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Category: International

International Renewable Energy

South Africa’s Grootspruit Solar Farm Construction Begins

Construction of the Grootspruit solar farm has officially begun in South Africa. This project, a collaboration between Engie and South African independent power producer Pele Green Energy, is located in the Free State province. Stuart Kent, Managing Director of Aurex Constructors, highlighted during the launch that the project aims to tackle South Africa’s energy challenges and support the country’s transition to a cleaner energy future. The solar farm, situated in the Lejweleputswa district, will feature

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International Diamonds

Botswana Seeks Larger Stake in HB Antwerp Without Additional Investment

Botswana is negotiating to increase its stake in Belgian diamond manufacturer HB Antwerp from 24% to 49.9% without additional cost, according to Minister of Minerals and Energy Lefoko Moagi. The government initially allocated BWP 890 million ($65 million) for a 24% share in March 2023 but is now aiming for a larger ownership under the same financial terms. Moagi explained that the decision to renegotiate stems from market changes since the initial announcement. The updated

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Oil Economy International

TotalEnergies Invests $600 Million to Boost Republic of Congo’s Oil Production and Sector Growth

In May, TotalEnergies announced a $600 million investment in the Republic of Congo (ROC) aimed at enhancing exploration and production in the Moho Nord field. This investment will increase production by 40,000 barrels per day (bpd) from its current rate of 140,000 bpd, moving the ROC closer to its goal of reaching 500,000 bpd. TotalEnergies also holds the ROC’s Marine XX permit and has recently deployed two drilling rigs to facilitate new discoveries. This commitment

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International News

Mozambique’s Sixth Hydrocarbon Licensing Contracts Near Final Approval

Nearly all contracts from Mozambique’s Sixth International Hydrocarbon Licensing Round have been approved by the government and are now pending final clearance from the Administrative Tribunal. Nazário Bangalane, Chairman of the National Petroleum Institute (INP), the regulatory authority for Mozambique’s hydrocarbon sector, expressed confidence that the Administrative Tribunal’s approval would be granted soon. Mozambican law requires that all contracts with public entities undergo a legality review by the tribunal. Bangalane, speaking during a visit to

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Diamonds Corporate News International

Lucara Diamond Reports Surge in Sales and Earnings

Lucara Diamond (TSX: LUC) reported a strong performance in the second quarter of the year, with significant increases in both sales and earnings. This boost was largely driven by its revitalized supply agreement with Belgium’s HB Antwerp, which purchases and polishes rough diamonds from Lucara’s flagship Karowe mine in Botswana. The Karowe operation generated $41.3 million in revenue, marking a 7% increase compared to the same period last year. Net profit surged to $11.4 million,

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International Corporate News Diamonds News

Lucapa Diamond Sells 70% Stake in Lesotho’s Mothae Mine

Australia-headquartered Lucapa Diamond has successfully completed the sale of its 70% stake in the Mothae mine in Lesotho. The interest was sold to the local Lesotho company Lephema Executive Transport, after all conditions of the sale and purchase agreement, signed in June, were met. The divestment was carried out through a public sale process, following a strategic review of Lucapa’s asset portfolio by its newly restructured board of directors. The review concluded that Lucapa should

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Diamonds International News

Botswana Seeks to Double Stake in HB Antwerp Amid Diamond Market Downturn

Botswana is renegotiating its planned purchase of a stake in Belgian gem dealer HB Antwerp to double its shareholding without additional cost, following a decline in the diamond market, Mines Minister Lefoko Moagi announced on Tuesday. As the world’s leading diamond producer by value, Botswana’s economy has been heavily impacted by decreased global demand for diamonds due to the economic slowdown. Moagi told Parliament that the downturn in the diamond market has lowered HB Antwerp’s

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Diamonds Corporate News International News

Gem Diamonds Increases Diamond Sales by 9%, Generating $77.9 Million in Revenue

London-listed Gem Diamonds reported selling 56,944 carats of diamonds from its Letšeng mine in Lesotho, generating $77.9 million in revenue for the six months ended June 30. This marks a 9% increase compared to the 52,163 carats sold in the first half of 2023, which generated $71.6 million in revenue. The average price per carat in the first half of this year was $1,366, slightly lower than the $1,373 per carat recorded in the same

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Diamonds Economy International News

Botswana to Cut Spending Amid Diamond Revenue Decline

Botswana plans to reduce spending on new vehicles and travel for government officials and may delay some capital projects due to a slump in diamond revenues, according to Finance Minister Peggy Serame. “We have to seriously reduce the pace of spending, and we are looking at areas such as procurement of vehicles, computers, workshops, and travel that is funded by the government,” Serame told lawmakers on Monday. In the first quarter of the fiscal year

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International Energy News

Egypt Expands Hydroelectric Projects to Boost Clean Energy Production

The Egyptian government has announced plans to develop two new hydroelectric projects as part of its broader strategy to transition to cleaner energy sources and reduce dependence on fossil fuels. These projects are expected to generate up to 2,000 MW of electricity. Unlike the Jabal Ataqa project, which utilizes treated sewage water, these new initiatives will draw water from the Nile River. The Jabal Ataqa project, launched in collaboration with the Chinese company Sinohydro in

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