Benchmark US crude oil for October delivery rose $1.55 to $88.84 a barrel on Tuesday 12th of September,2023. Brent crude for November delivery rose $1.42 to $92.06 a barrel. Wholesale gasoline for October delivery rose by 1 cent to $2.73 a gallon. October heating oil fell by 3 cents to $3.33 a gallon. October natural gas rose by 13 cents to $2.74 per 1,000 cubic feet. Gold for December delivery fell by $12.10 to $1,935.10
The Australian multinational Rio Tinto, the second largest minerals company in the world, began prospecting operations for kimberlites and diamonds in the commune of Chiri, province of Lunda-Norte, informed the company’s general director. The four-year prospecting phase takes place in a 75 hectare or 108 square kilometer mine, under the terms of a mining investment contract in Quimberlito do Chiri signed between the Ministry of Mineral Resources, Oil and Gas, Endiama and Rio Tinto ,
The oil and gas industry is the most important engine of industrial growth and economic activity in Angola. However, the National Development Plan 2023–2027 addresses how the country plans to reduce oil revenue dependency to no more than 20% by diversifying the economy and investing in other sectors with growth potential, such as agriculture, infrastructure, mining, green hydrogen, and renewable energy. Infrastructure Recent investments in Angola’s infrastructure have substantially improved, with large infrastructure repairs, expansions,
Sociedade Mineira do Lulo plans to bid, at auction, for three heavy diamonds, weighing 12, 50 and 180 carats, benefiting from the fact that the stones from that concession continue to be attractive and attract buyers on the international market, despite the price crisis. The president of the Management Board of that Minas Gerais company, Alfredo Machado, stated that, besides these three rare stones, the company does not have any other production in stock, given
Angola’s oil export level will rise to 1.18 million barrels per day in October, reaching the highest value since July, reported financial information agency Bloomberg. According to Bloomberg, which cites the final cargo manifest, Angola will export 1.18 million barrels of oil in October, increasing compared to the 1.047 million daily barrels forecast for this month. For October, the final program foresees 38 cargoes with a combined volume of 36.52 million barrels of oil, given
The ongoing global financial crisis has led to the withholding of approximately one million carats of diamonds produced in Angola over recent months. José Manuel Ganga Júnior, President of the Board of Directors (PCA) of Endiama, reported this development on August 30th in Dundo, Lunda-Norte province. When speaking at the opening of the semi-annual balance of diamond production in the country, the manager clarified that, at the moment, the sector is faced with price proposals
Fuel has become Angola’s most exported product, reaching the mark of 94.9% of exports in 2022. In percentage terms, ores and minerals represented the second most exported product, making up 4.3% in the year in question.The data was released this Wednesday 30th August by the Ministry of Mineral Resources, Oil and Gas, on Facebook, which cites the National Bank of Angola as the source of the 2022 export balance.Equipment and machinery, food, wood and cork,
Diamond miner Lucapa Diamond’s rough diamond revenue for the half-year ended June 30 was $46.8-million on a 100% basis at an average price of $1 633/ct. Lucapa recovers large and high-quality diamonds from its Lulo alluvial mine, in Angola, and the Mothae kimberlite mine, in Lesotho. The company’s 100%-owned subsidiary, Australian Natural Diamonds acquired the Merlin diamond project in Australia’s Northern Territory in 2021. The company is also advancing exploring and evaluation activities on several projects in Africa and Australia. Owing to continued solid demand for
Lulo Mining Company and Workers’ Labor Union Commission have recently signed a collective job agreement for two years, which reflect the parties’ willingness to continue working to improve the conditions of the workers assigned to the mine, located in the municipality of Lucapa, Lunda-Norte province. During the negotiations, the vice-chairman of the Lulo Mining Company’s Management Board, Henrique Campos, called on the workers to suspend the strike, warning of the damage resulting from the stoppage
Angolan diamond sales in July reached 295,532.16 carats, bringing the total volume traded to 4,591,284 carats, according to data from the General Tax Administration (AGT) published on the Ministry of Finance’s website. The proceeds from sales, according to the Monthly Diamond Revenue Map, amounted to US$73,519,912, at a price, last month, of US$261.81 per carat, with a cumulative figure of US$847,895,450 in the calculation of first seven months of the year, indicate the data in
