Lucapa Diamond Company reported a $1.3 million loss for the first half of the year due to a market slowdown that led to declining prices for its rough diamonds. This contrasts sharply with a profit of $64,000 during the same period last year. Total revenue dropped by 24% year-on-year to $35.6 million, with the average diamond price falling 26% to $1,213 per carat. Production also declined, with a 12% decrease to 27,362 carats from January
Oxford Economics consultancy has noted that Standard & Poor’s (S&P) decision to maintain Angola’s credit rating at B- is a reflection of the Angolan government’s efforts to stabilize oil production and manage public expenditure. Analysts from Oxford Economics, as reported by Lusa, view this rating as evidence of the government’s attempts to stabilize oil output, control public spending, and reduce reliance on Chinese loans secured by oil revenues. The analysts acknowledge that despite recent declines
The Dangote Refinery is set to disrupt the longstanding Europe-to-Africa fuel trade and reduce Nigeria’s dependence on imported refined products. As the world’s largest single-train refinery, Dangote Refinery has begun test runs for producing Premium Motor Spirit (PMS), commonly known as petrol, according to a Reuters report citing industry monitor IIR Energy. The 650,000-barrel-per-day refinery is anticipated to commence full operations and start petrol distribution by mid-September, following several missed deadlines. The $20 billion facility,
ASX-listed Lucapa Diamond Company has announced an earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $1.4 million for the six months ending June 30, reflecting a 13% year-on-year increase. The company attributes this higher EBITDA to robust demand for its diamonds, despite a softer market. Excluding the now-sold Mothae kimberlite mine in Lesotho, Lucapa reported a net loss of $1.2 million, compared to a profit of $60,000 in the first half of 2023. During
Sociedade Mineira de Catoca, operating in Lunda-Sul, is actively working to sell its diamond production from March and April to ensure steady cash flow, despite a decline in international diamond prices. Engrácia João, Deputy General Director for Administration, shared these details during a press briefing in Dundo, Lunda-Norte. João noted that, like other operators, Catoca is grappling with less favorable market conditions, where diamond prices have dropped to between 35% and 50% below the expected
In May, TotalEnergies announced a $600 million investment in the Republic of Congo (ROC) aimed at enhancing exploration and production in the Moho Nord field. This investment will increase production by 40,000 barrels per day (bpd) from its current rate of 140,000 bpd, moving the ROC closer to its goal of reaching 500,000 bpd. TotalEnergies also holds the ROC’s Marine XX permit and has recently deployed two drilling rigs to facilitate new discoveries. This commitment
Botswana plans to reduce spending on new vehicles and travel for government officials and may delay some capital projects due to a slump in diamond revenues, according to Finance Minister Peggy Serame. “We have to seriously reduce the pace of spending, and we are looking at areas such as procurement of vehicles, computers, workshops, and travel that is funded by the government,” Serame told lawmakers on Monday. In the first quarter of the fiscal year
The efficient operation of the Lobito Corridor is poised to significantly boost Angola’s economy by accelerating the export of ornamental rocks from the southern region to global markets, according to economist and researcher Agostinho Mateus from the Technical and Economic Research Center of the Lusíada University of Angola (CINVESTEC). Mateus emphasized the Lobito Corridor as a “strategic infrastructure” crucial for Angola’s economic development. He highlighted its role in facilitating international trade, driving regional economic growth,
Angola is enhancing its energy security with the development of three new refineries, raising its capacity to 400,000 barrels per day (bpd). The Cabinda refinery is set to be commissioned by the end of 2024, followed by the Lobito and Soyo refineries from 2025 onwards. According to a statement published in the Angola Oil & Gas (AOG) 2024 pre-conference program, specialist consulting company CITAC Africa will present a workshop titled “Demand and Supply Trends for
Investments in Angola’s active oil concessions, excluding new blocks auctioned, reached $47 billion between 2018 and 2022 and are projected to exceed $72 billion between 2023 and 2027. This information was provided by the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, during the first edition of “Conversations without Makas,” hosted by economist Carlos Rosado de Carvalho. The event focused on the future contributions of oil, gas, and critical minerals to Angola’s economy. Azevedo
