De Beers 2025 Financial Results: $511M Loss Driven by Falling Diamond Prices and Stock Rebalancing Diamond miner De Beers reported a challenging 2025 financial year, posting an underlying loss before interest, taxes, depreciation, and amortisation (EBITDA) of $511 million, compared with a loss of $25 million in 2024. The decline was driven by a lower average rough price index and stock rebalancing initiatives. Production and Sales Rough diamond production fell 12% to 21.7 million carats
Zambia’s Energy Regulation Board Approves ZMW 2.45 Billion in New Energy and Petroleum Investments The Energy Regulation Board (ERB) has approved 29 licence applications and five construction permits across the petroleum, electricity and renewable energy sub-sectors, representing a total committed investment of ZMW 2.45 billion (approximately US$130 million). The approvals were granted by the Board’s Licensing Committee at its meeting on 13 February 2026, signalling sustained investor confidence in Zambia’s energy market. The ERB stated
Botswana Expands Mining Exploration Strategy to Reduce Diamond Dependence and Target Critical Minerals Botswana is preparing to significantly increase mining exploration activity including the search for critical minerals as it moves to reduce its long-standing dependence on diamonds. Mines Minister Bogolo Joy Kenewendo announced on Tuesday that the government plans to survey the approximately 70% of the country’s territory that remains geologically unexplored. The Southern African nation, widely regarded as one of Africa’s most stable
Libya Grants Exploration Licenses to Chevron, Eni, QatarEnergy and Repsol in Major Oil and Gas Round Libya has awarded new oil and gas exploration blocks to several international energy companies, including Chevron, Eni, QatarEnergy and Repsol, marking the country’s first licensing round in nearly two decades. The bidding results were announced by Libya’s National Oil Corporation (NOC). The round the first since 2007 allocated exploration acreage in the onshore Sirte and Murzuq basins, as well
NNPC Confirms Seplat Maintenance from Feb 12–15 May Temporarily Reduce Gas Supply to Nigerian Power Plants Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced that Seplat Energy will conduct routine maintenance on its gas production facilities from February 12 to 15, 2026. According to a statement issued by NNPC’s Chief Corporate Communications Officer, Andy Odeh, the scheduled work may temporarily reduce gas supply to some power generation companies connected to the NNPC Gas Infrastructure
CNOOC Begins Mozambique Drilling Next Month as Rovuma Basin LNG Projects Resume Development China National Offshore Oil Corporation (CNOOC) plans to begin hydrocarbon exploration offshore Mozambique next month, targeting blocks awarded during the country’s sixth licensing round in 2022. Mozambique’s Minister of Energy, Estêvão Pale, announced at Mining Indaba 2026 in Cape Town that preparations for drilling activities will commence in March. He indicated that the government remains in the early stages of exploration across
East African Crude Oil Pipeline Nears Completion as Uganda and Tanzania Plan First Oil Shipment in July 2026 Tanzania and Uganda are preparing to launch their first crude oil shipment through the East African Crude Oil Pipeline (EACOP) by July 2026, following high-level talks between Tanzanian President Samia Suluhu Hassan and Ugandan President Yoweri Museveni. Officials from both countries confirmed that technical coordination is underway to finalize export readiness, including operational procedures and supporting infrastructure
Senegal’s Petrosen Launches $100 Million Onshore Oil and Gas Exploration Campaign After Licence Revocations Petrosen, Senegal’s state-owned oil company, will invest at least $100 million this year to accelerate onshore oil and gas exploration, targeting new crude discoveries in underdeveloped inland basins. The programme follows regulatory reforms and the revocation of licences from operators that failed to advance seismic surveys or drilling activities. The government has signalled a tougher stance on inactive acreage as it
Dangote Refinery Hits Full 650,000 bpd Capacity, Launches 72-Hour Test Run with UOP The Dangote Refinery has reached its full operational capacity of 650,000 barrels per day (bpd), marking a significant milestone for the world’s largest single-train refinery. The company said the achievement follows the successful restoration and optimisation of its Crude Distillation Unit (CDU) and Motor Spirit (MS) production block. A 72-hour intensive performance test, to be conducted in collaboration with technology licensor UOP,
Ghana Gold Output Reaches Record 6 Million Ounces in 2025 as Royalty Overhaul Raises Industry Concerns Ghana produced a record six million ounces of gold in 2025, according to provisional industry data, cementing its position as Africa’s top gold producer. Figures released by the Ghana Chamber of Mines show that large-scale mining operations delivered 2.9 million ounces, unchanged from the previous year. The bulk of growth came from artisanal and small scale mining (ASM), which
