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Oil News

Top 5 largest oil-producing countries in Africa for April

21, May, 202421, May, 2024

According to the latest report from the Organization of the Petroleum Exporting Countries (OPEC), the global oil demand forecast 2024 remains unchanged. Most African OPEC members, according to secondary sources saw a decline in the amount of oil produced during the period under review save Algeria Libya, and Congo. According to the report Nigeria produced the most oil for the month despite falling in oil production. In April, the period under review for the latest

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Local News Oil

Angola’s Oil Production Slightly Below Forecast in April

20, May, 202420, May, 2024

In April, Angola’s oil production reached approximately 32.206 million barrels, with a daily average of 1.073 million barrels per day (bpd), slightly lower than the forecasted 1.129 million bpd. The National Petroleum, Gas, and Biofuels Agency (ANPG) monthly report revealed that associated gas production during April was 82.580 million cubic feet, translating to a daily average of 2.753 million cubic feet. Of this, 1.489 million cubic feet were injected, 606 million cubic feet were allocated

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International News Oil

IEA Lowers Global Oil Demand Forecast Amid European Slowdown

20, May, 202420, May, 2024

The International Energy Agency (IEA) announced a downward revision in global oil demand forecasts, primarily attributed to reduced demand in Europe. The latest monthly report on the oil market projects a smaller increase in global demand for 2024, with estimates now at 1.1 million barrels per day, down by 140,000 barrels compared to the previous month, totaling 103.2 million barrels per day. However, the forecast for 2025 shows a slight uptick in growth, reaching 104.5

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Diamonds International News

Petra Diamonds’ Sixth Tender Cycle Generates $44 Million Amid Seasonal Weakness

18, May, 202418, May, 2024

Independent diamond miner Petra Diamonds reported $44 million in revenue from its sixth tender cycle for the 2024 financial year, selling 371,000 carats. CEO Richard Duffy noted that like-for-like prices were down 2.6% from Tender 5, reflecting a seasonally quiet period with muted demand due to Indian holidays and the slow recovery of the Chinese market. “We continue to see evidence of market stabilization and are cautiously optimistic that demand and pricing will improve towards

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Diamonds International News

Anglo American Considers IPO for De Beers, Eyes London Listing

15, May, 202415, May, 2024

Anglo American is exploring an initial public offering (IPO) of its diamond business, De Beers, with London being the preferred venue, according to sources familiar with the matter. These discussions are still in early stages, and the individuals spoke on condition of anonymity due to the private nature of the plans. The potential listing was revealed as Anglo American announced its broader strategy for a possible break-up through a demerger or sale of some assets.

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Diamonds International News

Anglo American to Sell De Beers in ‘Radical’ Restructure

15, May, 202415, May, 2024

De Beers’ parent company intends to sell the diamond miner as part of a strategy to unlock “significant” value in its businesses. The move forms part of major structural changes that will simplify the Anglo American portfolio and deliver growth, it said Tuesday. Plans will see De Beers being “divested or demerged, to improve strategic flexibility for both De Beers and Anglo American,” the company clarified. Anglo is exploring a range of options to separate

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Diamonds International

Red Diamond Sets Records at Second Phillips Geneva Auction

15, May, 202415, May, 2024

Phillips sold a pink diamond for $12 million at its second Geneva jewelry auction, which also saw two records set for a fancy-red. The 6.21-carat, fancy-vivid-pink, VS1-clarity, type IIa diamond ring was the leading lot at the May 13 Geneva Jewels Auction: Two, Phillips said Tuesday. The total, which amounted to $1.9 million per carat, fell within its presale estimate. Another item that performed well was the Argyle Phoenix, a 1.56-carat, fancy-red diamond ring. The

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Diamonds Local News

Lucapa Diamonds Announces Plan to Divest 70% Interest in Mothae Mine

15, May, 202415, May, 2024

Lucapa Diamonds has announced plans to divest its 70% interest in the Mothae mine, located in Lesotho. This decision follows a comprehensive review of the company’s asset portfolio by its newly restructured board of directors. Chairperson Stuart Brown explained that the company aims to streamline its portfolio to concentrate on core assets in Africa and Australia. Lucapa’s primary focus will now be on its 60% interest in the Lulo mine in Angola and the Merlin

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Local Mining Mining Projects News

Pensana Rare Earths Reports Promising Test Results from Sulima West Deposit

15, May, 202415, May, 2024

Pensana Rare Earths has announced promising initial results from beneficiation testwork on samples from the Sulima West deposit, part of the Coola exploration licence, located 75 km north of Longonjo in Angola. The testwork aims to assess whether the mineralogy at Sulima West can be upgraded on-site before transporting the material to Longonjo for further processing. The company reported that both tested samples show potential for separation and upgrading to a high-grade concentrate using simple

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International Gas News

Kinetiko Energy Achieves Milestone with Successful Gas-to-Power Demonstration in South Africa

15, May, 202415, May, 2024

ASX-listed Kinetiko Energy has successfully demonstrated its ability to produce gas-to-power (GtP) from an onshore natural gas resource at its Amersfoort project in Mpumalanga, South Africa. Kinetiko is focused on developing energy transition solutions for South Africa by commercializing advanced shallow conventional gas projects in the Mpumalanga, Free State, and KwaZulu-Natal provinces. “We are absolutely thrilled to have become the pioneers of onshore GtP from a local, conventional source, which represents another significant milestone for

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