Petra Diamonds Reviews Capex and Considers Finsch Mine Suspension Amid Weak Diamond Prices and Rising Debt London-listed Petra Diamonds has launched an urgent review of costs and capital expenditure (capex) across its operations as it moves to protect liquidity amid sustained pricing pressure in the global diamond market. The company is also considering suspending further capex at its Finsch mine in South Africa due to escalating cost pressures. In its operational update for the quarter
World Diamond Council Names Ronnie VanderLinden President Amid Natural Diamond Industry Challenges Ronnie VanderLinden has been appointed president of the World Diamond Council (WDC) following the organisation’s 2026 Annual General Meeting held in Antwerp on May 7. Mr VanderLinden succeeds Feriel Zerouki at a time when the global natural diamond industry is facing weaker demand, increasing competition, and fragmented messaging across the sector. In his first remarks as president, Mr VanderLinden stressed the need for
Kenya to Launch Commercial Oil Production in Turkana as East Africa Expands Energy Ambitions Kenya is set to officially join Africa’s oil-producing nations, with commercial oil production expected to begin before the end of the year from the South Lokichar oil fields in Turkana County. Energy Cabinet Secretary Opiyo Wandayi told lawmakers that initial production will start at approximately 20,000 barrels per day before gradually increasing to around 50,000 barrels per day as operations expand.
Ghana Partners Eni, Vitol and GNPC to Boost Domestic Gas Production by 2028 Ghana has signed a new agreement with Eni, Vitol Group, and Ghana National Petroleum Corporation (GNPC) to expand domestic gas production as the country moves to strengthen energy security and reduce dependence on imported fuels. According to local media reports, the agreement supports efforts to increase gas output under the Offshore Cape Three Points (OCTP) project, one of Ghana’s most important upstream
DRC Considers Equity in Zambia Power Project to Boost Copper Output and Tackle Energy Deficit The Democratic Republic of the Congo is considering taking an equity stake in a $270 million cross-border electricity project with Zambia, as persistent power shortages threaten production in one of the world’s most important copper regions. According to the finance ministry, the proposed investment would give Kinshasa a direct role in developing a 200-kilometre high-voltage transmission line linking Kalumbila in
ADES Wins $92.7 Million Nigeria Offshore Drilling Deal with Seplat, Strengthens West Africa Presence ADES International Holding has secured a $92.7 million offshore drilling contract in Nigeria with Seplat Energy Producing Nigeria Unlimited, marking a further expansion of its footprint in West Africa’s oil and gas sector. The agreement covers the operation of the Shelf Drilling Victory rig for an initial two-year period, with options for extension. The contract, originally valued at 347.6 million Saudi
Zambia Secures $246M Solar Investment as Nambala Project Expansion Targets 350MW Capacity The Zambia Development Agency (ZDA) and Sunshare Energy Limited (SEL) have signed a $246 million Investment Promotion and Protection Agreement (IPPA) to expand the Nambala Solar Power Plant in Mumbwa, in a move aimed at accelerating Zambia’s renewable energy development. The agreement supports Phase II of the project, which will add 250 megawatts (MW) to the existing facility. This follows Phase I a
Scientists Trace Origin of Rare CLIPPIR Diamonds to Iron-Rich Mantle Zones Deep Beneath Earth’s Surface The formation of the world’s rarest and most valuable gem-quality diamonds known as CLIPPIR diamonds (Cullinan-like, large, inclusion-poor, pure, irregular and resorbed) has long puzzled scientists. A new study led by University of Cape Town (UCT) now provides critical insights into their origin deep within the Earth’s mantle. Conducted by the Kimberlite Research Group (KRG) in the Department of Geological
Namibia Seeks Chinese Investment in Green Hydrogen, Renewable Energy and Mineral Beneficiation Drive Namibia is stepping up efforts to attract Chinese investment into its growing green hydrogen and renewable energy sector, positioning its abundant solar and wind resources as a foundation for future industrial development. During an official visit to China, Minister of International Relations and Trade Selma Ashipala-Musavyi emphasised that a stable and diversified energy mix will be essential for long-term economic growth. She
Burgundy Diamond Subsidiary Arctic Canadian Files for Insolvency Protection Amid Weak Diamond Demand and Rising Costs ASX-listed Burgundy Diamond Mines has announced that its subsidiary, Arctic Canadian Diamond Company, has filed for insolvency protection under Canada’s Companies’ Creditors Arrangement Act (CCAA) in British Columbia. The Supreme Court of British Columbia has granted the application, allowing Arctic to begin a court-supervised restructuring process. The company will now engage with lenders, creditors, and other stakeholders to explore
