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Local Governance News

SADC Summit 2024: President Lourenço Reviews Progress as Angola Passes Chair to Zimbabwe

On August 17, 2024, President João Manuel Gonçalves Lourenço of Angola, the outgoing Chairperson of the Southern African Development Community (SADC), delivered a significant address at the 44th SADC Summit of Heads of State and Government in Harare, Zimbabwe. President Lourenço underscored the notable progress in industrialization, regional integration, and peacekeeping efforts, while also addressing the challenges that lie ahead. The summit brought together the region’s top leaders to reflect on achievements, tackle current issues,

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Renewable Energy Local News

EXIM Bank Backs $1.6 Billion Solar Mini-Grid Project in Angola

The Export-Import Bank of the United States (EXIM) is providing a $1.6 billion direct loan to support the development of 65 solar mini-grids in Angola. The loan will benefit ING Capital, Sun Africa, and Omatapalo, which are involved in capital markets, clean energy, and construction, respectively. These solar mini-grids, equipped with energy storage facilities, will be deployed across four provinces in southern Angola. The project aims to provide off-grid solutions, improving access to electricity and

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Local News Transport and Logistics

INFOTUR Leverages Lobito Corridor to Boost National Tourism

The Institute for Tourism Promotion (INFOTUR) plans to capitalize on the Lobito Corridor to enhance national tourism, announced the General Director, Lukeni Araújo, in Luanda. During the operation of the Rovos Rail luxury train this month, which travels between Lobito, Angola, and the Democratic Republic of Congo (DRC) after originating in Dar es Salaam, Tanzania, a total of 124 tourists were transported—60 entering Angola and 64 leaving. Araújo emphasized that INFOTUR’s primary mission is to

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International Corporate News Diamonds News

Lucapa Diamond Sells 70% Stake in Lesotho’s Mothae Mine

Australia-headquartered Lucapa Diamond has successfully completed the sale of its 70% stake in the Mothae mine in Lesotho. The interest was sold to the local Lesotho company Lephema Executive Transport, after all conditions of the sale and purchase agreement, signed in June, were met. The divestment was carried out through a public sale process, following a strategic review of Lucapa’s asset portfolio by its newly restructured board of directors. The review concluded that Lucapa should

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Diamonds International News

Botswana Seeks to Double Stake in HB Antwerp Amid Diamond Market Downturn

Botswana is renegotiating its planned purchase of a stake in Belgian gem dealer HB Antwerp to double its shareholding without additional cost, following a decline in the diamond market, Mines Minister Lefoko Moagi announced on Tuesday. As the world’s leading diamond producer by value, Botswana’s economy has been heavily impacted by decreased global demand for diamonds due to the economic slowdown. Moagi told Parliament that the downturn in the diamond market has lowered HB Antwerp’s

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Diamonds Corporate News International News

Gem Diamonds Increases Diamond Sales by 9%, Generating $77.9 Million in Revenue

London-listed Gem Diamonds reported selling 56,944 carats of diamonds from its Letšeng mine in Lesotho, generating $77.9 million in revenue for the six months ended June 30. This marks a 9% increase compared to the 52,163 carats sold in the first half of 2023, which generated $71.6 million in revenue. The average price per carat in the first half of this year was $1,366, slightly lower than the $1,373 per carat recorded in the same

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Diamonds Economy International News

Botswana to Cut Spending Amid Diamond Revenue Decline

Botswana plans to reduce spending on new vehicles and travel for government officials and may delay some capital projects due to a slump in diamond revenues, according to Finance Minister Peggy Serame. “We have to seriously reduce the pace of spending, and we are looking at areas such as procurement of vehicles, computers, workshops, and travel that is funded by the government,” Serame told lawmakers on Monday. In the first quarter of the fiscal year

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Local News

Angolan Sovereign Wealth Fund Approves $10 Million Investment in Minbos Resources

ASX-listed Minbos Resources announced on Monday that the Angolan Sovereign Wealth Fund (Fundo Soberano de Angola, FSDEA) has approved a $10-million strategic investment in the company. This investment will support the construction of the Cabinda Phosphate Fertiliser Project (CPFP). FSDEA provided Minbos with written approval, detailing a $10-million investment at a price of either A$0.08 per share or the volume-weighted average price of Minbos shares for the ten days preceding the execution of the final

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International Energy News

Egypt Expands Hydroelectric Projects to Boost Clean Energy Production

The Egyptian government has announced plans to develop two new hydroelectric projects as part of its broader strategy to transition to cleaner energy sources and reduce dependence on fossil fuels. These projects are expected to generate up to 2,000 MW of electricity. Unlike the Jabal Ataqa project, which utilizes treated sewage water, these new initiatives will draw water from the Nile River. The Jabal Ataqa project, launched in collaboration with the Chinese company Sinohydro in

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International News Oil

Dangote Refinery Set to Disrupt Europe’s Oil Industry, OPEC Reports

The Organization of Petroleum Exporting Countries (OPEC) has announced that Nigeria’s Dangote Refinery, the world’s largest single-train facility, is poised to challenge Europe’s oil industry, particularly impacting the Northwest Europe (NWE) gasoil sector. In its June 2024 Oil Market Report, OPEC highlighted Dangote Refinery as a top supplier of diesel and aviation fuel. The report suggests that the refinery’s increased production could disrupt Europe’s oil and gas markets, a development experts believe will benefit the

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