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Category: International

Corporate News Diamonds International

Botswana Government Halts Progress on HB Antwerp Diamond Deal

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

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Corporate News Diamonds International

Gem Diamonds Boosts Profitability Amid Market Challenges

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,

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Corporate News International Mining Projects

Botswana Diamonds Expands Exploration with 11 New Prospecting Licences

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

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Renewable Energy International News

Mozambique Expands Solar Power with $110 Million Investment

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

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Gas International News

Global Natural Gas Demand to Surge 32% by 2050

Global demand for natural gas is projected to rise by 32% by 2050, increasing from 4,018 billion cubic meters (bcm) in 2023 to 5,317 bcm, according to the latest Gas Exporting Countries Forum (GECF) Global Gas Outlook 2050 report, released on March 10. The report attributes this growth to economic expansion in developing economies and a global population increase to 9.8 billion by 2050. By the late 2030s, natural gas will surpass coal as the

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Oil Exploration Gas International Renewable Energy

Namibia Balances Oil Exploration and Green Energy Goals

President Nangolo Mbumba has defended Namibia’s dual pursuit of oil exploration and renewable energy, emphasizing that the country’s energy strategy aligns with global climate commitments, including the Paris Agreement. Amid concerns about the contradiction between fossil fuel projects and decarbonization efforts, Mbumba stressed that Namibia’s newly discovered oil resources will support a sustainable energy transition. “The development of our newly discovered oil resources is not contradictory to our decarbonization agenda. It is part of a

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Corporate News Diamonds International

Alrosa’s Profit Plunges Amid Sanctions and Weak Diamond Demand

Alrosa’s profit and revenue declined sharply in 2024, as sanctions on Russian diamonds and weak market demand weighed on its financial performance. The company reported a profit of RUB 19.25 billion ($215.3 million) for the year, a steep drop from RUB 85.18 billion ($952.8 million) in 2023. Revenue fell 26% to RUB 239.07 billion ($2.67 billion). Beyond reduced consumer demand due to sanctions, Alrosa recorded a RUB 4.98 billion ($55.6 million) impairment on property, plant,

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Oil Exploration Gas International

Libya Reopens Oil and Gas Exploration to Foreign Investors

Libya’s National Oil Corporation (NOC) has launched its first public tender for oil and gas exploration since 2008, marking a major step toward reopening the country’s energy sector to international investment after years of political instability and operational challenges. The official presentation of the tender will take place in Tripoli this evening, where NOC officials will outline available exploration opportunities for foreign oil companies. This move comes as Libya struggles with hydrocarbon production setbacks, including

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Energy Corporate News International

VAALCO Energy Expands in Côte d’Ivoire and Boosts Production in Gabon

VAALCO Energy is strengthening its footprint in Africa with a 70% acquisition of the offshore CI-705 block in Côte d’Ivoire. The deal, finalized on March 3, 2025, expands the company’s West African portfolio, following its 2024 purchase of the offshore Baobab field. The CI-705 block, located 70 km west of the CI-40 block, lies in the Tano Basin, a region with recent significant oil and gas discoveries. Positioned 60 km from Eni’s Calao discovery, the

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Corporate News International Oil

Libya’s Akakus Oil Completes High-Yield Well as NOC Opens New Exploration Opportunities

Akakus Oil Operations has successfully completed drilling the B-52H well in the Sharara oil field in southern Libya, with an estimated production capacity of 1,750 barrels per day. In a significant move to boost oil exploration, Libya’s National Oil Corporation (NOC) recently launched its first exploration tender since 2008. The tender offers over 20 exploration blocks, spanning both onshore and offshore areas, as part of a broader effort to revive the country’s energy sector and

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