Mabruk Oil Operations has restarted production at Libya’s Mabruk oilfield after a ten-year shutdown, the Tripoli-based Government of National Unity (GNU) announced on Wednesday, March 12, 2025. Production resumed on Sunday at an initial rate of 5,000 barrels per day (bpd), with plans to increase output to 7,000 bpd by the end of March and 25,000 bpd by July. To enhance operational efficiency, operators began transferring crude to the nearby Al-Bahi field on Tuesday, strengthening
The Namibia Revenue Agency (NamRA) anticipates a N$6 billion decline in tax revenue from the diamond sector this year due to weak global prices. NamRA Commissioner Sam Shivute attributed the shortfall to the struggling diamond market but highlighted that increased tax collections from the mining, fishing, and tourism sectors had helped mitigate the impact. “We have collected N$83 billion for the 2024/2025 financial year. Despite losing N$6 billion in diamond tax revenue, we are still
The European Union (EU) has announced plans to impose tariffs on US imports, including diamonds, gemstones, and metals used in jewelry production, in retaliation for what it calls “unjustified” taxes imposed by the US on aluminum and steel. “The Commission regrets the US decision to impose such tariffs, considering them unjustified, disruptive to transatlantic trade, and harmful to businesses and consumers, often resulting in higher prices,” the EU stated last week. The proposed countermeasures could
The U.S. Export-Import Bank has approved a nearly $5 billion loan to restart the long-stalled Mozambique LNG project, marking a significant step toward resuming development led by French oil giant TotalEnergies. Initially expected to be operational by 2029, the project faced major setbacks after Islamist insurgents attacked the Cabo Delgado region, forcing TotalEnergies to declare force majeure and halt construction. The U.S. Export-Import Bank originally committed $4.7 billion to the $20 billion project under the
Botswana, the world’s top diamond producer, is ramping up efforts to attract affluent young American buyers to its natural diamonds amid growing competition from lab-grown alternatives. To capture their attention, the country is leveraging social media platforms like Instagram and TikTok. As part of this strategy, Botswana recently hosted an exclusive luxury event in New York’s Greenwich Village, where social media influencers were treated to a fine dining experience at a Michelin-starred restaurant, according to
The African Energy Chamber (AEC) has welcomed the U.S. Export-Import Bank’s (EXIM) decision to reauthorize a $4.7 billion loan, originally approved under the Trump administration, to support Mozambique’s Liquefied Natural Gas (LNG) project. Led by TotalEnergies, the $20 billion Mozambique LNG project had stalled in 2021 due to security concerns in the Cabo Delgado province. With renewed financial backing, the project is now set to move forward, positioning Mozambique as a key player in the
Botswana’s plan to acquire a 24% stake in Belgian gem trader HB Antwerp, initially proposed by the previous government, remains uncertain. The deal, announced in March 2023 by former President Mokgweetsi Masisi, was intended to challenge Botswana’s long-standing partnership with De Beers by allowing State-owned Okavango Diamond Company to receive polished rather than rough prices for some of its sales. However, the agreement was never finalized. “They were still conducting due diligence and never closed
Despite a tough diamond market in 2024, London-listed Gem Diamonds delivered strong financial results, driven by cost containment, operational efficiencies, and strategic capital allocation, CEO Clifford Elphick reported. Global economic uncertainty, persistent inflation, and geopolitical tensions weighed on diamond prices throughout the year. However, Gem Diamonds achieved a 10% revenue increase, reaching $154.2 million, primarily due to the sale of 13 diamonds exceeding 100 carats each. Cost-cutting measures contributed to a 95% surge in EBITDA,
AIM-listed Botswana Diamonds has applied for 11 prospecting licences in Botswana, targeting copper, silver, cobalt, gold, nickel, zinc, and platinum group metals. This move follows the company’s AI-driven exploration programme, which initially focused on diamonds but uncovered hidden polymetallic deposits across the country. The nationwide AI exploration initiative began with a focus on diamonds. However, during data analysis, it became evident that the technology could also identify undiscovered polymetallic targets. “Our analysis has revealed a
A private Mozambican consortium plans to invest $110 million (€101 million) in a solar power plant in Gaza province, southern Mozambique, to strengthen the national grid, according to official documents accessed by Lusa. The Chibuto Solar Power Plant, a joint initiative between Sal Energia and state-owned Electricidade de Moçambique (EDM), will have an installed capacity of 95 MW. Sal Energia will develop, finance, and construct the plant, along with the necessary grid connection infrastructure. The
