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Gem Diamonds reported a loss in the first half of 2023 as a slowdown in the market and a drop in production of large stones negatively impacted the average price. The miner posted a loss attributable to shareholders of $1 million for the six months ending June 30, compared to a profit of $3.8 million a year ago, it said last week. Profit after tax slid to $1.5 million from $8.3 million a year before. Revenue fell
The government of Wallonia, Belgium, has provided iTraceiT with a grant worth EUR 250,000 (around $273,000) that will enable it to expand its diamond traceability solution to the Indian and US markets. The Antwerp-based technology and service provider is also set to receive additional money later in the year from the government’s investment fund, W.IN.G (Wallonia Innovation and Growth), it said last week. With the initial cash, iTraceiT will beef up its advertising and sales programs to
Sociedade Mineira do Lulo plans to bid, at auction, for three heavy diamonds, weighing 12, 50 and 180 carats, benefiting from the fact that the stones from that concession continue to be attractive and attract buyers on the international market, despite the price crisis. The president of the Management Board of that Minas Gerais company, Alfredo Machado, stated that, besides these three rare stones, the company does not have any other production in stock, given
With a consumption of 420 metric tons of butane gas per year, Angola is self-sufficient and has a wide supply of this fuel known as cooking gas, with three operators deployed in production. José Barroso, who was speaking at a seminar called “Everything about Butane Gas”, organized by the Petroleum Derivatives Regulatory Institute (IRDP), added that the specifications of liquefied petroleum gas used in the country comply with established standards. The majority of production is
Within five days, Sonangol Pesquisa&Produção begins exploring for oil and gas in the Tubias well, in the Kwanza Terrestrial Basin block (KON-11), located in the municipality of Cabo Ledo, Luanda province. At this moment, the rig still needs to complete five percent of the technical work, in order to move forward with oil and gas drilling activity in the Tubias well, of which 95% has already been completed. The well is between 700 and 800
Angola’s oil export level will rise to 1.18 million barrels per day in October, reaching the highest value since July, reported financial information agency Bloomberg. According to Bloomberg, which cites the final cargo manifest, Angola will export 1.18 million barrels of oil in October, increasing compared to the 1.047 million daily barrels forecast for this month. For October, the final program foresees 38 cargoes with a combined volume of 36.52 million barrels of oil, given
Petrobras, a Brazilian state-owned oil company, decided to end the divestment processes at the Urucu, Bahia Terra and Campo de Manati hubs. The order, which also involves Petrobras Operaciones SA (a subsidiary of the state-owned company in Argentina), was communicated on 4th September and takes into consideration “the strategic adherence to the portfolio, as well as the profitability profile”, according to Carta Capital, citing the company. The decision tends to impact Petrobras’ Exploration/Production and Gas/Energy
Guinea-Bissau represents both a unique and highly strategic investment opportunity. As a relatively undeveloped energy market, the country is positioned in close proximity to large-scale oil and gas developments in neighboring Senegal and Mauritania. High-impact regional discoveries made in recent years have emphasized the potential of offshore acreage while untapped domestic renewable energy resources coupled with favorable investment terms highlight the attractiveness of investing in Guinea-Bissau. Untapped Mineral Reserves Guinea-Bissau is believed to have approximately
One of the world’s most popular types of rough diamonds has plunged into a pricing free fall, as a growing number of Americans choose engagement rings made from lab-grown stones instead. Diamond demand across the board has weakened after the pandemic, as consumers splash out again on travel and experiences, while economic headwinds eat into luxury spending. However, the kinds of stones that go into the cheaper one- or two-carat solitaire bridal rings popular in
London-listed Gem Diamonds has posted a loss a share of $0.07 and lower underlying earnings before interest, taxes, depreciation and amortisation of $8.4-million for the six months ended June 30, on the back of a downturn in the rough diamond market. This compares with the earnings a share of $0.027 and underlying Ebitda of $20.9-million posted for the prior comparable six months of 2022. The company’s attributable loss came to $1-million for the six months under review,
