ASX-listed Lucapa Diamond Company, with operations in Angola and Australia, has posted strong operational and financial results for the quarter ended March 31, showing year-on-year increases in carat recoveries, grade, revenue, and diamond prices. Lucapa reported a 6% increase in carat recoveries to 6,027 carats, along with a rise in the number of special diamonds—those weighing over 10.8 carats—from 51 in Q1 2024 to 54 in the current quarter. While diamond sales volume dipped 4%
The recent decline in international oil prices—now below the benchmark set in Angola’s 2025 State Budget—will not impact the government’s ability to pay public sector salaries. This assurance was given by Finance Minister Vera Daves de Sousa, who emphasized the state’s ongoing commitment to financial obligations, both domestic and international. “Since becoming Finance Minister, our focus has consistently been to safeguard salaries and honor our commitments to international and local creditors, as well as financial
The Bengo Industrial Investment Forum (FIIND-BENGO-2025), held on Wednesday, called for the establishment of gold mining cooperatives as a measure to curb illegal mineral extraction in the region. The forum addressed a range of challenges in the mining and mineral processing industries. Key topics included “Valuing Technical Expertise,” “Health and Safety,” “Artificial Intelligence in Industry,” and the “Geological and Mining Potential of Bengo Province.” During her address, Bengo Governor Maria Antónia Nelumba emphasized the province’s
The Angolan government is fast-tracking the construction of new oil refineries in Cabinda, Lobito, and Soyo as part of a broader effort to reduce the country’s reliance on imported petroleum products. Speaking at the forum “50 Years of Oil Production and Its Impact on National Development” in Luanda, Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, stated that imported fuels currently account for 80% of domestic consumption. He explained that the government’s strategy includes
The Angolan government has reaffirmed its commitment to increasing the country’s electrification rate by fostering public-private partnerships, with strategic backing from the World Bank (WB). Finance Minister Vera Daves highlighted this objective during the ANSA constituency technical meeting — comprising Angola, Nigeria, and South Africa — held with World Bank partners on the sidelines of the Spring Meetings of the WB and International Monetary Fund (IMF) in Washington, D.C. Minister Daves stated that the government
Etu Energias SA, Angola’s largest privately owned oil company, reported a net profit of $215.2 million in 2024, marking its fourth consecutive year of record performance. According to a company press release, the 2024 profit represents a 53% increase over the previous year. Total operating revenue rose to $674.5 million, reflecting a 59% year-on-year growth. The company attributed its strong financial results primarily to the successful integration of Blocks 14/14K and 32, which led to
Angola generated $6.4 billion from oil sales in the first quarter of 2025, marking an 18% decline compared to the same period in 2024, according to the Secretary of State for Oil, José Barroso. Speaking during the presentation of the oil sector’s Q1 performance and Q2 projections, Barroso revealed that Angola exported 85.1 million barrels of crude during the first quarter—a drop of 13.5% from Q4 2024 and 9.8% year-on-year. Revenue from oil exports also
Several African economies are feeling the strain from a sharp decline in global diamond prices. According to multiple reliable sources, diamond prices have dropped by more than 25% since 2022, impacting major African producers such as Botswana, Namibia, and Angola. The main factor behind the prolonged fall in demand and prices is the growing popularity of synthetic diamonds, which are increasingly preferred for jewelry production. The Democratic Republic of Congo (DRC) has been less affected,
The multinational company PLASFER, which specializes in raw material exports, is advancing administrative and technical processes to leverage the Lobito Corridor as a “New Copper Industry Export Route.” This strategic logistics route aims to connect the Democratic Republic of Congo (DRC), Angola, Latin America, and Europe. PLASFER has spent over three years developing an innovative project in the DRC, in collaboration with partners across Europe and the Americas. The company considers this new logistics initiative
Angola is moving beyond its traditional role as a mere supplier of raw materials, declared the Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, on Wednesday in Huambo Province. “We want to create value here. We want to cut stones here, refine here, transform here, and employ people here. We want the wealth extracted to circulate within Angola and benefit Angolans,” said the minister during the Mining Investment Forum taking place in the southern
