Renewable energy company Sun Exchange has announced that bitcoin will be used to fund a large solar power project in South Africa. The 198-kV solar project will provide clean and affordable power to the country’s Pretoria Boy’s High School. Bitcoin has been used by a private investor to purchase 98% of all solar cells for the project, which will offer zero capital cost for the school while reducing its energy bill and reliance on diesel
Mali’s interim President, Assimi Goita, has promulgated a new Mining Code that will allow the military-led government to increase ownership or shareholder control of gold concessions and recover what it declares to be a large shortfall in production revenues. The new code, signed on state television on Monday night, will allow state and local investors to take up to 35 percent stakes in mining projects, up from 20 percent today, and could more than double
A US advertising watchdog has called on e-tailer Agape Diamonds to make the origins of its synthetic and simulated stones clearer. The recommendation came from the National Advertising Division (NAD) of BBB National Programs — a nonprofit that helps businesses self-regulate — after the Natural Diamond Council (NDC) challenged Agape’s claims, the NAD reported last week. Agape’s promotional material, including how it was presenting products for sale on its website, did not clearly and conspicuously disclose the
Year-on-year rough sales slid for the seventh consecutive cycle at De Beers, hitting a low for 2023 amid a slowdown in the market. The August sight totaled $370 million, the company reported Wednesday — down 42% from the same period in 2022, and 10% from July, when sales came to $411 million. “With the prevailing economic environment leading to softer end-client demand for diamond jewelry in key consumer markets, and the traditionally lower levels of midstream trading
DIAMOND contracts are not, it seems, forever — unfortunately for De Beers. By the time the Anglo American firm brings a new marketing deal for shareholder approval, probably at Anglo’s AGM next year, it will be almost four years since the last deal expired, and six since negotiations began. For its pains the diamond giant is getting 70% of diamonds produced by Debswana, the 50/50 joint venture with Botswana’s Okavango Diamond Company. That’s 5% less than
The diamond industry has faced multiple challenges leading to a notable shifting of the industry landscape over the last few years, says personal liability company BDO South Africa. Natural resources partner at the firm, Jacques Barradas, says the industry is in the midst of transformation that demands careful analysis and strategic foresight, following a 15% to 18% fall in diamond prices over the last year and lower volumes at market tenders. BDO natural resources head Servaas Kranhold adds that the diamond market has experienced a
Gold miner Gold Road Resources has closed a strong first half to June, with gold sales and revenue up. Gold sales during the six months under review reached 80 115 oz, up from 79 606 oz in the previous corresponding period, with production benefitting from record throughput rates at the Gruyere joint venture, in Western Australia. Revenue for the half-year increased from A$196.5-million to A$229-million. Consolidated net profits after tax for the interim period increased from A$39.9-million to A$55.7-million, while earnings before interest, taxes, depreciation and
Tanzania’s decision to establish a National Gold Reserve to strengthen its local currency comes at a time when global central banks are turning to gold as a safe-haven asset. As Africa’s fourth-largest gold producer, Tanzania’s focus on retaining its gold output within the country raises questions about the significance of such a move for its economy. This Article explores the dynamics of the Tanzania gold market, the benefits and disadvantages of gold exports, and the
Newfield Resources’ Tongo diamond project in Sierra Leone produced 7 800 carats in 2022 and this figure will virtually double in 2023. While these figures are modest, they are just the prelude to an expected sharp ramp up in production – starting in 2024 – which will see the mine producing at a rate of almost 200 000 carats a year by 2026 and over 300 000 carats a year by 2028, Newfield’s CEO KARL
The consultancy firm Business Monitor International (BMI) believes that the outlook for natural gas projects in Mozambique is improving, despite the delay in the resumption of work by the French oil and gas company, TotalEnergies, in the northern province of Cabo Delgado. “The outlook for mega-projects in Mozambique is improving, with progress being made on the resumption of projects. TotalEnergies has taken several steps to restart the project, following the violence in 2021, which forced
