Gold slid on Monday, pressured by technical selling, following a fierce 3% rally in the previous session, as the ongoing Israel-Hamas war sent investors scuttling to the safe-haven bullion and pushed prices above the key $1,900 ceiling. Spot gold dipped 0.9% to $1,913.59 per ounce by 06:12 GMT, and US gold futures dropped 0.8% to $1,926.80. Gold, viewed as a safe investment during uncertain times, hit its highest level since September 20 at $1,934.82 earlier
The Chairman of the Board of Directors of Endiama, Angola’s national diamond company, has expressed concerns over the challenging year expected for the country’s diamond industry in 2023. The primary reason is the closure of the Indian market, which traditionally receives over 90% of Angola’s diamond production. This market closure is anticipated to last until December. José Ganga Júnior, the Chairman, acknowledged the difficulties faced by the diamond sector in Angola, stating that companies are
The forthcoming Critical Minerals Africa (CMA) 2023 summit has unveiled its three-day program, bringing together public and private sector industry leaders in a concerted effort to establish world-class mineral supply chains in Africa. Commencing the main conference agenda on October 18th, 2023 is a ministerial forum that will showcase the participation of ministers from South Sudan, Malawi, and the Democratic Republic of the Congo, along with ministry representatives from Tanzania and Zimbabwe. They will outline
Namibia anticipates its first oil production to commence by 2030, marking a significant milestone in the nation’s energy landscape. Currently, appraisal drilling and testing activities are in progress to ascertain the quantity of oil reserves, with the impending commencement of production positioning Namibia as a burgeoning oil producer. Between 2022 and 2023, Namibia bore witness to the discovery of five substantial oil reserves in the offshore Orange Basin, thanks to the efforts of global energy
The U.S. Energy Information Administration (EIA) has revealed its latest Brent spot average price forecasts for 2023 and 2024 in its October short-term energy outlook (STEO), which was released this week. According to the STEO, the EIA now sees the Brent spot price averaging $84.09 per barrel this year and $94.91 per barrel next year. In the STEO, the EIA projected that the Brent spot price will average $90.65 per barrel in the fourth quarter
Sonangol has announced that it is taking actions to stabilize the fuel distribution market in a statement sent to the newsrooms on Thursday, following reports of supply difficulties in the southern region of the country. The days of supply difficulties in the southern region of the country are numbered. Actions are currently underway to gradually stabilize the market and return to normal global service conditions in the coming days, the statement reads, in which Sonangol
The African continent is currently in the midst of an exciting and transformative period in its energy sector. As global awareness of the urgent need to transition to cleaner and more sustainable sources of energy intensifies, African nations are stepping up their efforts to harness their vast renewable energy potential. In this endeavor, African banks are playing a crucial role by providing the much-needed financial support to propel the continent’s energy transition. This article explores
The United States imposed sanctions on two owners of tankers that carried Russian oil above the G7 price cap of $60 a barrel, one based in Turkey and one based in the United Arab Emirates, the US Treasury Department said on Thursday 12th of October, 2023. The United States, other G7 countries, and Australia imposed the cap last year, seeking to reduce Russia’s revenues from seaborne oil exports as part of sanctions for its invasion
Angola, a country blessed with abundant oil reserves, has long relied on the black gold to fuel its economy and provide the government with much-needed revenue. However, Finance Minister Vera Daves has recently issued a stern warning: oil will run out one day, and Angola must be prepared for that eventuality. In a bold statement, Minister Daves has highlighted the urgency of diversifying the nation’s economy and investing in sustainable alternatives to ensure a stable
Diamond miner Lucapa Diamond Company has announced revenues of A$15.7 million from the sale of seven exceptional diamonds from its Lulo operation, in Angola. The company sold 534.9 carats by tender, achieving an average price of $29,401 per carat. Of the seven diamonds sold during the tender, the 180-carat Type II white diamond recovered in June this year, and a 66-carat pink diamond, attracted the highest prices per tonne. “This tender demonstrates that the weakness
