Petra Diamonds has started with a recruitment process to appoint a successor to CFO Jacques Breytenbach, who has resigned owing to personal reasons. Breytenbach will remain in his role until the delivery of the company’s full-year results at the end of September and to ensure a smooth transition of his responsibilities. Should a new CFO be appointed before this, Breytenbach will step down earlier. Petra CEO Richard Duffy says Breytenbach has been a highly valued
Debswana Diamond Company’s sales of rough diamonds fell 25.1% in 2023, data released by Botswana’s central bank late last week showed, as an economic slowdown hit demand for luxury items in the US and China and competition from lab-grown gems increased. Debswana, equally owned by Botswana and Anglo American’s De Beers, sells 75% of its output to De Beers with the balance taken up by State-owned Okavango Diamond Company (ODC). The central bank said Debswana
Ahead of new diamond import requirements from Group of 7 (G7) nations, starting on March 1, diamond producer De Beers Group says it anticipates no disruption to its diamond supply. The group reiterates that it fully supports the G7’s intentions to prohibit the import of Russian diamonds and emphasises the efforts it has taken to provide assurance on the provenance of the diamonds it produces. “Over more than a decade, De Beers has developed proprietary
The contract signed between the Mozambican government and SGS, a company specializing in verifying the specifications, prices, and quantities of the country’s mining export products, at the end of last year has now been approved by the Administrative Tribunal (TA). SGS, renowned for its expertise in inspection, verification, testing, and certification of mining exports, is now poised to commence operations as contracted through international public tender. Having already established a presence in the Mozambican market
The deadline for selling 37.47% of the shares in the Angolan oil exploration company, ACREP, via the Angolan Debt and Stock Exchange (BODIVA), has been extended until 3pm on the 15th of this month, a decision ratified by the Capital Market Commission (CMC). Initially, interested parties and investors could purchase shares between February 19th and March 1st, 2024. However, the extension is attributed to various factors, including the surge in requests for account openings towards
The Executive Board of the International Monetary Fund confirmed that 2023 was a difficult year with many challenges, but that the foundations for recovery in 2024 and contributions from 2025 have been laid. The Executive Board of the International Monetary Fund (IMF) expects economic growth in Angola to recover in the short term. This scenario will result in improved oil production and the recovery of the non-oil sector. The information is contained in the final
Mozambique broke the gold production record in 2023, with more than 1.6 tons, above the projection for last year and for 2024, budget execution data indicates. According to a report from the Ministry of Economy, cited by Lusa, with the budget execution from January to December, the country produced 1,666.4 kilograms of gold, an increase of 32% compared to 1,263.8 kilograms in 2022, already a record. Each kilogram of gold is currently worth almost 67
The Guinean Government expects the first oil prospecting hole in the country to be drilled next July, if everything goes as planned, the Minister of Natural Resources of Guinea-Bissau, Malam Sambú, announced on last week The former ambassador of Guinea-Bissau to China for many years and former Minister of Fisheries, Sambú told Lusa that the drilling work “is on track” and that this week he will be meeting with the company that will carry it
Independent oil and gas company Invictus Energy has made a natural gas and condensate discovery at its Mukuyu-2 well at the Cabora Bass project, northern Zimbabwe. “The results from Mukuyu-1 are consistent with our geological modelling of the Cabora Bassa Basin and the presence of both light oil and gas-condensate provides us with confidence as we prepare for the next phase of our appraisal program,” stated Invictus Energy Managing Director Scott Macmillan. The announcement follows
The Temane Thermal Power Station in Mozambique will commence operations this year, boosting the country’s electricity generation by 16% while fostering job creation and industrial growth. Construction of the 450 MW facility started in March 2022 and reached 65% completion in December 2023, according to Carlos Zacarias, Mozambique’s Minister of Mineral Resources and Energy. The $650 million project is Mozambique’s largest gas-fired power plant and will use gas extracted from the Pande, Temane and Inhassoro
