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Category: International

Diamonds International News

Petra Diamonds Secures Renewable Energy PPAs for Cullinan and Finsch Mines

Petra Diamonds has entered into long-term power purchase agreements (PPAs) with licensed South African energy trader Etana Energy to procure wheeled renewable energy for its Cullinan and Finsch diamond mines. Etana Energy provides cost-competitive, clean energy from new large-scale renewable projects, primarily wind-based, through wheeling over the existing South African grid. The company’s portfolio includes multiple ready-to-build and grid-secured wind and solar projects expected to come online in 2025 and 2026. Under the PPAs, Etana

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Diamonds International News

Botswana Diamonds Secures Four New Prospecting Licenses in Kalahari Region

Diamond exploration company Botswana Diamonds has been granted four new prospecting licenses, covering nearly 2,332 km² in the Kalahari region of Botswana. These licenses are located in the same general area as Gem Diamonds’ Ghaghoo mine and Botswana Diamonds’ own KX36 project. “I am pleased that we have been awarded these prospecting licenses in the Kalahari of Botswana, which we believe will be the next major diamond-producing area in the country,” said John Teeling, Chairperson

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International News Oil

Dangote Refinery Seeks to Purchase 24 Million Barrels of US Crude

The Dangote Petroleum Refinery, constructed by Africa’s wealthiest individual, plans to buy 24 million barrels of US crude over the next year to boost its processing rates. Specifically, the refinery is interested in purchasing 2 million barrels of West Texas Intermediate (WTI) Midland crude each month for a year, starting in July. This tender, aimed at securing overseas oil, highlights the significant role the Dangote Refinery is poised to play in global crude and fuel

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International Economy News Petroleum

IMF Urges Nigeria to End Fuel and Electricity Subsidies to Boost Economy

The International Monetary Fund (IMF) has reiterated its call for the Nigerian government to eliminate subsidies for fuel and electricity, contingent upon the enhancement of the social protection scheme. In its recent report titled “Nigeria: 2024 Article IV Consultation,” the IMF highlighted that these subsidies are projected to consume 3% of Nigeria’s Gross Domestic Product (GDP) in 2024, up from 1% in the previous year. The IMF praised the Nigerian Federal Government for several measures,

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Gas International News

Australia Faces Gas Supply Shortfalls Despite New Government Strategy

Australia’s energy producers have endorsed the government’s new Future Gas Strategy aimed at bolstering natural gas development but cautioned that the country is still at risk of gas supply shortfalls this decade amidst volatile global markets due to ongoing conflicts. Meg O’Neill, chair of the Australian Energy Producers, expressed the group’s support for the Future Gas Strategy, which was released earlier this month. The strategy underscores the need for new gas sources to satisfy both

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International Gas News

IFC intends to fund Mozambican biofuels

The International Finance Corporation (IFC), a member of the World Bank Group, has expressed its interest in funding the Mozambican biofuels sector, given the country’s high potential. The interest was expressed on Thursday by the IFC executive director, Makhtar Diop, at an audience granted to him by Mozambican President, Filipe Nyusi, during his visit to Kigali, on the sidelines of the Africa CEO Forum. “We talked about cooperation between Mozambique and the IFC. We discussed

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International Energy Gas

Temane Thermal Power Plant Set to Boost Mozambique’s Energy Capacity

According to a document from Eletricidade de Moçambique (EDM), the Temane Thermal Power Plant (CTT), located in Inhassoro district, Inhambane province, will commence commercial operations in January 2025. Expected to be the largest gas-fired power station in Mozambique, the plant will generate 450 megawatts (MW) of electrical energy using natural gas reserves from Pande and Temane over a period of 25 years. This capacity increase is projected to raise the country’s installed electricity production capacity

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International News Renewable Energy

Mozambique’s Solar Power Production Rises by 14% in Q1

Electricity production from solar parks in Mozambique increased by nearly 14% in the first quarter of this year compared to the same period last year, according to official data reviewed by Lusa. However, solar energy still accounts for less than 0.5% of the country’s total electricity production. The government’s budget execution report for January to March indicates that the country’s six large solar parks, along with other smaller plants, produced a total of 19,688 megawatt-hours

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International Energy Mining News Oil Petroleum Transport and Logistics

Expansion of Beira-Harare Pipeline Secures Regional Energy Supply

The Beira corridor stands as a critical fuel supply route for Zimbabwe and a primary transit pathway for fuels heading to Zambia and the Katanga region of the Democratic Republic of the Congo. Integral to the region’s energy infrastructure are the combined assets of CFM (Port of Beira operator), CPMZ (Mozambican pipeline operator), PZL (Zimbabwean pipeline operator), and NOIC (Zimbabwe’s government-appointed shipper). Their efficient operation ensures energy security for Mozambique and the landlocked nations along

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International Diamonds News

Ekati Mine Sees 70% Revenue Surge in First Fiscal Quarter

Revenue from the Ekati mine’s rough diamond output soared by 70% in the first fiscal quarter, according to Burgundy Diamond Mines, the mine’s owner. The company reported sales of 1.3 million carats from the Canadian deposit, totaling $117 million for the period ending March 31. This is a significant increase compared to the sale of 798,199 carats for $69 million during the same period last year. The average price per carat rose by 3.5% to

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