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Diamonds International News

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

15, August, 202415, August, 2024

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

15, August, 202415, August, 2024

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

15, August, 202415, August, 2024

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

15, August, 202415, August, 2024

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

13, August, 202413, August, 2024

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

13, August, 202413, August, 2024

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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International Gold Mining Safety

Tragic Mine Collapse in Sudan Claims 15 Lives Amid Torrential Rains

13, August, 202413, August, 2024

The collapse of a gold mine in Sudan’s South Darfur state, following torrential rains, has resulted in 15 fatalities, according to civil resistance committees in the region, as reported by Efe agency. The informal citizen network, which tracks casualties from the ongoing conflict between the army and paramilitary forces, stated that the collapse of six wells in the Al Bouta area led to the deaths of the miners, most of whom were from the town

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Oil International

Oil Prices Recover Amid Positive U.S. Job Data and Middle East Tensions

13, August, 202413, August, 2024

The price of oil for October delivery closed yesterday at $79.39 per barrel, marking a slight increase from the previous day’s market data. On Thursday, oil prices rose for the third consecutive session, supported by U.S. jobs data that eased concerns over demand and ongoing tensions in the Middle East, helping prices recover from an eight-month low reached on Monday. Brent futures rose by $0.83, or 1.06%, to close at $79.16 per barrel. The increase

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Diamonds Local News

Angola’s Diamond Sector Aims for Recovery Amidst Production Challenges

13, August, 202413, August, 2024

The diamond sector in Angola anticipates recovering a deficit of nearly 1.4 million carats in the second half of the year, aiming to meet the annual production target of 14.6 million carats by year-end. Miguel Vemba, Director of Endiama’s Mining Operations and Holdings Management, shared these insights during the Semiannual Diamond Production Balance Workshop held from July 7-8 in Lunda-Norte. In the first half of 2024, Angola produced approximately five million carats of diamonds, generating

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Local Energy News

Angola Boasts Low Electricity Prices Despite Access Challenges

13, August, 202413, August, 2024

Angola ranks among the countries with the lowest electricity prices globally, following Ethiopia, Sudan, and Libya in Africa, according to global statistics. As of December 2023, Angolan households paid an average of 11.83 kwanzas, equivalent to $0.013 per kWh. This contrasts sharply with the global average price of $0.157 per kWh (13.7 kwanzas). Despite significant investments in the energy sector and notable advances in some provinces, the country has yet to achieve desired outcomes due

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