De Beers Group has announced the successful sale of the Buffels Marine Mining Right, and associated assets, to Kleinzee Holdings Proprietary as of 7 August 2023. The Buffels Marine Mining Right was De Beers’ last remaining mining right at Namaqualand Mines. De Beers has been conducting rehabilitation activities since it ceased operations on the Buffels Marine Mining Right in 2010, while looking for a responsible operator for the mining right. Kleinzee Holdings is a consortium led by
Gem Diamonds reported a loss in the first half of 2023 as a slowdown in the market and a drop in production of large stones negatively impacted the average price. The miner posted a loss attributable to shareholders of $1 million for the six months ending June 30, compared to a profit of $3.8 million a year ago, it said last week. Profit after tax slid to $1.5 million from $8.3 million a year before. Revenue fell
The government of Wallonia, Belgium, has provided iTraceiT with a grant worth EUR 250,000 (around $273,000) that will enable it to expand its diamond traceability solution to the Indian and US markets. The Antwerp-based technology and service provider is also set to receive additional money later in the year from the government’s investment fund, W.IN.G (Wallonia Innovation and Growth), it said last week. With the initial cash, iTraceiT will beef up its advertising and sales programs to
Petrobras, a Brazilian state-owned oil company, decided to end the divestment processes at the Urucu, Bahia Terra and Campo de Manati hubs. The order, which also involves Petrobras Operaciones SA (a subsidiary of the state-owned company in Argentina), was communicated on 4th September and takes into consideration “the strategic adherence to the portfolio, as well as the profitability profile”, according to Carta Capital, citing the company. The decision tends to impact Petrobras’ Exploration/Production and Gas/Energy
Guinea-Bissau represents both a unique and highly strategic investment opportunity. As a relatively undeveloped energy market, the country is positioned in close proximity to large-scale oil and gas developments in neighboring Senegal and Mauritania. High-impact regional discoveries made in recent years have emphasized the potential of offshore acreage while untapped domestic renewable energy resources coupled with favorable investment terms highlight the attractiveness of investing in Guinea-Bissau. Untapped Mineral Reserves Guinea-Bissau is believed to have approximately
One of the world’s most popular types of rough diamonds has plunged into a pricing free fall, as a growing number of Americans choose engagement rings made from lab-grown stones instead. Diamond demand across the board has weakened after the pandemic, as consumers splash out again on travel and experiences, while economic headwinds eat into luxury spending. However, the kinds of stones that go into the cheaper one- or two-carat solitaire bridal rings popular in
London-listed Gem Diamonds has posted a loss a share of $0.07 and lower underlying earnings before interest, taxes, depreciation and amortisation of $8.4-million for the six months ended June 30, on the back of a downturn in the rough diamond market. This compares with the earnings a share of $0.027 and underlying Ebitda of $20.9-million posted for the prior comparable six months of 2022. The company’s attributable loss came to $1-million for the six months under review,
Qatari-based diversified business conglomerate Power International Holding is exploring a partnership opportunity with Algerian National Oil Company Sonatrach for the development of a petrochemical facility in Algeria. The facility will produce raw materials such as butene and polybutene. A delegation from Power International Holding is expected to visit Algeria to discuss the partnership in early September 2023. Mohammed Arkab, Minister of Energy in Algeria, stated that, “Sonatrach is ready to work with Power International to achieve that project, which
Mozambique’s Hidroeléctrica de Cahora Bassa (HCB), one of the largest independent energy producers in southern Africa, has said that it is considering the “reactivation” of a project to build a new power plant, to the north of the original hydroelectric dam, in view of growing demand for electricity in the region. “In the long term, the company is conducting strategic reflections with a view to reactivating the Cahora Bassa North project, to meet the growing
Nigeria’s new oil minister stated last week that the country expects all four oil refineries to be ready by the end of the year, with the southern Port Harcourt facility possibly beginning operations as early as December. The Port Harcourt refinery will begin processing oil by the end of 2022, the government announced last year. However, NNPC Ltd executives and succeeding oil ministers have launched a number of fruitless plans to restart, remodel, or enlarge
