Excavation work has started for the construction of the 2,172 MW Caculo-Cabaça hydroelectric facility in the Kwanza Norte Province of Angola. Completion of the infrastructure development for the project is set for October 2026, while commissioning is scheduled to commence in 2028. A ceremony commemorating the development took place on 20 May, and was attended by the President of Angola, H.E. João Lourenço, who ceremoniously authorized the provisional deviation of the course of the Kwanza
Gold prices fell again on Tuesday as a recovering U.S. dollar took its toll, with prices heading for a fifth day of losses in six sessions after the biggest pullback since February last week. Price action Market drivers Gold prices have pulled back since the most-active contract logged its second-highest settlement level on record on May 4. It was the highest settlement since the all-time high reached in August 2020. Whether the yellow metal rallies
Private and public-sector led mining activities across Africa are prioritizing sustainable techniques in projects deployment for environmental sustainability, social responsibility and good business practices. With the continent maximizing exploration and production of its vast extractive resources including critical minerals such as lithium and cobalt to shape the global energy transition and drive economic growth, sustainability has become a standard. Sustainable Mining Techniques and Land Management While traditional mining techniques such as open pit and underground mining have significant impact
Despite offering significant energy resources, access to financing remains one of the key challenges facing energy projects in the MSGBC region. Fortunately, there are various financing avenues emerging, presenting new opportunities for MSGBC governments and project developers alike to leverage the full potential of regional resources. Traditionally, energy projects in the region have been financed by international banks, development finance institutions (DFIs) and by project developers themselves. These institutions provide loans, guarantees, and equity investments to
Independent Anglo-French oil and gas company Perenco has inaugurated a new offshore platfrom, named Magisus in Muanda in the Democratic Republic of Congo (DRC). The offshore facility, which was launched by H.E Didier Budimbu, Minister of Hydrocarbons, DRC and Wivine Moleka, Deputy Minister of Hydrocarbons, DRC will be leveraged by Perenco to increase oil production by enabling the independent to connect new wells drilled in 2023 and 2024. The facility’s gas compression capabilities will help Perenco to avoid
President Muhammadu Buhari of Nigeria inaugurates Africa’s largest refinery today in Lagos, which is expected to process 650,000 barrels per day and reduce fuel imports in the country.” The project launched in 2013 by businessman Aliko Dangote occupies 2,635 hectares of land in the Lekki Free Trade Zone and cost around $19 billion, making it one of the largest industrial complexes on the continent and potentially capable of changing the situation in Nigeria. According to
The Lulo Mining Society, which operates in the municipality of Capenda-Camulemba, Lunda-Norte province, wants to make new investments to intensify prospecting work in order to confirm the geological and mining potential of the known concession to extract rare and high-value diamonds. In statements recently given to the Public Television of Angola (TPA), on the sidelines of the delivery of means of transportation to the traditional authorities of the Xinge commune in Capenda-Camulemba, as part of
The governments of Angola and South Korea have recently announced their plans to strengthen collaboration in the areas of renewable energy, education, and agriculture. The agreement was reached during a meeting between Kwangjin Choi, the South Korean ambassador to Angola, and Alcides Sakala Simões, the Head of the Committee for Foreign Relations, International Cooperation, and Angolan Communities Abroad of the National Assembly. In late April 2023, South Korea expressed its interest in enhancing partnership with
South Africa’s National Department of Transport has recently given powership operator, Karpowership, permission to access the ports of Ngqura, Durban, and Saldanha Bay for a duration of 20 years. This move aims to address the country’s power crisis by utilizing Turkish gas-to-power ships to generate 1,220 MW of electricity and distribute it through South Africa’s grid. Transport Minister Hon. Sindisiwe Chikunga made the announcement on May 18, stating that the safety measures and operations of
The Mozambican economy could grow around 8 percent in 2024, strongly influenced by the exploitation of liquefied natural gas, according to projections by the International Monetary Fund (IMF). The organization indicates that the economic prospects are based mainly on growth of 4.5 percent and 5 percent recorded in 2022 and 2023, respectively, higher than the regional average of 3.5 percent in the last two years. The information was provided in Maputo by the IMF representative
