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Economy Exploration International Mining News

Exploration Milestone Zambia Unveils Ambitious National Geological Survey Initiative

6, February, 20246, February, 2024

Zambia has launched a national geological mapping program to better understand its mineral resource deposits and untapped potential. Spearheaded by the government, the survey aims to promote mineral exploration in the country by quantifying resources and supporting strategic investments, with a view to capitalizing on the growing global demand for critical minerals. Speaking at a mining conference in Cape Town on Monday, Zambian President Hakainde Hichilema stated that “by 2040, an additional nine million tons

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Economy Gas Local News Oil

USD 71 Billion Investments Set to Propel Growth in Petroleum and Gas Industry

6, February, 20246, February, 2024

The oil and gas exploration sector in Angola is expected to benefit from an investment of over 71 billion dollars (one dollar equals KZ 830) in the next five years, as announced on Monday in Luanda by the President of the Board of Directors (PCA) of the National Agency of Oil, Gas and Biofuels (ANPG), Paulino Jerónimo. Speaking at a press conference reviewing the five years of existence of the agency, the manager stated that

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Economy Energy Local Mining News

Minister Diamantino Azevedo Delivers Keynote Address at Minas Gerais Business Forum

6, February, 20246, February, 2024

The Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, delivered a speech on Tuesday at the opening of the “Mining Business Forum in Angola,” taking place in Cape Town, South Africa, as part of the “Angola Day” within the framework of the 30th International Mining INDABA conference, which started yesterday and will continue until Thursday. The forum, themed “Angola: Mining Potential and Business Opportunities for Investors,” kicked off with the signing of a memorandum

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Diamonds Local News

Lucapa Sales Slip in Weak Market

31, January, 202431, January, 2024

Revenue decreased at Lucapa Diamond Company in the fourth quarter as demand for its rough slowed and prices dropped. Sales from the company’s mines slipped 1% year on year to $40.8 million for the period, it reported last week. The average selling price slid 9% to $2,458 per carat, outweighing a 9% rise in volume to 16,600 carats. At the company’s Lulo mine in Angola, revenue fell 4% to $34.9 million, with sales volume plunging

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Diamonds International

Diamond Industry Gears Up for Tighter Controls

31, January, 202431, January, 2024

New sanctions on Russia will fast-track the adoption of traceability programs across the supply chain. Should they wish to sell those diamonds into the Group of Seven (G7) countries, companies will have to prove their goods were sourced from non-Russian production. On December 6, the G7 — comprising Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States — announced its latest sanctions, aimed at “limiting Russia’s ability to fund its illegal war,”

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International Oil Petroleum

Nigeria’s Dangote refinery set to import US crude Oil

31, January, 202431, January, 2024

Nigeria’s Dangote refinery, the biggest in Africa, is gearing up to bring in crude from the US in the next few months. Traders with insider information revealed that Trafigura Group has sold 2 million barrels of WTI Midland to the Dangote refinery for delivery at the end of February, Bloomberg reported. Traders have noted that this marks the first occasion where the refinery has procured crude oil from sources outside of Nigeria. The surge in

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International News

Empowering Women in Mining Shaping the Future at Mining Indaba 2024

31, January, 202431, January, 2024

The ever-changing landscape of the mining industry, marked by bold transformations and rapid shifts, has prompted Raksha Naidoo, CEO of The Particle Group and Chairperson of Women in Mining South Africa (WiMSA), to share valuable insights on positive disruption and the emerging trends shaping the future of African mining in a recent interview with Penelope Masilela. With the focus on the Mining Indaba 2024 theme, “Embracing the Power of Positive Disruption for a Bold New

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Diamonds Economy International Mining News

Robust U.S. Demand Plays Key Role in Sustaining Stability in the Diamond Industry

31, January, 202431, January, 2024

The diamond miner, De Beers, reported provisional rough diamond sales of $370 million in its initial sales cycle for the current year. Although this figure was lower than the $454 million recorded in the first sales cycle of 2023, it marked an improvement from the $137 million in sales documented in the tenth sales cycle of the same year. De Beers CEO Al Cook commented on the sales performance, stating, “Solid consumer demand for diamonds

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Economy Gas International News Oil

Uganda Harnesses Oil and Gas Resources for Economic Transformation

31, January, 202431, January, 2024

Uganda is staking its future on the development of its oil and gas resources, unveiling a dual strategy that involves tapping into hydrocarbon wealth while concurrently implementing an energy transition plan financed by the profits generated from these resources. According to Uganda’s Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu, the country anticipates a significant economic boost over the next 25 years, with oil and gas revenues injecting $8.6 billion into Uganda’s GDP as

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Economy Energy Gas International News Oil

African Leaders Explore Strategies for Energy Investment Beyond Oil and Gas

31, January, 202431, January, 2024

As the 2023 U.N. Climate Change Conference, the 28th Conference of Parties (COP28) in Dubai drew to a close, the air was thick with determination among the 200 delegates. Acknowledging that the era of fossil fuels was on its last legs, they collectively pledged to hasten its demise. This was heralded as “the beginning of the end” for coal, oil, and natural gas. The nails and hammers were poised to pound the coffin of a

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