Nigeria’s new Dangote oil refinery is significantly increasing gasoil exports to West Africa, capturing market share from European refiners, according to traders and shipping data. Constructed at a cost of $20 billion by Africa’s richest man, Aliko Dangote, on the outskirts of Lagos, the refinery is currently producing a lower grade of gasoil than anticipated. This is due to awaiting the restart of units necessary for producing cleaner fuels, prompting the refinery to seek buyers
London-listed Petra Diamonds has generated $38 million in revenue from its seventh tender cycle of the year, selling 337,064 carats. This brings the company’s total revenue for the 2024 financial year to $366 million, with 3.15 million carats sold, up from $324 million and 2.32 million carats sold in the prior year. Despite a 13% increase in revenue compared to the previous financial year, average prices were lower at $116 per carat for the reporting
Diamond producer Diamcor Mining has successfully closed the second and final tranche of its non-brokered private placement, raising an additional C$600,300 and bringing the total proceeds to approximately C$2 million. The company had previously announced the closing of the first tranche on June 4, which raised about C$1.4 million. Insiders, management, directors, and significant shareholders collectively subscribed for around C$1.37 million of the offering. In total, Diamcor will issue approximately 40 million units at a
In 2023, Russia’s rough-diamond production value surpassed Botswana’s for the first time, despite facing significant sanctions and a weak market. The increase occurred even with intensified sanctions, including the European Union’s ban on Russian diamonds and stricter U.S. regulations on goods significantly altered in third-party countries like India. According to Kimberley Process (KP) statistics released this week, Russia produced 37.3 million carats of rough diamonds last year, valued at $3.61 billion, with an average price
Puma Energy Zambia PLC, a subsidiary of Puma Energy (Ireland) Holdings Limited, has reported a profit after tax of approximately K255 million for the year ending December 31, 2023. This increase is attributed to a 12% rise in sales volumes and higher selling prices driven by the global increase in oil prices. According to the audited financial results obtained by the Zambian Business Times (ZBT), the company recorded a profit after tax of K254.79 million,
Gem Diamonds, listed on the London Stock Exchange, has recovered a 123.20 ct Type II white diamond from its Letšeng mine in Lesotho. This notable find marks the eighth diamond over 100 carats that the company has unearthed this year. Gem Diamonds holds a 70% stake in the Letšeng mine, renowned for its production of large, exceptional white diamonds. It is recognized as the highest dollar-per-carat kimberlite diamond mine globally.
Lucara Diamond Corp, owner of the Karowe mine in Botswana, has appointed Dr. Lauren Freeman as Vice President of Mineral Resources, effective from July 1. In her new role, Freeman will oversee all aspects of mineral resource management at Lucara’s flagship Karowe mine and will play a key role in shaping the company’s development strategy. Freeman brings over 25 years of experience in the mining industry, specializing in large Type II diamonds. Her expertise spans
Petra Diamonds revealed expansion plans for its Finsch and Cullinan mines in South Africa, targeting production of between 3.4 to 3.7 million carats by 2028, representing a 15% to 17% increase over three years. CEO Richard Duffy stated that the expansion, requiring about $100 million in annual sustaining and expansion capital, will be self-funded. The UK-listed diamond producer also announced the appointment of Johan Snyman as CFO, effective October, succeeding Jacques Breytenbach who announced his
The proposed sale of Anglo American’s 85% stake in De Beers would enhance market visibility and focus, according to Richard Duffy, CEO of Petra Diamonds. Duffy suggested that De Beers, as an independent entity, would invest more in marketing efforts. Anglo American announced on May 14 its intention to sell De Beers as part of a group-wide restructuring, which includes unbundling its shares in Anglo American Platinum. During an investor day, Duffy outlined new life-of-mine
Petra Diamonds has projected a significant increase in production, aiming for at least a 22% rise by fiscal year 2029, driven by expansions at its Cullinan and Finsch mines. The company announced last week that it expects total output for fiscal 2024, ending June 30, to range between 2.7 million and 2.8 million carats. Looking ahead, Petra anticipates production to reach between 2.8 million and 3.1 million carats next year, with further growth to between
