Anglo American has initiated preliminary discussions with banks regarding the potential listing of its De Beers diamond unit, as the company moves forward with the final phase of its comprehensive restructuring plan. The company is pursuing a dual-track strategy: seeking a buyer for De Beers while preparing for an initial public offering (IPO) as a backup option. This marks a significant step in Anglo’s commitment to exit the diamond business, a promise made last year
Diamond exports from the Democratic Republic of Congo (DRC) generated $89 million in revenue in 2024, according to the latest statistics from the Ministry of Mines. The total exports amounted to 9,240,714.14 carats during the year. An analysis of the Ministry’s 2024 annual report reveals a growth of 11.26% in diamond exports compared to 2023, when exports totaled 8,305,796 carats. The report indicates that artisanal mining dominated diamond production in the DRC, with over 6,353,613.89
The Democratic Republic of Congo (DRC) exported a total of 27.9 tonnes of gold in 2024, generating approximately $1.5 billion in revenue, according to the annual report from the Technical Unit for Coordination and Mining Planning of the Ministry of Mines. Kibali Gold was the leading contributor, accounting for more than 26 tonnes of gold worth over $1.3 billion. In contrast, MCCR exported only 102.92 kg, generating an estimated $7.6 million in revenue, while Kimia
Five diamond diggers tragically lost their lives on Saturday, March 22, following a land collapse in the Kanfuma mining area, located in the diamond-rich territory of Tshikapa, in the Kasai province of the Democratic Republic of Congo (DRC). The incident occurred after heavy rains on the night of Friday, March 21, which weakened the walls of a diamond pit. The collapse resulted in the deaths of the five diggers working at the site. Their bodies
Financial rating agency Fitch Ratings has stated that the resumption of TotalEnergies’ Liquefied Natural Gas (LNG) project in Mozambique this year could pave the way for ExxonMobil’s long-awaited final investment decision on a major LNG development in the country’s north. “The resumption of construction on TotalEnergies’ LNG project could facilitate a final investment decision (FID) on ExxonMobil’s proposed $30 billion LNG project. This partially onshore project would drive economic growth during its construction phase,” Fitch
Mozambique and Zambia have signed an agreement to interconnect their energy systems, enhancing electricity supply within the Southern African Development Community (SADC). The project will be carried out by Mozambique’s state-owned electricity company, EDM, and Zambia’s ZESCO. The Memorandum of Understanding (MoU) was signed on Wednesday by António Manda, Permanent Secretary of Mozambique’s Ministry of Mineral Resources and Energy, and Zambia’s Minister of Energy, Makoze Chikote. With an estimated investment of $411.5 million, the initiative
Libya has initiated its first open licensing sale since 2007, offering 22 acreages for exploration and development. The available blocks include 11 offshore and 11 onshore sites, with undeveloped discoveries estimated to contain at least 2 billion barrels of oil equivalent (BBOE) in hydrocarbon resources, according to the National Oil Corporation (NOC). To support the licensing process, NOC has compiled extensive geological and geophysical datasets using advanced digital tools. Libya is reported to hold approximately
Dangote Petroleum Refinery has temporarily paused the sale of petroleum products in Naira to address discrepancies between its sales revenue and crude oil purchase obligations, which are currently priced in U.S. dollars. In a statement issued to customers on Wednesday, the refinery’s management explained that the value of petroleum products sold in Naira had surpassed the worth of Naira-denominated crude it had received, prompting the need for the adjustment. The statement also refuted claims circulating
Vitol has agreed to acquire a $1.65 billion stake in Eni’s assets, including the Baleine project in Côte d’Ivoire and the Congo LNG project in the Republic of Congo. The deal encompasses both producing oil and gas assets as well as exploration, appraisal, and development-stage blocks. Under the agreement, Vitol will acquire: This acquisition strengthens the partnership between Vitol and Eni in West Africa, building on their existing collaborations in Ghana’s OCTP and Block 4
South Africa’s renewable energy sector is set for expansion following successful funding for two major projects: the Overberg Wind Farm in the Western Cape and the Du Plessis Dam Solar PV2 project in the Northern Cape. Red Rocket has secured funding to begin phase one of the Overberg Wind Farm near Swellendam, which will eventually have a total capacity of 380MW. The first phase will contribute 242MW, with Richards Bay Minerals (RBM), a subsidiary of
