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International Mining News

South Sudan Mining Minister Calls for Increased Sector Cooperation

6, May, 20246, May, 2024

South Sudan’s Minister of Mining Martin Gama Abucha has called for increased cooperation among African countries in the mining sector, ensuring that the continent’s mineral resources benefit local populations. The announcement was made ahead of a mining investment forum in Malawi and comes before the seventh edition of the South Sudan Oil & Power (SSOP) 2024 conference and exhibition, taking place in Juba on June 25-28. This year’s SSOP conference will feature the inaugural South

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Diamonds International News

𝗗𝗘 𝗕𝗘𝗘𝗥𝗦 𝗦𝗖𝗔𝗟𝗘𝗦 𝗗𝗢𝗪𝗡 𝗣𝗥𝗢𝗗𝗨𝗖𝗧𝗜𝗢𝗡 𝗧𝗢 𝗠𝗔𝗡𝗔𝗚𝗘 𝗜𝗡𝗩𝗘𝗡𝗧𝗢𝗥𝗬 𝗟𝗘𝗩𝗘𝗟𝗦

4, May, 20244, May, 2024

De Beers Group, the world’s leading producer of rough diamonds by value, strategically scaled down production in the first quarter of 2024 to manage its inventory levels amidst the gradual recovery of the market. Despite experiencing a significant drop in demand for rough diamonds globally in 2023, De Beers maintained its production guidance for that year, resulting in substantial stockpiling. The global diamond industry faced a major decline in 2023 following strong demand in the

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Diamonds International News

Gem Diamonds Revenue Bounces Back Amid Demand Upswing

4, May, 20244, May, 2024

Gem Diamonds’ revenue rose in the first quarter as demand for rough from its Letšeng mine in Lesotho began to return. Sales grew 17% year on year to $43 million for the three months ending March 31, the company said last week. Sales volume climbed 27% to 32,571 carats, outweighing an 8% drop in the average price to $1,321 per carat. The result reflected a favorable comparison with the same period in 2023 when rough

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Diamonds International News

Ailing Rough Prices Dent Mountain Province Revenue

4, May, 20244, May, 2024

Sales of rough from Mountain Province’s Gahcho Kué mine in Canada dropped in the first quarter amid slow demand and weak prices. Diamond sales fell 31% year on year to $66.1 million for the three months ending March 31, Mountain Province said last week. Sales volume slipped 2% to 938,310 carats, while the average price plunged 29% to $70 per carat. The decrease is the result of a prolonged slowdown in the diamond market caused

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Mining International News Oil

Canadian Natural Resources Eyes Significant Bitumen Output Increase at Horizon Oil Sands Mine

3, May, 20243, May, 2024

Canadian Natural Resources, Canada’s largest oil and gas producer, revealed plans on Thursday to explore opportunities for a substantial boost in bitumen output at its primary oil sands mine, Horizon. President Scott Stauth announced a potential expansion of 195,000 barrels per day (b/d) at the Horizon mining and upgrading plant in northern Alberta, surpassing earlier projections of 75,000 b/d. The company aims to leverage advanced engineering and scaling processes to enhance production capabilities. Currently, Horizon

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Local Governance News

President Lourenco Explores Business Opportunities in South Korea

30, April, 202430, April, 2024

The President of the Republic embarked on a two-day journey to South Korea this Monday, delving into discussions about business prospects in Angola, particularly focusing on the abundance of strategic minerals coveted by the Korean electronics industry. During his visit to the Korean parliament, João Lourenço engaged in dialogues with Kim Jin-pyo, the president of the National Assembly, regarding the challenges of industrialization. He emphasized a range of resources pivotal to bilateral relations, notably the

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Local News Oil Petroleum

Government’s First Quarter Fuel Expenditure Drops by 21%

30, April, 202430, April, 2024

In the first quarter, the government’s expenditure on fuel procurement decreased by 21%, totaling US$769 million, according to the head of the sector. Luis Fernandes, Director-General of the Petroleum Derivatives Regulatory Institute (IRD), provided detailed insights, revealing that 1.2 million metric tons of fuel were purchased during this period. Diesel accounted for 51.3% of the purchased fuel, followed by gasoline at 35.5%, fuel oil at 7.7%, JET A1 (aircraft fuel) at 4.5%, illuminating oil at

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International News Oil

Shell to Finalize $2.4bn Nigeria Asset Sale by June

30, April, 202430, April, 2024

The Federal Government initiated a due diligence meeting for Shell’s proposed $2.4 billion asset sale to Renaissance Africa Energy, aiming to complete the divestment by June this year. Shell, a British energy major, announced in January that it had reached an agreement to sell its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited, to Renaissance for $2.4 billion after about a century of operations in the Niger Delta. Renaissance, a consortium of five

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International News Oil

Chevron Secures Major Stake in Namibian Offshore Block

30, April, 202430, April, 2024

Chevron and Namibia’s national oil company (NAMCOR) have signed a development agreement, with Chevron securing an 80% operating working interest in an offshore block within the Walvis Basin. Oil companies areÂ flocking to Namibia, excited by the southern African country’s plans to open up a major new frontier basin, with recent offshore finds ranking among the largest this century. The farm-out agreement with Chevron Namibia Exploration Limited (CNEL) will see the National Petroleum Corporation of

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International News Renewable Energy

Ivory Coast Advances Solar Energy Projects

30, April, 202430, April, 2024

The Ivory Coast plans to start building the Ferke Solar power plant in Sokoro, costing $63.5 million and boasting a 52 MW capacity. Government spokesperson Amadou Coulibaly revealed in April that construction will kick off in the second quarter of 2024, with operations targeted for the third quarter of 2025. The project, named Ferke Solar, originates from a January 2024 agreement signed with renewable energy firm PFO Africa, backed by Germany and the European Union.

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