Atlantic Lobito Corridor, the company that manages the Lobito Corridor operation. According to a statement sent to the editorial team, the terms of this agreement, the clauses of which are confidential, were signed during the Mining Indaba in Cape Town, South Africa. These mark the first long-term commercial commitments with

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