Tanzania’s decision to establish a National Gold Reserve to strengthen its local currency comes at a time when global central banks are turning to gold as a safe-haven asset. As Africa’s fourth-largest gold producer, Tanzania’s focus on retaining its gold output within the country raises questions about the significance of such a move for its economy. This Article explores the dynamics of the Tanzania gold market, the benefits and disadvantages of gold exports, and the
Newfield Resources’ Tongo diamond project in Sierra Leone produced 7 800 carats in 2022 and this figure will virtually double in 2023. While these figures are modest, they are just the prelude to an expected sharp ramp up in production – starting in 2024 – which will see the mine producing at a rate of almost 200 000 carats a year by 2026 and over 300 000 carats a year by 2028, Newfield’s CEO KARL
The consultancy firm Business Monitor International (BMI) believes that the outlook for natural gas projects in Mozambique is improving, despite the delay in the resumption of work by the French oil and gas company, TotalEnergies, in the northern province of Cabo Delgado. “The outlook for mega-projects in Mozambique is improving, with progress being made on the resumption of projects. TotalEnergies has taken several steps to restart the project, following the violence in 2021, which forced
A southern African bloc of nations backed a $17 billion natural gas infrastructure plan to bolster energy supplies on a continent where almost half of the population lacks access to power. The 16-member Southern African Development Community approved the blueprint to invest in infrastructure such as pipelines and terminals for local and imported supplies. While not yet a major source of gas, the bloc is home to some significant discoveries with projects in various stages
Angolan diamond sales in July reached 295,532.16 carats, bringing the total volume traded to 4,591,284 carats, according to data from the General Tax Administration (AGT) published on the Ministry of Finance’s website. The proceeds from sales, according to the Monthly Diamond Revenue Map, amounted to US$73,519,912, at a price, last month, of US$261.81 per carat, with a cumulative figure of US$847,895,450 in the calculation of first seven months of the year, indicate the data in
Sonangol is unloading 34 tanks of liquefied petroleum gas (LPG), known as cooking gas, at the Barra do Dande Ocean Terminal (TOBD), as part of the completion of that project designed to gather a storage capacity of 102 thousand meters cubic meters of that fuel, optimize the distribution and constitution of the country’s Strategic Petroleum Derivatives Reserve. The operation is complex, according to the project director, Mauro Graça, quoted yesterday by the Sonangol program at
The Angolan Debt and Stock Exchange (BODIVA) approved, on Friday 25th August, in Luanda, the requests for a Special Session to be held on the Stock Exchange and for admission to trading of the private Bonds of the Sociedade Nacional de Combustíveis de Angola, EP (SONANGOL). As explained in the statement sent to the newsrooms, the Special Session on the Stock Exchange will take place between 9:00 am and 3:00 pm on September 13th and
Revenues from Angolan diamond exports for the first six months of this year fell by 2.8 percent compared to the same period last year. From January to June, 4.66 million carats were sold, resulting in a gross value of approximately US$711.7 million. These data were released yesterday, in Luanda, by the National Director of Mineral Resources. Paulo Tanganha stressed that the main destinations for Angolan diamond exports were the United Arab Emirates, with 65.6 percent, and
According to the Presidency, the cost of compressed natural gas (CNG), a less expensive substitute for premium motor spirit, often known as gasoline, is anticipated to be N250 a liter. The Federal Government and other stakeholders have proposed using compressed natural gas (CNG) as part of their attempts to reduce the cost of public transportation following the loss of fuel subsidies, which increased the cost of the good. This was announced by Ajuri Ngelale, Special
Petra Diamonds’ rough prices decreased at its first tender of the fiscal year as the anticipated pickup in demand proved disappointing. The August trading session brought in $79.3 million from the sale of 696,194 carats, with like-for-like prices — those for similar categories of diamonds — falling 4.3% compared with May, the miner reported Friday. The slowdown was primarily due to flagging prices for rough between 2 and 10.8 carats, which dropped 14% on a like-for-like basis.
