Angolan Mining Oil & Gas - Page 79 of 295 - Top Angolan News for Oil, Gas and Mining Industries

Botswana’s Mineral Sector Faces Slower Growth in 2024 Due to Decline in Diamond Production

21, July, 202421, July, 2024

Botswana’s mineral sector is expected to experience slower growth in 2024 compared to the previous year, primarily due to a decline in diamond production. On July 13, the International Monetary Fund (IMF) revised Botswana’s growth forecast for 2024 from 3.6% to 1%, as reported by Mines.cd. This decline is anticipated to lead to a budget deficit increase from 3.45% to 6%, attributed to reduced revenue from mineral resources. In response to these challenges, the IMF

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International Energy News

Russia and Congo Sign Landmark Nuclear Cooperation Agreement

21, July, 202421, July, 2024

Russia and Congo-Brazzaville have signed a landmark agreement to cooperate in hydropower and peaceful nuclear energy, announced Russian nuclear company Rosatom. This agreement is part of Rosatom’s broader strategy to expand its nuclear activities across Africa. During a business visit to Congo, Nikolay Spassky, Rosatom’s Deputy General Director and Head of the International Activities Department, met with Emile Ousso, the Minister of Energy and Hydraulics, to finalize the agreements. The deal includes memoranda of understanding

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International News Oil

Egypt to Invest $1.2 Billion to Boost Oil Production Capacity

20, July, 202420, July, 2024

Egypt plans to significantly enhance its oil production capacity through a substantial investment. The government has announced a $1.2 billion investment aimed at increasing its oil output. Currently, Egypt is one of Africa’s largest oil producers with a capacity of approximately 559,000 barrels per day. The investment, slated for the 2024/2025 fiscal year, will fund the drilling of 110 exploratory wells. This initiative is part of a larger strategy to invest $7.2 billion in drilling

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Diamonds International News

Anglo American Contemplates Further Diamond Production Cuts Amid Market Challenges

20, July, 202420, July, 2024

Anglo American (LON: AAL) announced last week that it is considering additional cuts to diamond production due to ongoing market challenges, complicating its plans to sell its De Beers unit as part of a significant business overhaul. The restructuring plan was announced in May following the successful rebuttal of a $49 billion takeover approach from BHP (ASX: BHP), the world’s largest miner. The plan includes the sale or divestment of its 85% stake in De

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Energy

Nigeria’s Oil Losses Highlighted at NEITI Board Retreat

18, July, 202418, July, 2024

During the opening ceremony of the 2024 NEITI board retreat in Lagos, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonnaya Orji, unveiled alarming statistics revealing significant losses in Nigeria’s oil sector. According to NEITI, Nigeria lost 619.7 million barrels of oil valued at $46.16 billion over a 12-year period from 2009 to 2020. Additionally, between 2009 and 2018, the country lost $1.84 billion worth of petroleum products from its refineries, equivalent

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International

Chappal Energies Acquires TotalEnergies’ Stake in Nigerian Onshore Oil Venture

18, July, 202418, July, 2024

Mauritius-based Chappal Energies has recently acquired TotalEnergies’ minority share in a significant onshore oil joint venture in Nigeria. This transaction includes ownership interests in 15 licenses, primarily oil-producing, with a combined output of 14,000 barrels of oil equivalent per day in 2023. The decision to divest was driven by costly repairs stemming from challenges in Nigeria’s oil sector, prompting TotalEnergies to streamline its operations. TotalEnergies had previously signaled its intent to sell its 10% stake

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Diamonds News

Turmoil and Legal Battles Threaten Namibia’s Elizabeth Bay Diamond Mine

18, July, 202418, July, 2024

Namibia’s historic Elizabeth Bay Mine, surviving through wars and economic downturns since the early 1900s, faces new challenges amid ownership disputes between local entity Sperrgebiet Diamond Mining and Zimbabwean investor RioZim. Initially commissioned by Deutsche Kolonialgesellschaft Sudwestafrika in 1909, the mine has seen multiple operational halts, most recently in 2018 when Namdeb Holdings ceased operations due to strategic misalignment. Acquired by Lewcor Group in 2020, hopes were high for its revival, but financial woes and

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Local Economy News Transport and Logistics

Transforming Bié: The Economic Potential of the Lobito Corridor

16, July, 202416, July, 2024

The business sector in Bié province is optimistic about investments along the Lobito Corridor, particularly in the Benguela Railway (CFB). These developments are expected to enhance agricultural production and facilitate the transport of goods to Zambia and the Democratic Republic of Congo (DRC). Farmer Manuel Maia, who operates several agricultural projects in Cunhinga, believes the Lobito Corridor will significantly boost his investments and strengthen local agriculture. He plans to leverage this route to expand his

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Local Gold Mining Projects News

Angola’s Mining Sector Poised for Growth in 2024

16, July, 202416, July, 2024

Angola is set to significantly boost its revenue streams with the commencement of production at the Lombe Mining and Mapele gold exploration projects in Cabinda and Huíla provinces this semester. These projects recently received prospecting approvals from the National Agency for Mineral Resources (ANRM). According to the ANRM’s report, a subsidiary of the Ministry of Mineral Resources, Oil and Gas, four new exploration projects for ferrous and non-ferrous metals are expected to enter production by

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Local News Transport and Logistics

Lobito Port Welcomes First Major Shipment to Support DRC Mining Operations

16, July, 202416, July, 2024

The Port of Lobito Mining Terminal in Benguela welcomed its first large cargo ship on Friday, loaded with 40,500 tons of sulfur to support mining activities in the Katanga area of the Democratic Republic of Congo. According to a press release, the bulk cargo transport ship MV Lindsaylou’s arrival marks the start of port operations by Lobito Atlantic Railway (LAR), the concession company for the Lobito Corridor. The ship was loaded in Qatar and embarked

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