DE Beers will go ahead with a planned $1bn investment to extend the life of its flagship Jwaneng mine in Botswana, said Reuters citing the diamond firm’s CEO Al Cook. The investment would proceed even as the 2023 downturn in gem demand persisted, the newswire added. The Anglo American unit and the Botswana government, which jointly own Debswana Diamond Company, have approved the spending that will convert the Jwaneng pit into an underground operation, said
The African Export–Import Bank (Afreximbank) has disbursed a $2.25-billion loan to support the Nigerian National Petroleum Corporation (NNPC) in bolstering services across the petroleum value chain and improving the country’s macroeconomic stability. The loan is part of a $3.3-billion financial package extended to the NNPC by Afreximbank, Gunvor International BV and Sahara Energy Resources Limited. In addition to restoring stability, the loan serves to facilitate Nigeria’s access to import financing for raw materials and essential
De Beers made big cuts to its diamond prices as the world’s top producer tries to revive gem sales after the market ground to a halt last year. The industry almost came to a complete standstill in the second half of 2023 as the two biggest miners all but stopped supplies in a desperate attempt to stem a collapse in prices. While those efforts helped the market to pick up a bit, it’s unclear how
Cheap gasoline from a supply glut along the U.S. Gulf Coast has reopened far-flung markets including Australia and Mozambique to exports of the U.S. fuel. U.S. gasoline demand at the end of December fell to the lowest in a year. Stocks in PADD 3 along the Gulf Coast were up 9.5% over a year earlier at the end of last month as refiners cranked up production after fall maintenance outages. A cargo of U.S. gasoline
Nigerian integrated energy company, Optimera Energy LFZ Enterprise, has started construction on natural gas distribution infrastructure within the Lagos Free Zone. Under a 20-year Gas Infrastructure Development Agreement with the Lagos Free Zone Company, the project includes a 25-million standard cubic feet per day City Gate Station, a 10-km distribution line and a 6.5-km, ten-inch gas pipeline. The pipeline connects the Escravos – Lagos Pipeline System tie-in point in the Lekki Corridor to the Optimera
Installation works for the ANOH Gas Processing Plant – located in OML 53 in Nigeria – reached mechanical completion on December 19, 2023, Nigerian independent oil and gas company Seplat Energy announced. Drilling and hook-up of the upstream wells, essential third-party infrastructure, the OB3 pipeline river crossing and Spur Line has also been completed, with the third and fourth wells – ASSN-05 and ASSN-06 – completed. The next step before plant commissioning and the start
South Africa’s Department of Mineral Resources and Energy (DMRE) has launched Bid Window 7 under the country’s Renewable Independent Power Producers Procurement Program. The seventh bid submission phase aims to procure 3.2 GW of onshore wind and 1.8 GW of solar photovoltaic (PV) projects, for a total renewable energy capacity of 5 GW. “Given the energy challenges the country is facing, the qualification criteria has been developed to promote the participation of projects that are
Dangote Petroleum Refinery has commenced production of diesel and aviation fuel. President of Dangote Group, Alhaji Aliko Dangote, elatedly thanked President Bola Ahmed Tinubu for his support, encouragement, and thoughtful advice towards the actualization of this project. Dangote also thanked the Nigerian National Petroleum Company Limited (NNPC Limited), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerians for their support and belief in the historic project. “We
Diamond mining company Lucara Diamond has executed amended documentation related to its senior secured project financing debt package, initially established in July 2021 at a value of $220-million. While the total amount of the facilities remains unchanged, Lucara has extended the repayment profile in accordance with the rebase schedule released on July 17 last year. This adjustment aligns with the company’s aim to continue the development of the Karowe underground expansion project (UGP). The funding
Debswana Diamond Company, the mining joint venture between the Government of the Republic of Botswana and De Beers Group, last week announced that its Board has approved the commencement of the Jwaneng Underground Project’s crucial phase, which is the Exploration Access Development. The Jwaneng Underground Project is implemented in four phases; being, Early Works (which started in 2022); Exploration Access Development, Phase 1 Mining and Phase 2 Mining. The Board’s approval for the second phase
