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Diamonds International News

Agape Diamonds Receives Warning over Lab-Grown Disclosure

A US advertising watchdog has called on e-tailer Agape Diamonds to make the origins of its synthetic and simulated stones clearer. The recommendation came from the National Advertising Division (NAD) of BBB National Programs — a nonprofit that helps businesses self-regulate — after the National Diamond Council (NDC) challenged Agape’s claims, the NAD reported last week. Agape’s promotional material, including how it was presenting products for sale on its website, did not clearly and conspicuously disclose the

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Gold International News

AngloGold idles lossmaking Brazil mine, appoints new COO

Bullion miner AngloGold Ashanti has placed the Córrego do Sítio (CDS) mine, in Brazil, on care and maintenance, following a sustained period of poor production and costs that are well above the gold price. CDS is AngloGold’s smallest operation and produced 30 000 oz in the first six months of the year at a total cash cost of $2 278/oz and an all-in sustaining cost (AISC) of $3 031/oz. The mine produced 69 000 oz last year, accounting for only 2.5% of

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Diamonds International News

De Beers Loosens Buying Rules as Inventories Accumulate

De Beers will allow sightholders to defer up to half of rough purchases to early next year amid sluggish consumer demand and high midstream stockpiles, market insiders told Rapaport News. The miner wrote to customers last week, informing them that they could avoid buying parts of their allocations of 1-carat goods and larger for the rest of 2023, the sources said on condition of anonymity. The allowance is 25% by value for some boxes and 50% for others,

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International Mining News

South32’s Ambitious Plans: A Deep Dive into Their Pursuit of Copper Exposure

In a world driven by technological advancements and electrification, the demand for copper has skyrocketed. This essential metal is the lifeblood of modern civilization, found in everything from power generation and transmission to electronics and transportation. Recognizing the potential of copper as a critical component of the future, South32, a globally diversified mining and metals company, has expressed a strong interest in building its copper exposure. This move not only reflects the changing dynamics of

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Gas International News

Kinetiko Energy Teams Up with IDC to Advance South African LNG Project

The gas exploration company, Kinetiko Energy, through its subsidiary Afro Energy, has signed a non-binding Term Sheet with the South African national development finance institution, the Industrial Development Corporation (IDC), to co-develop a Joint Venture (JV) for the production of the country’s largest onshore Liquefied Natural Gas (LNG) project. Announced on 22 August, the first phase of the project will deliver 50 MW of gas equivalent energy and is expected to be developed over two

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International Mining News

Billionaire Agarwal Commits to Settling Zambia’s Creditors Prior to Mine Reacquisition

“Vedanta Resources Ltd. is ready to pay $250 million owed to suppliers in Zambia as soon as it resumes control of the copper mines that were seized by the southern African nation’s government more than four years ago. Former President Edgar Lungu’s administration placed Konkola Copper Mines under provisional liquidation in 2019, after accusing Anil Agarwal’s Vedanta of lying about expansion plans and paying too little tax. That sparked a series of court cases, culminating

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International News

Oil Prices Stabilize

The oil prices steadied after earlier declines on Thursday caused by disappointing economic data from key economies, with investors awaiting a speech by U.S. Federal Reserve Chair Jerome Powell on Friday for clues on interest rate moves. Brent crude climbed by 6 cents, or 0.1%, to $83.27 a barrel by 0855 GMT, after dropping to $82.57 earlier in the session. U.S. West Texas Intermediate crude rose by 4 cents, or 0.1%, to $78.93 a barrel,

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Economy International News Oil

Namibia’s Offshore Oil Discoveries Estimated at 11 Billion Barrels

Namibia’s offshore oil discoveries and their potential impact on the country’s economy. The discoveries are estimated to be around 11 billion barrels in total. The article highlights that TotalEnergies’ Venus-1X find constitutes nearly half of this total. Shell and TotalEnergies have made these deep-water discoveries over the past two years. Namibia, a southern African country that has not yet produced any oil or gas, is now considered a global exploration hotspot due to these recent

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Economy Energy Gas International News

QatarEnergy Awards $560 Million EPC Contract for Enormous North Field South Project

The North Field, located northeast of the Qatar peninsula, is the largest non-associated natural gas field in the world. QatarEnergy has awarded Técnicas Reunidas an additional Engineering, Procurement, and Construction (EPC) contract for work including pipelines, interconnections, ancillary systems, and other supporting components of the LNG Offplot facilities for the North Field South Project, the Spanish contractor said in a press release. Técnicas Reunidas is currently executing the EPC works for the expansion of the

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Energy Gas International News

Looming Reduction in LNG Strike Risk Points to Continued Drop in Natural Gas Prices

Natural gas prices are likely to decline further today after Woodside Energy reached an in-principle agreement with a trade union that should significantly reduce the risk of industrial action at the largest LNG production facility in Australia. That’s according to ING’s Warren Patterson and Ewa Manthey, who wrote a note today, stating that natural gas prices in Europe had already shed 14% on Wednesday due to the prospect of an agreement between Woodside and its

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