Petra Diamonds, a London-listed company, is poised to achieve substantial cash savings of $75 million in the 2024 financial year following the initiation of a sales process for the Koffiefontein diamond mine in South Africa’s Free State province. The company has raised its cash savings goal for the 2025 fiscal year to over $30 million through various cost-saving measures, including potential retrenchments. Having entered a sales agreement with rough diamond trader Stargems earlier this year,
Lucapa Diamond Company has announced the appointment of industry veteran Stuart Brown as the new chairman of its board. Brown brings extensive experience from his tenure at prominent diamond-mining companies, including De Beers, Firestone Diamonds, and Mountain Province. With a career spanning two decades at De Beers, Brown served in key roles such as interim CEO and chief financial officer. Notably, during his leadership at Firestone Diamonds, he successfully raised $225 million for the development
Dubai-based Stargems Group has finalized the acquisition of the Koffiefontein diamond mine in South Africa from Petra Diamonds, marking its third venture in the country’s diamond industry. Pending approval from South Africa’s Department of Mineral Resources and Energy, Stargems will assume ownership of the mine. The agreement includes a nominal cash consideration to Petra, with Stargems taking responsibility for environmental rehabilitation liabilities and site maintenance costs. Petra will avoid closure-related expenses estimated at $15 million
Winsome Resources has signed a binding agreement to secure an option to acquire the Renard diamond mine in Quebec from Stornoway Diamonds (Canada) and 11272420 Canada. The company opines that Renard can be repurposed to treat lithium bearing material. This move is expected to bolster the development of Winsome’s Adina Lithium Project and potentially other lithium deposits in the region. The acquisition includes an option for Winsome to take over the diamond mine’s processing facility
Bloomberg reports that traders familiar with the matter have disclosed that the Egyptian Natural Gas Holding Company (EGAS) has purchased at least one shipment of liquefied natural gas (LNG) for delivery in May and is actively seeking several more. In an unusual move, Egypt has initiated the purchase of LNG in an effort to avert potential shortages this summer. The traders highlighted that the new LNG shipment is scheduled to route through an already established
In May, Nigeria is poised to witness a significant shift in its petroleum dynamics as the country’s new mega-refinery, constructed outside Lagos by Africa’s wealthiest individual, Aliko Dangote, prepares to commence domestic gasoline deliveries. This development marks a pivotal moment for the nation, aimed at reducing its reliance on costly petroleum imports. According to Devakumar Edwin, Executive Director of Dangote Industries, the facility has already dispatched its inaugural petroleum products—diesel and aviation fuel—on Tuesday. However,
Zambia and Mozambique strengthened their collaboration to address Zambia’s electricity deficit by signing an agreement for additional power imports last week. The agreement, signed by Zambia’s power utility, Zesco Limited, and Mozambique’s state-owned energy firm, Mozambique Electricity (EDM), will enable Zambia to import an additional 40 megawatts of power, supplementing the existing 50 megawatts from a previous agreement. This brings the total importation to 90 megawatts, effective until June 30, 2025. Victor Mapani, managing director
Russian mining firm Infinity plans to invest up to $1 billion in Egypt’s gold mining industry to boost its business portfolio and the country’s extractive sector. Infinity announced its participation in a bidding round initiated by Egyptian mining company Shalateen Mineral Resources, which aims to explore and exploit gold and associated minerals in Egypt, focusing on the resource-rich basins of Baramiya and Hamata. Infinity’s investment plan is expected to generate up to 100,000 jobs and includes the establishment of a
Zimbabwe, plunged into a serious economic crisis over the last 20 years, announced last week the adoption of a new currency called “ZiG” Zimbawe Gold (Zimbabwe Gold) and the replacement of the current Zimbabwe Dollar, to try to combat hyperinflation and stabilize the economy from the country. With inflation officially hovering around 55% after this rate reached triple digits last year, the governor of the Central Bank of Zimbabwe, John Mushayavanhu, announced last Friday the
The price of a barrel of Brent oil for delivery in June reached a maximum of 91.90 dollars yesterday on the London futures market. The appreciation was above 1.30 percent compared to the previous day. North Sea crude, which serves as a reference in Europe and also for Angola, closed the day on the International Exchange Futures with an increase of 1.30 dollars compared to the last negotiation, when it closed at 90.65 dollars, this
