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Economy News

Venezuela Faces Challenges in Rapidly Boosting Production

23, October, 202323, October, 2023

Venezuela will not be able to increase production rapidly After the United States lifted sanctions on Venezuelan oil, analysts are assessing the possible impacts of this move in the face of the supply constraints from the Organization of the Petroleum Exporting Countries (OPEC), which have been affecting prices in the market. Venezuelan oil is more viscous – it still needs to be blended with other lighter oils for use. © Photo by: DR Due to

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Economy Local News

Oil Rises for the Second Consecutive Week

23, October, 202323, October, 2023

The scare projected for the oil trade due to the war between Israel and the Hamas group caused oil prices to rise for the second consecutive week, although the absence of any real disruption in barrels leaving the Middle East is also giving rise to permanent volatility. Both U.S. crude oil and Brent, its UK counterpart, jumped nearly 2% at one point on Friday before giving it all back and ending the day in the

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Diamonds International News

Petra sales fall as Diamond market continues to falter

23, October, 202323, October, 2023

PETRA Diamonds continued to suffer the effects of declining market prices reporting second tender sales of $40.9m – 49% lower than the first tender sales of its 2024 financial year. However, there are mitigating factors when comparing the two tenders. The previous, the first of the year, was effectively a catch-up as Petra had delayed sales from earlier tenders that occurred in the previous financial year. Carats sold totalled 444,029 carats in the second tender

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Diamonds International News

Zimbabwe’s biggest Diamond miner shifts sales to Dubai auctions

23, October, 202323, October, 2023

Zimbabwe’s biggest diamond producer has shifted almost all of its sales to Dubai, targeting cutters, polishers and traders and eliminating middlemen. Zimbabwe Consolidated Diamond Co. has auctioned 4 million carats of stones so far this year in the emirate, up from 850,000 carats for the whole of 2022. The state-owned miner is targeting revenue of $1 billion by 2030, according to Sales and Marketing Manager Enock Moyo. Three auctions held in Dubai have attracted an

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Diamonds Local News

Minister of Mineral Resources Calls for Unified Efforts to Safeguard Natural Diamond Resources

23, October, 202323, October, 2023

The natural diamonds producers should be more aligned in order to improve the management and protection of these resources, said the Minister of Mineral Resources, Oil and Gas. Diamantino Azevedo was speaking in Luanda at the opening of the meeting of the Ad-hoc Committee for the Review and Reform of the Kimberley Process Certification System, where he stressed the need for better organization, from an environmental and management point of view, in order to reduce

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Diamonds Local News

ENDIAMA Engages in Capital Markets and Pension Funds Workshop

23, October, 202323, October, 2023

ENDIAMA is continuing its commitment to training human capital in order to better respond to the challenges of the present and the future, said recently in Luanda the executive director for Mining Operations, Administration and Human Resources of the country’s second largest company. Domingos Margarida was speaking during the 2nd edition of the workshop on Capital Markets, Insurance and Pension Funds, aimed at ENDIAMA- E.P. employees and collaborators, organized by the Capital Markets Commission, in

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Local News Oil Petroleum

Lobito Refinery Investment Tender Launches, Aims for 200,000 BPD Capacity

20, October, 202323, October, 2023

The Angolan government is pressing ahead with plans for the Lobito refinery, which will have the capacity to process up to 200,000 barrels of oil per day. The national oil company, Sonangol, recently initiated a public tender for investment in the refinery, marking a significant step in the project’s development. Sonangol has already completed various essential phases of the project, including an economic feasibility study, reevaluation of the feed, dredging of Lobito Bay, embankment preparation,

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Diamonds Mining News

Lucapa Stays Committed to Full-Year Targets Amidst Persistent Market Headwinds

20, October, 202320, October, 2023

The ASX-listed diamond miner and explorer, Lucapa Diamond Company, has maintained its production guidance for its Lulo and Mothae mines for the full year. Reporting on the company’s performance in the third quarter, which ended on September 30, Managing Director (MD) Nick Selby said that Lucapa’s 70%-owned Mothae mine, located in Lesotho, continued to perform strongly and had “a very positive quarter.” Mothae delivered 9,010 carats of diamonds in the third quarter, marking a 19%

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Energy International Mining News

Reviving the Mining Innovation and Research Battle Mining Indaba 2024

20, October, 202320, October, 2023

As we move into 2024, the global mining industry is abuzz with excitement as the annual Mining Indaba event makes its triumphant return. What makes this year’s event particularly special is the revival of the “Mining Innovation and Research Battlefield,” a platform that promises to showcase cutting-edge technologies and research breakthroughs set to revolutionize the mining sector. Mining Indaba: A Premier Gathering for the Mining Industry Mining Indaba has long been recognized as one of

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Gold International Mining News

Caledonia’s Ambitious Venture Unearthing Zimbabwe’s Largest Gold Mine

20, October, 202320, October, 2023

In a significant stride towards economic revitalization, Caledonia Mining Corporation, a globally renowned mining company, is embarking on an ambitious journey to develop Zimbabwe’s largest gold mine. This move promises to have far-reaching implications, not only for the company itself but also for the nation’s economy and the international mining industry as a whole. Let’s delve into this groundbreaking development and explore the potential impact it may have on the future of Zimbabwe’s mining sector.

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