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Diamonds International News

Diamcor Mining Extends Closing Date for Second Tranche of Private Placement

Diamond mining company Diamcor Mining is seeking to extend the closing date for the second tranche of its non-brokered revised private placement, following the successful closure of the first tranche on June 4. Initially announced on May 1, the original offering was expected to be oversubscribed. Consequently, Diamcor is seeking additional time to finalize documentation and other required items for several additional interested investors. The second and final tranche of the offering is now expected

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Diamonds International News

Tragic Accident at Debswana’s Jwaneng Mine Results in Fatality

Debswana has reported a tragic accident at their Jwaneng Mine operations on the morning of June 17, 2024. The incident involved a crane and a drill rig, leading to the fatal injury of an employee from one of their business partners, according to Matshidiso Kamona, Senior Corporate Affairs Manager responsible for brand and stakeholder relations. An investigation is currently underway to determine the circumstances surrounding the accident. Debswana has assured that all relevant stakeholders will

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Local Energy Gas News Oil

Angola and U.S. Companies Align for Major Oil, Gas, and Energy Projects

Angolan and North American companies in the oil, gas, and energy sectors have expressed their commitment to align with the policies of both governments to support project execution activities. This announcement came from the Secretary of State for Oil and Gas, José Alexandre Barroso, following a meeting in Luanda with executives from ExxonMobil, Chevron, and Sun Africa during the IV Dialogue between Angola and the United States. Barroso emphasized that while governments set policies and

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Local Economy News Oil

Angola Targets $60 Billion in Oil Investments with 2025 Licensing Round

Angola anticipates more than $60 billion in investments over the next five years, with the upcoming licensing round in 2025 offering companies direct access to new opportunities, reports Energy Capital & Power. The nation aims to increase oil production to two million barrels per day (bpd) in the long term and is inviting exploration and production companies to invest in its available areas. Angola’s offshore assets are particularly appealing due to the success of its

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Local Infrastructure News

Caculo-Cabaça Hydroelectric Development Project Advances to 15% Completion

The director of the Caculo-Cabaça Hydroelectric Development project, Augusto Chico, reported that construction has reached 15% completion in São Pedro da Quilemba, municipality of Cambambe, Cuanza-Norte province. This update was shared during a visit by Angola’s Minister of Energy and Water, João Baptista Borges, and Namibia’s Minister of Mines and Energy, Tomas Alweendo, as part of a bilateral cooperation agreement. Augusto Chico highlighted that the project is currently in an accelerated phase aiming for electricity

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Local News Oil Petroleum

Sonangol Plans Maintenance Shutdown of Luanda Refinery to Ensure Efficiency

Sonangol announced plans for a scheduled shutdown of its Luanda Refinery in the coming months, a routine procedure aimed at enhancing operational efficiency. Joaquim Kiteculo, President of the Executive Committee of the Refining and Petrochemical Business Unit (UNRP), clarified that this periodic maintenance is crucial for the refinery, which processes 60 thousand barrels of oil per day, accounting for 20 percent of Angola’s gasoline consumption. The maintenance involves halting all refinery units to conduct internal

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Gas Local News

Angola LNG Project Expands to Double Natural Gas Production

The Angola LNG natural gas recovery and processing plant, situated in Soyo, Zaire province, is set to ramp up its production from 700 to one billion cubic feet (SCF) in the first quarter of next year, announced Amilton Cunha, the company’s Executive Director. Cunha said that this production increase stems from a new investment initiative already underway by the company to boost both associated and non-associated gas volumes. He emphasized that the plant will receive

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Local Economy Gas News Oil

ANPG Highlights Strategic Initiatives and Production Plans for Angola’s Oil and Gas Sector

The country has a total of 1,630 drilled wells, with 870 currently operational and 760 inoperative, announced Ana Miala, the executive administrator of the National Oil, Gas, and Biofuels Agency (ANPG), on Monday in Luanda. Speaking at a press event called “Matabicho with Journalists,” hosted by ANPG, Miala explained that of the 760 inactive wells, some will be permanently abandoned due to reserve depletion, while others could be reopened when opportunities arise. To enhance investment

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Local News Transport and Logistics

Angola Advances Lobito Corridor to Boost Regional Trade and Economic Integration

Angola is leading efforts to transform the Lobito Corridor into a vital artery for regional trade, enhancing economic integration in Southern Africa. This large-scale infrastructure project, supported by the Angolan government and international partners, aims to connect Angola with the Democratic Republic of Congo (DRC) and Zambia, facilitating trade and fostering regional economic growth. Italy’s Contribution:Under Prime Minister Meloni’s Mattei Plan and PGI, Italy has committed $320 million in subsidies, equity, and debt capital. This

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Local News Oil

New BAI Product Eases Liquidity Issues for Angola’s Oil Sector

Banco Angolano de Investimento (BAI) has launched a new product, the Liquidity Advance, designed to alleviate payment difficulties faced by companies in the oil sector. This initiative, developed in collaboration with the Association of Contracted Companies in the Oil Industry of Angola (AECIPA), aims to support service providers and suppliers by offering immediate liquidity for their contracts. The Liquidity Advance is a treasury credit solution that provides advance financing for service provision contracts. This product

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