London-listed Gem Diamonds, owner and operator of the Letšeng mine in Lesotho, has raised its production and sales guidance for the 2024 full year. The company now expects to recover between 98,000 and 101,000 carats, with sales projected between 100,000 and 103,000 carats. This is an increase from the previous guidance of 88,000 to 92,000 carats for recovery and 91,000 to 95,000 carats for sales. Despite ongoing pressure in the global diamond market, which has
Pedro de Sá, Operations Director at SonaGás, announced on Tuesday that there is no need to adjust the price of cooking gas despite a recent surge in demand. In an interview with Rádio Nacional, de Sá explained that the increased demand over the past week led to temporary supply imbalances, but these are expected to be resolved shortly. “SonaGás has a daily supply of 1,200 tons of butane gas available for distribution to the northern
The price of Brent crude oil, a key benchmark for Angolan exports, dropped by 2.31% on Tuesday, closing at $79.55 per barrel in the London futures market. This decline comes after a three-day rally that had pushed prices above the $80 mark. The drop in Brent prices was driven by concerns on Wall Street regarding crude oil’s future outlook. Major banks, including Goldman Sachs and Morgan Stanley, recently revised their 2025 price forecasts downward, predicting
Botswana is set to take a significant step towards energy self-sufficiency with the introduction of a 100MW solar power plant in Jwaneng, led by Sinotswana Green Energy, a consortium of Chinese and local firms. This project marks a major milestone in the nation’s shift towards renewable energy. Traditionally reliant on coal for electricity generation, Botswana’s government has recognized the need to diversify its energy sources and reduce carbon emissions. The country has set an ambitious
Libya’s oil production has sharply declined after authorities in the country’s east enforced a shutdown, escalating a crisis that the United Nations warns could lead to economic collapse. Operations at the El-Feel oil field in southwestern Libya have stopped, with local operators signaling plans to gradually halt production nationwide, according to sources cited by Bloomberg. The shutdown, announced by eastern authorities on Monday, is in response to the internationally recognized Western government’s decision to replace
Endeavour Mining Plc and Lilium Mining have resolved their legal dispute concerning the sale of two gold mines in Africa, with both parties agreeing to transfer the assets to the Burkina Faso government. The conflict began after Lilium acquired the Wahgnion and Boungou projects in Burkina Faso in June of the previous year, according to Bloomberg. Endeavour had accused Lilium of failing to meet payment obligations exceeding $100 million. In response, Lilium alleged that Endeavour,
Cooking gas stations in Cabinda have faced a severe shortage for the past two weeks, leading to long queues and significant disruptions. Residents have been seen transporting empty cylinders across town in search of gas. Ester Fernando, 29, from the 1º de Maio neighborhood, has struggled for two weeks to purchase gas from various stations, both locally and in other parts of the provincial capital. She expressed frustration, noting the high cost of alternative cooking
Oxford Economics has revised its growth forecast for Angola’s economy, now projecting a 2.9% expansion this year, driven by an increase in oil production to 1.17 million barrels per day. Analysts from the African department of the British consultancy highlighted that the recovery in oil production is the key factor behind this upward revision, up from the previously anticipated 2.3% growth. In their analysis of Angola’s oil production data, which was shared with clients and
As OPEC+ prepares for its next meeting, the group faces a pivotal decision that could influence global oil markets. With autumn approaching, key choices loom regarding whether to proceed with planned production increases or maintain current output levels. This decision is set against a backdrop of uncertain global economic conditions, fluctuating oil demand forecasts, and tightening oil inventories, particularly in the United States. Global Oil Inventories Tighten A critical factor influencing OPEC+’s upcoming decision is
Namibia currently meets only 45% of the skill requirements for its oil and gas industry, according to research conducted by Deloitte and endorsed by the Ministry of Mines and Energy. Deloitte’s country leader, Melanie Harrison, highlighted that out of 218 job types in demand, 143 are present in Namibia. However, there is a significant gap between the qualifications available and the specialized skills needed for the sector’s growth. “We mapped these job types to qualifications
