An EU official revealed that the EU is exploring Africa to support clean jet fuel projects under its Global Gateway infrastructure fund in advance of an expected surge in demand for ecologically friendly air travel. A competitor to China’s Belt and Road Initiative, the EU has promised to devote half of its 300 billion euro ($324 billion) infrastructure plan to Africa. The spokesperson claimed that the fund is now investigating sustainable aviation fuel (SAF) and
The Niger Delta region’s illicit oil refineries were bombarded with air raids on Sunday, according to the Nigerian air force. The Nigerian army claimed to have attacked a boat carrying crude oil and heading for open seas, as well as many illegal locations in the oil-rich state of Rivers. Although aircraft bombardments are rare, Nigeria has been actively combating oil thieves in the Niger Delta by destroying crude-laden ships and tiny illicit refineries. The majority
Bangladesh has expressed strong interest in importing Liquefied Natural Gas (LNG) from Algeria, given the country’s rising energy demands. During a meeting with his Algerian counterpart Ahmed Attaf, Bangladesh’s Foreign Minister Dr. Ak Abdul Momen emphasized the critical significance that partnerships between the two countries may play in properly tackling this energy crisis. As such, Algeria and Bangladesh are actively developing a time-bound plan to strengthen collaboration, particularly in growing areas of mutual interest. In addition to LNG, areas of
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
