Insights from Benedito Manuel on the Luele Mine

Benedito Manuel, the General Director of Sociedade Mineira de Catoca, recently highlighted the significance of the Luele mine project in the province of Lunda Sul. He emphasized that it’s an ENDIAMA initiative, with Angolan managers from Catoca leading the entire process, from discovery to mine layout. In an interview with EXPANSÃO newspaper, Manuel underscored Catoca’s pivotal role as a “special technical arm” of the Angolan National Diamond Company, particularly in advancing the nation’s diamond sub-sector.

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World oil demand slows to 1.6 million barrels

World oil demand continued to slow down in the first quarter to 1.6 million barrels per day, 120,000 barrels less than initially forecast, mainly due to developments in richer countries, Energy International (IEA) announced yesterday. In the monthly report on the oil market released yesterday, the IEA indicates that, for the whole of 2024, the increase will be 1.2 million barrels per day, a value that will fall slightly to 1.1 million in 2025, although

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Nigeria Gets $750M World Bank Loan for Solar Mini-Grids

The World Bank has granted Nigeria’s Federal Government a $750 million loan to offer subsidies to developers and operators of solar mini-grids in areas across the country that lack electricity access. The loan, approved under the Distributed Access through Renewable Energy Scale-up (DARES) project, aims to increase the supply of electricity to households and micro, small, and medium-sized enterprises (MSMEs) through private sector-led distributed renewable energy initiatives. The financing agreement for the loan was signed

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Antwerp World Diamond Centre CEO Abruptly Resigns Amid Russian Diamond Sanctions Dispute

The Antwerp World Diamond Centre (AWDC) announced the unexpected resignation of CEO Ari Epstein on Thursday, as reported by the AWDC’s board of directors. While Epstein, who served as CEO for 13 years, declined to comment on the reason for his departure, Belgian financial newspaper De Tijd cited conflicts between the diamond sector and the Belgian government over Russian diamond sanctions as a possible cause. The AWDC, Belgium’s primary diamond industry group, has not yet

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Namibia Poised to Become Africa’s Newest Oil Producer

Namibia’s Minister of Mines and Energy revealed that TotalEnergies and Shell are likely to have discovered offshore oil and gas reserves in commercial quantities, potentially totaling billions of barrels. Both companies previously announced “significant” discoveries offshore Namibia earlier this year and are currently assessing the findings. While specific quantities were not disclosed, a Reuters source suggested that Total’s discovery exceeds 1 billion barrels of oil equivalent. These discoveries could position Namibia as the latest oil

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CNOOC Lands 5 Oil Exploration Deals in Mozambique

The government of Mozambique has awarded the China National Offshore Oil Corporation (CNOOC) five oil and gas research and development concession contracts. The contracts were awarded as part of the country’s sixth licencing round, initiated by the Mineral Resources and Energy Ministry. Filimão Suaze, the government spokesman, emphasised that this decision aligns with Mozambique’s mineral resources policy and aims to attract more investments into the oil sector. The Council of Ministers approved the concession contracts

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Ecuador Interested in Egypt Oil & Gas Exploration

Equador’s interests in the Egyptian oil and gas sector resulted in the crafting of a memorandum of understanding between Egypt’s Ministry of Petroleum and Mineral Resources and Ecuador’s Ministry of Energy and Mines.  A fruitful meeting between Tarek El Molla, Minister of Petroleum and Mineral Resources, and Denys Toscano Amores, Ecuadorian Ambassador to Cairo, saw a positive exchange between the two countries. Oil companies from Equador are especially keen on investing in Egypt’s oil and

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Tanzania Emerges as Key Player in East African Energy Sector

With an estimated 57 trillion cubic feet (tcf) of recoverable gas resources, Tanzania is set to take center stage in the East African energy sector at Invest in African Energy (IAE) 2024, as it seeks partnerships across exploration, development, and processing activities. Tanzania’s ambition to become a major LNG exporter is evident through its flagship Tanzania LNG project, which aims to process gas from fields operated by Equinor, Shell, and ExxonMobil, producing 10 million metric

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Libya Takes Top Spot as Africa’s Largest Oil Producer in March

Libya has emerged as Africa’s top oil producer with an output of 1.24 million barrels of oil per day (bpd) in March 2024. This marks an increase of 5.4% compared to the country’s output of 1.17 million bpd in February. Announced by OPEC in its April 2024 Monthly Oil Market Report, Nigeria lost the top spot after reporting a drop of almost 91,000 bpd from 1.32 million bpd in February to 1.23 million bpd in

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AGL Logistics Launches Operations at Lobito Terminal in Angola

Africa Global Logistics (AGL) has inaugurated operations at the AGL Lobito Terminal, a versatile container and bulk goods facility situated within Angola’s Port of Lobito. This development follows AGL’s successful bid secured through an international tender process in October 2023. The terminal, with its impressive capacity to handle over one million tons of bulk goods and accommodate 100,000 TEU containers annually, marks a significant milestone in enhancing trade connectivity and logistics efficiency in the region.

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