Egypt’s state-owned Egyptian Natural Gas Holding Company (EGAS) has taken a significant step in expanding its international footprint by establishing a subsidiary in Saudi Arabia. Named Modern Gas Saudi Arabia, the newly formed company, with an initial capital of $530,000, marks EGAS’s entry into the Saudi market, with an 80% ownership stake. This strategic move, announced by Egypt’s Ministry of Petroleum on March 17, is part of EGAS’s broader strategy to attract foreign investment and
Gem Diamonds reported a significant decline in profit for the full fiscal year of 2023, with earnings from its Letšeng deposit in Lesotho dropping to $1.6 million compared to $20.2 million in 2022. CEO Clifford Elphick attributed the decline to various global challenges, including economic uncertainties, conflicts, and a subdued diamond market. The company’s revenue fell by 26% to $140.3 million, primarily due to lower rough diamond prices resulting from the market downturn. Sales volume
De Beers reported a total of $430 million in proceeds from its second rough-sales cycle of the year, showing a 13% decline compared to the same period in 2023. However, this figure marks a 15% increase from its first sight of the year and a significant improvement from the final sight of 2023. Although below average for this time of year, the recent sales indicate a recovery, especially driven by increased demand in the diamond-jewelry
Firestone Diamonds announced the recovery of a 215-carat rough diamond from its Liqhobong mine in Lesotho, marking the largest high-quality stone found at the deposit to date. The company intends to offer the diamond through a competitive bidding tender, following viewings in Antwerp and Dubai. Firestone holds a 75% stake in Liqhobong, with the remaining 25% owned by the Lesotho government. After experiencing challenges due to the COVID-19 pandemic, Firestone resumed operations in October 2022.
Botswana Diamonds’ Chairperson, John Teeling, has highlighted several positive developments achieved by the company in 2023. These include the discovery of a high-grade anomaly similar in size to the KX36 kimberlite pipe, progress on Thorny River mining permits in South Africa, and renewed interest in the Ghaghoo diamond mine in Botswana. Despite a depressed diamond market in 2023, Teeling remains optimistic about the long-term outlook for mined diamonds. He acknowledges the growing market for lab-grown
Botswana officials have voiced apprehension over the Group of Seven’s (G7) planned restrictions on Russian diamonds, warning of potential negative impacts on the country’s diamond trade and economic progress. Lefoko Moagi, Botswana’s minister of mineral resources, green technology, and energy security, emphasized that the proposed requirement to channel all diamonds through Antwerp for verification poses logistical challenges and could hinder Botswana’s beneficiation efforts. The government is advocating for verification processes to occur in producer countries
Several trade groups have come together to appeal to the Group of Seven (G7), urging them to reassess their plan to ban Russian diamonds, citing potential detrimental effects on the industry. The US Treasury’s Office of Foreign Assets Control (OFAC) confirmed earlier this month that sanctions on diamonds of 1 carat and above would commence on March 1. However, no guidance was provided on the implementation process or the necessary procedures for the trade. The
Namibia’s groundbreaking Hyphen green hydrogen project received a significant boost last week as the German government extended its support. Enertrag, a joint venture between Hyphen Hydrogen Energy and Nicholas Holdings, is at the forefront of this venture. The German government has designated the Hyphen project as a strategic foreign project, making it eligible for targeted support, indicative of its global strategic importance. This initiative marks a crucial step towards establishing a large-scale green hydrogen industry
Debswana, in preparation for its upcoming Jwaneng underground project in Botswana, has been actively nurturing local talent and enhancing skills development by enrolling graduate learners in various mining-related disciplines. Selected from a pool of candidates, 26 graduates are currently undergoing experiential learning at the Mopani Central training center in Zambia, a strategic move aimed at equipping them with the necessary skills and expertise for the challenges ahead. This initiative not only strengthens Debswana’s strategic partnerships
Egypt has raised the prices of various fuel products, fulfilling a commitment made over a year ago to the International Monetary Fund (IMF) as part of a $3 billion financial assistance agreement. In a letter of intent signed in November 2022, Egypt pledged to permit the increase of most fuel prices to align domestic rates more closely with international energy market prices, Reuters reported. The country also pledged to compensate for the previous year’s slow
