De Beers is expanding its flexibility for this month’s sight as the miner responds to the market downturn by limiting supply rather than lowering prices. The company informed clients last week that sightholders could remove certain goods from their allocations of rough diamonds and request larger buybacks than usual. The July sight, beginning next Monday, occurs amid rising inventories and falling prices in the polished diamond sector, particularly in India. De Beers’ customers expect the
The Council of Ministers of Côte d’Ivoire has awarded a mining permit for the Koné project to Montage Gold Corp, marking a significant step forward for the company in the region. Montage received mining permits covering a total area of 357 sq km for both its Koné and Gbongogo deposits, valid for 20 years and 8 years respectively. These permits include several advanced high-grade exploration targets, offering opportunities to extend the mine’s life through successful
Egypt plans to drill 110 exploratory gas and oil wells, investing $1.2 billion during the 2024–2025 fiscal year, according to Minister Karim Badawi. In a meeting with a parliamentary committee reviewing the new government’s program, Badawi stated that by 2030, Egypt aims to have drilled a total of 586 exploratory wells for gas and oil, with a cumulative investment of $7.2 billion. Regarding exploration activities, the minister explained that there are currently 145 active commitment
The National Oil Corporation (NOC) has successfully started operating a new pipeline from the North Hamada oil field to the Mellitah oil port. In a statement on Thursday, the NOC detailed that oil production from the North Hamada field has begun flowing to the Mellitah port via the 250-kilometer (El Feel-Mellitah) pipeline. The corporation reported that crude oil pumping has been consistent and secure, starting from the main storage tanks and reaching the receiving point
Aliko Dangote has announced plans to list the fertilizer and petrochemical divisions of the Dangote Refinery on the stock exchange in the first quarter of 2025. The President of Dangote Group shared this during a media briefing at the Dangote Refinery. This decision aims to expand the conglomerate’s investor base and unlock additional value for shareholders. “Given the nature of our businesses—both the refinery and the fertilizer—we are targeting the end of this year, but
The South African government recently announced plans to utilize nuclear energy to address its electricity challenges. However, Minister of Electricity and Energy, Dr. Kgosientsho Ramokgopa, emphasized that this initiative would proceed at a pace the country can afford. South Africa recently celebrated an uninterrupted 100-day power supply. Speaking to the media at the Cabinet Lekgotla in Tshwane, Dr. Ramokgopa disclosed that the country plans to develop its nuclear capacity for electricity generation, scaling the project
The Chief Executive Officer of Dangote Refinery, Aliko Dangote, has announced that the Nigerian National Petroleum Corporation (NNPC) Limited no longer holds a 20% stake in the refinery. During a press briefing at the refinery on Sunday, Dangote stated that NNPC’s ownership had been reduced to 7.2% due to their failure to pay the balance of their share, which was due last month in June, as reported by Nairametrics. In 2021, NNPC planned to raise
Egypt’s Cabinet has approved a $200 million investment to tackle the ongoing electricity shortage crisis. The funding involves agreements between the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and several international and national companies. These deals focus on exploring and exploiting natural gas and crude oil in regions such as the North Port Fouad Offshore Area and the South Nour Offshore Area in the Mediterranean Sea, as well as the
Mozambique is set to begin exporting electricity generated from gas in Inhambane province to Southern African countries by 2025. The Temane power plant, currently under construction, is progressing well and adhering to international energy sector standards. Besides exporting to neighboring countries, the energy produced in Inhambane will also cater to the national market, serving various categories of customers. This assurance was given by the Minister of Mineral Resources and Energy, Carlos Zacarias, during a visit
During a meeting with Egyptian Minister of Petroleum and Mineral Resources Karim Badawi, Eni’s COO Guido Brusco announced the Italian energy firm’s plans to drill new wells in its Egyptian concessions to increase production. Minister Badawi emphasized the petroleum sector’s enthusiasm for further joint achievements with Eni, particularly in enhancing production and developing oil and gas resources. The meeting also delved into potential cooperation on emissions reduction projects in the natural gas industry, following the
