However, this was offset by rough diamond production decreasing by 23% and steelmaking coal production decreasing by 21%. Moreover, nickel production was down 7% on lower grades and planned plant maintenance at the Minas-Rio iron-ore operation in Brazil put overall iron-ore production at a 4% lower level than the corresponding period of last year. Now, the focus of the London- and Johannesburg-listed company is on delivering full-year production guidance in line with a planned stronger
The price of a barrel of Brent crude oil for delivery in December ended today in the London futures market with an increase of 2.27%, reaching $90.16. Brent’s price for delivery in December rises by 2.27% and surpasses $90. The market continues to fluctuate due to increasing tensions in the Middle East, trading higher on Wednesday after three consecutive sessions of declining prices.
Botswana’s state-owned Okavango Diamond Company (ODC) has temporarily halted its rough stone sales as part of an industry-wide drive to reduce the glut of inventory caused by lower global demand for jewelry, its managing director Mmetla Masire said on Tuesday 24th of October, 2023. ODC, which reported a record $1.1 billion in revenue in 2022, holds 10 auctions a year to sell its 25% allocation of production from Debswana Diamond Company, a joint venture between
Angola’s export of 395.99 million barrels of crude oil made it possible to obtain revenue of US$40.4 billion, at an average price of USD 101.77 per barrel, during the 2022 financial year. The amount of crude oil exported during this period exceeded that of 2021, in which the export of 394.22 million barrels of crude oil was registered, resulting in revenue of 24.5 billion dollars. According to the report on the Mineral Resources, Oil, and
The Aim-listed gold producer, developer, and explorer, Shanta Gold, has reported steady gold production in line with expectations in its production and operational results for the quarter ended September 30. The report covers the company’s East African assets, comprising the New Luika and Singida gold mines, in Tanzania and the West Kenya project, in Kenya. “Our performance over the third quarter demonstrates the stable and reliable production volumes we have worked hard to achieve, with
Venezuela will not be able to increase production rapidly After the United States lifted sanctions on Venezuelan oil, analysts are assessing the possible impacts of this move in the face of the supply constraints from the Organization of the Petroleum Exporting Countries (OPEC), which have been affecting prices in the market. Venezuelan oil is more viscous – it still needs to be blended with other lighter oils for use. © Photo by: DR Due to
The scare projected for the oil trade due to the war between Israel and the Hamas group caused oil prices to rise for the second consecutive week, although the absence of any real disruption in barrels leaving the Middle East is also giving rise to permanent volatility. Both U.S. crude oil and Brent, its UK counterpart, jumped nearly 2% at one point on Friday before giving it all back and ending the day in the
New insights into the processes of continental evolution and movement during the early stages of complex life on Earth have been revealed by the examination of ancient, superdeep diamonds that were excavated from mines in Brazil and Western Africa. An international team of experts examined these diamonds, which are believed to have originated on the base of the supercontinent Gondwana between 650 million and 450 million years ago. Their analysis has provided insight into the
Oil Prices Unexpectedly Surge Past $90 Per Barrel, Sparking Concerns and Supply. The global oil market is currently witnessing a significant surge in prices, with several key factors contributing to this upward trajectory, driving oil to surpass $90 per barrel. Brent crude futures saw an increase of 94 cents, equivalent to a 1% rise, reaching $93.32 per barrel as of Friday morning. Meanwhile, U.S. West Texas Intermediate crude reached $90.78 per barrel, marking a $1.41
TotalEnergies is “hopeful” it will be possible to restart the $20-billion liquefied natural gas (LNG) project in northern Mozambique in early 2024, says TotalEnergies Gas, Renewables, and Power’s long-term LNG marketing and business development deputy VP, Christophe Auger. TotalEnergies holds a leading 26.5% stake in the development, which was halted in 2021 after Islamic State-linked insurgents launched attacks in the northern Cabo Delgado province where the project’s onshore infrastructure will be located. The French energy
