President Mokgweetsi Masisi disclosed to JCK News the possibility of the Botswana government raising its shareholding in the global diamond miner De Beers. This comes in the wake of parent company Anglo American’s announcement of plans to spin off or divest the business. Currently, the government holds a 15% stake in De Beers, with Botswana contributing 70% of the company’s annual rough diamond supply. Anglo’s strategic review, which includes a potential sale or divestment of
O&L and CMB-Tech plan to build the world’s first hydrogen-fueled tugs through their joint venture, Cleanergy Solutions. CMB-Tech has also partnered with TransNamib, Hyphen Technical, CMB Tech, and the University of Namibia (UNAM) are partners in the HyRail project. Although there is no timeline for tug boats, the International Rail Journal quote National Planning Commissioner Oberth Kandjoze saying that the rail project under HyRail is expected to be commissioned by the end of 2025. Cleanergy Solutions has launched the first-ever
De Beers, the world’s largest diamond producer by value and currently up for sale by parent company Anglo American, has launched an ambitious five-year strategy to reposition itself as the leading jewelry group in the market. While De Beers already sells diamond jewelry through its global retail boutiques, Chief Executive Al Cook aims to expand the number of outlets to compete with profitable luxury brands such as Tiffany and Cartier. “If I look at the
ExxonMobil is downsizing its operations in Nigeria, Africa’s largest oil-producing country, as part of a broader strategy to scale down its presence in the region. The oil giant is vacating its expansive offices in Lagos with the expiration of a 33-year lease this Friday, according to insiders who spoke to Reuters. This move follows similar actions by other oil majors such as Shell, TotalEnergies, and Eni, which have attempted to exit Nigeria’s oil-rich Niger Delta
Africa is home to vast and abundant reserves of natural resources, with resources ranging from black gold popularly known as oil to large reserves of cobalt, found all across the mineral-rich lands of the Congo. Africa is home to nearly all valuable minerals that are essential to generating wealth, producing commodities, and advancing technology. Several African nations have prospered because of their mineral resources, some more so than others. Africa is home to approximately 30%
In the past week, Nigeria has made alarming discoveries of illegal oil refineries in its southern region, where the country’s oil reserves are concentrated. These findings shed light on persistent issues plaguing the nation’s oil sector, such as oil theft and vandalism, which have been ongoing for years. Similar incidents were reported back in February, indicating a recurring challenge. According to a report from Nigerian newspaper The Punch, the Nigerian National Petroleum Company Limited (NNPCL)
Nigeria’s Dangote refinery is gearing up for a dual listing on both the London and Lagos stock exchanges, as revealed by Devakumar Edwin, an executive at Dangote Refinery, during a recent announcement. Aliko Dangote had previously expressed the intention to publicly list Dangote Petroleum Refinery on the Nigerian Exchange Limited, as mentioned in an interview with the Financial Times last year. However, Edwin highlighted that solely listing on the Nigerian Stock Exchange wouldn’t suffice due
Uganda National Oil Company (UNOC) has finalized agreements with major oil marketers in response to potential threats to its fuel supply monopoly. The Sales and Purchase Agreements (SPAs) were signed on Tuesday, outlining the roles and responsibilities of each party within the supply chain. A report by The East African revealed that UNOC has secured long-term contracts with over 80 oil marketers in Uganda, establishing ties with the market’s largest fuel dealers. This move follows
It is no secret that Africa is rich in valuable minerals crucial for economic development, ranging from extensive oil reserves to lush agricultural lands. The continent possesses about 30% of the world’s total mineral reserves, including gold, copper, platinum, cobalt, uranium, lithium, and more, all of which play pivotal roles in diverse industries, from electronics and infrastructure to energy production. What is fascinating is that these mineral riches are not concentrated in one specific region
Yeon-Hye Choi, Chairperson of the Board of Directors of the Korean oil company Kogas, has expressed a strong commitment to continue investing in the billion-dollar natural gas production project in Area 4 of the Rovuma Basin, off the northern coast of Mozambique’s Cabo Delgado province. This commitment was reaffirmed during a meeting in Seoul with Mozambican President Filipe Nyusi. During the meeting, they discussed enhancing security measures against Islamist terrorist activities in some districts of
