MRS Oil has finalized plans to voluntarily delist its shares from the Nigerian Exchange Limited (NGX) and migrate to the NASD OTC Securities Exchange. The decision was approved during an Extraordinary General Meeting (EGM) on June 25, 2024, and disclosed through a corporate filing with NGX. In line with NGX Delisting Rules (Rules 1.10 and 1.13(f)) and other regulatory requirements, MRS Oil will compensate shareholders who opposed the delisting or were absent from the EGM
Mozambique and Germany have signed a €500,000 financing agreement to support the development of the Green Hydrogen Project in Mozambique, aiming to diversify the country’s energy matrix. “The promotion of green hydrogen in Mozambique can help diversify energy supply, create job opportunities, and drive industrial and infrastructure development,” said Ronald Münch, Germany’s ambassador to Mozambique, in a joint statement. The agreement was signed between Eletricidade de Moçambique (EDM) and the German Development Bank (KfW), which
GoldStone Resources, a gold producer and explorer, has increased production at its Homase Mine in Ghana, achieving a gold dore pour of 598.9 ounces as of March 24—a 14% rise from the previous month. This milestone aligns with the company’s ongoing expansion efforts to access deeper ore at Pit 1, where operations are set to resume later this month. Increased stacking and improved leach kinetics are expected to drive further production gains in the coming
Luanda – The strategic importance of the Lobito Corridor and enhanced cooperation between Africa and the European Union (EU) were key topics at the EU high-level conference held this week in Rome, Italy. The event aimed to strengthen ties between African nations and the EU. Under the theme “The Mattei Plan for Africa and the EU’s Global Gateway: A Common Effort with the African Continent,” the conference brought together political leaders and private sector representatives
ONGC Videsh Ltd (OVL) is making progress on its offshore gas exploration project in Mozambique, where on-ground activities have resumed, officials confirmed. The OVL board recently approved an investment of ₹1,500 crore into the joint venture (JV) there. OVL, the international arm of India’s state-owned Oil and Natural Gas Corporation (ONGC), holds a 10% stake in the $20 billion “Offshore Area 1” LNG project. The project has been under force majeure since April 2021 due
Following the approval of a $268 million financing package, newly appointed UK Ambassador to Angola, Bharat Joshi, visited the Longonjo site to assess progress ahead of construction. Accompanied by Country Manager Geraldine Tchimbali, local Huambo authorities, community leaders, and the press, the ambassador observed site preparations for the Pensana rare earths project. Joshi emphasized the global significance of Longonjo, stating, “Longonjo might seem like a small village in the heart of Angola, but for the
The company behind Uganda’s East African Crude Oil Pipeline (EACOP) has secured its first tranche of external financing from a consortium of financial institutions, including commercial banks and Afreximbank, EACOP Ltd announced on Wednesday. Among the financiers are Standard Bank, Stanbic Bank Uganda, KCB Bank Uganda, and Saudi Arabia’s Islamic Corporation for the Development of the Private Sector. “The successful closing of this first tranche represents a significant milestone,” the company stated, though it did
Nigeria’s Trans Niger oil pipeline (TNP) is now fully operational following an explosion last week, Renaissance spokesperson Tony Okonedo confirmed on Tuesday. The 450,000-barrel-per-day (bpd) pipeline is a critical export route, transporting crude to the Bonny terminal, a key hub for Nigeria, Africa’s largest oil producer. Following the March 19 explosion, oil flow through the TNP was temporarily rerouted to an alternative line, according to Renaissance Group, the Nigerian oil consortium that acquired Shell’s former
Namibia’s diamond production rebounded sharply in January 2025, with the Diamond Production Index rising by 34.9% after a 6.1% decline in December 2024, according to the Namibia Statistics Agency (NSA). On an annual basis, the index recorded a 14.3% increase, driven by higher diamond output, as total production reached 241,393 carats, surpassing the 178,890 carats produced in December 2024 and the 211,108 carats from January 2024. This surge in diamond production was the key driver
Diamond exports from the Democratic Republic of Congo (DRC) generated $89 million in revenue in 2024, according to the latest statistics from the Ministry of Mines. The total exports amounted to 9,240,714.14 carats during the year. An analysis of the Ministry’s 2024 annual report reveals a growth of 11.26% in diamond exports compared to 2023, when exports totaled 8,305,796 carats. The report indicates that artisanal mining dominated diamond production in the DRC, with over 6,353,613.89
