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International Energy News

Zambia to import an additional 40 megawatts of power from Mozambique

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

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Gold International Mining Projects News

Infinity to Bolster Egyptian Mining with $1BN Investment

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

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International Economy News

Zimbabwe adopts new currency to fight galloping inflation

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

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International News Oil Petroleum

Brent reaches daily maximum of 91.90 dollars on stock exchanges

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

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Oil International News Petroleum

Bank of America predicts oil price at $95 in June

Bank of America has predicted that the price of oil will surge to $95 per barrel by June. Francisco Blanch, the director of raw materials and derivatives at the bank, attributes this increase to dwindling reserves and escalating geopolitical tensions. Additionally, production cuts by OPEC+ could impact the interest rate reduction strategies of the US Federal Reserve and the European Central Bank. According to a recent Bank of America Research report, released yesterday, commodity prices

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International News Oil Petroleum

Tullow Oil Revises Asset Value in Kenya Amidst Uncertainties

Tullow Oil, a multinational exploration company, has adjusted the value of its assets in Kenya, writing off $17.9 million. This decision comes as the company awaits updates on the Field Development Plan submitted to the Kenyan government in March 2023 for its Turkana project. The revised valuation of Tullow’s Kenya assets declined from $260.1 million in December 2022 to $242.2 million by the end of 2023. Tullow aims to reverse these impairments once uncertainties are

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International

South Africa Launches Third Bid Window for Battery Energy Storage Projects

South Africa’s Department of Mineral Resources and Energy (DMRE) has initiated the third bid window of the Battery Energy Storage Independent Power Producer Procurement Program (BESIPPPP). This tender aims to procure five energy storage systems, totaling 616 MW/2,464 MWh. Scheduled bids must be submitted by July 31, 2024, for projects designated to five pre-selected substation sites identified by Eskom, the country’s energy company. These sites, located in the Free State province, include Harvard, Leander, Theseus,

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International News Oil

Eni Unearths Hydrocarbon Potential in Ivory Coast Blocks

Preliminary exploration conducted by global oil major Eni has revealed promising signs of hydrocarbons in offshore oil blocks CI-504, CI-526, CI-706, and CI-708 in Ivory Coast. The government has therefore agreed to proceed with negotiations for production sharing contracts with the major. An expression of interest was made by Eni in February 2024 for the offshore blocks. This development follows Eni’s commencement of oil and natural gas production from the deepwater Baleine field in southeast Ivory Coast

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Diamonds International Mining Projects News

Cobre Limited Initiates Diamond Drilling Program at Okavango Copper Project

Cobre Limited has kicked off a 5-hole, 2,000-meter diamond drilling initiative at its Okavango Copper Project (OCP) in Botswana. This endeavor aims to explore for copper-silver mineralization adjacent to MMG’s Zone 5 and Boseto groups, building on previous drilling success in 2019 and leveraging geophysical data to pinpoint promising sites. Situated near MMG’s Khoemacau Copper mine, the OCP is strategically positioned to benefit from potential discoveries. The drilling program, set to begin within two months,

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International Energy News

Trina Solar to Install 283 MW Power Plant in South Africa

Solar energy provider Trina Solar – in collaboration with China Energy International Group and China Gezhouba Group – will install the 283 MW Mooi Plaats solar power plant located in Northern Cape, South Africa. Trina Solar will provide modules for the power plant, which will utilize energy generated by 416,325 panels from the NEG21C.20 Vertex N series and display efficiency levels of up to 23.2%. “We are proud to partner with China Energy International Group

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