Compiled by Sreemayukha Nyayapathi
SOUTH AFRICA
Platinum mining in uncertain times: producers navigate revenue losses and weaker demand
Mining Technology, May 15, 2024
“Platinum supply has dropped due to weak demand, causing revenue losses and job cuts in South Africa, the largest producer. GlobalData mining analyst Vinneth Bajaj said: “Platinum’s price slump can be attributed to a slowdown in the auto industry. Sluggish car sales translate to fewer manufactured vehicles, reducing demand for platinum, a crucial component in catalytic converters. However, with production cuts in 2024, a supply- demand shift could occur. If car sales rebound, platinum prices could stabilise or even rise.”
How a Russia-linked mine may keep the ANC in power
The Economist, May 16, 2024
“…As campaigning enters its final stretch, the ANC seems to have put its financial woes behind it. The cause of its transformed fortunes may be found near Hotazhel, a dusty town in the Kalahari Desert that takes its name from the area’s sweltering summer heat. The United Manganese of Kalahari (UMK), a controversial mine with Russian connections, digs up manganese. Calculations by The Economist show that UMK and some of its shareholders have been responsible for UMK half of all declared donations to the ANC since the introduction of disclosure requirements in 2021…. In 2015 Hitachi, a Japanese firm, agreed to pay a $19m fine to America’s Securities and Exchange Commission (SEC) to settle corruption charges relating to payments of about $6m to Chancellor House, to which it had sold a 25% share in a South African subsidiary…The dividends and assets that piled up in Chancellor House could not easily flow to the ANC after 2021 because of the enactment of a campaign-finance law that was intended to keep big money out of politics. Until this month that law prevented political parties from accepting more than 15M rand a year from a single donor and also required parties to disclose all contributions worth more than 100,000 rand… On May 7th Cyril Ramaphosa, the president, signed a law abolishing the cap and disclosure requirements and giving himself the power to set new ones. Until he does so, parties are free to stuff their coffers in secret, says Robyn Pasensie of My Vote Counts, a watchdog that has applied to the high court to throw out parts of the new law.”
Golconda Gold starts mining at Princeton Top, South Africa
Resource World, May 17, 2024
“Golconda Gold Ltd. reported that it has commenced mining at, and delivered its first ore to the processing plant, from Princeton Top, a key step in its development plan to significantly increase production at its Galaxy Gold Mine in South Africa.”
This researcher found billions in ‘invisible’ gold in Jo’burg’s mine dumps
Al Jazeera, May 19, 2024
“His research, which examined samples from mine dumps across the Witwatersrand, found that the majority of the gold was hidden in a mineral called pyrite (sometimes called “fool’s gold”) – and was being entirely overlooked by the current extraction techniques. “We already know how to get gold out of pyrite,” he says, citing the example of the Carlin mine in Nevada. “But at the moment, all the tailings processors in South Africa are only extracting free gold, using cyanide.”… “His research shows that there is a lot of gold. The big question, however, is whether we currently have the technology to economically extract all of the gold and make a profit,” says Associate Professor Megan Becker, who works at the Centre for Minerals Research in the Department of Chemical Engineering at the University of Cape Town (she was not involved in Chingwaru’s research). “Unless this can be done, no company will invest in it.”
South Africa’s ex-president Jacob Zuma barred from running in elections
“South Africa’s highest court ruled Monday that former President Jacob Zuma is not allowed to stand as a candidate for Parliament in a national election next week because of a previous criminal conviction, a decision that’s likely to increase political tensions ahead of a pivotal vote. The Constitutional Court said that a section of the constitution disqualifying people from standing for office if they’ve been sentenced to more than 12 months in prison without the option of a fine does apply to the 82-year-old Zuma. Zuma was sentenced to 15 months in prison in 2021 by the Constitutional Court for contempt of court for refusing to testify at a judicial inquiry into government corruption.“
Implats seals $500 million black investor deal
Bloomberg News , May 20, 2024
“Impala Platinum Holdings Ltd. announced a 9 billion rand ($500 million) deal that will result in black investors holding a 13% interest in the South African mining company and the Bafokeng business it acquired last year…As part of the approval conditions for that acquisition, Implats agreed to promote a greater spread of black ownership in the platinum producer. Under the so-called black economic empowerment deal, local communities and employees will each hold a 4% stake, while a group led by Siyanda Resources (Pty) Ltd. will have a 5% shareholding, Implats said in a statement on Monday.”
India steps up critical mineral acquisition plans in Africa, challenging China’s dominance
The Hindu Business Line, May 23, 2024
“India is looking to ramp-up its critical mineral play in Africa as it keys resource securitisation and an upsetting of the Chinese apple-cart in the region. There are MoUs in place with at least eight African nations for mining collaborations including access to resources. Nations include South Africa, Mozambique, Congo, Tanzania, Zambia, Malawi , Republic of Cote d’Ivoire and Zimbabwe. While the key focus continues to be on critical minerals such as copper, cobalt, niobium, graphite, titanium, lithium, among others.”
South Africa: Gold mine pollution is poisoning Soweto’s water and soil – study finds food gardens are at risk
The Conversation, May 23, 2024
“Our research found that acid mine drainage has contaminated the streams, irrigation water sources and subsequently, the soil on the land adjacent to the Klip River, which flows south and west of Soweto. In very mild doses, exposure to the heavy metals in acid mine drainage can cause dehydration and abdominal pain. In cases of serious exposure, birth defects, brain damage, cancer and miscarriages can result. Mining companies are supposed to keep money aside to rehabilitate the environment after they close, and can only close down once government has granted a closure certificate. But this did not always happen in the past.”
NIGERIA
Nigeria plans to launch solid minerals corporation
MSN, Oct 2023
“Nigeria is planning to launch a state-backed solid minerals corporation to provide funding to its mining sector and manage the country’s minerals, reported Reuters. The new company, named Nigerian Solid Minerals Corporation, will focus on the extraction of gold, coal, iron ore, bitumen, lead, limestone and baryte. Nigeria’s Solid Minerals Minister Dele Alake was quoted by Reuters as saying: “The proposed corporation will seek and secure partnership investment agreements with big multinational companies worldwide to leverage on the attractive investment-friendly regime operating in the country to secure massive foreign direct investment for the mining sector.”
Nigeria launches mineral resources portal for investors
“Africa’s top oil producer, which is also rich in gold, limestone and zinc, wants its mining industry to play a much bigger role in its effort to diversify the economy away from its reliance on oil.
The portal, called Nigeria Mineral Resources Decision Support System (NMDSS), can be accessed on the website of the same name, and contains publicly available data on geology and mineral wealth in Nigeria…It has stepped up reforms in the sector including offering investors 75% in a new national mining company, cutting exports of unprocessed minerals, and enforcing compliance with rules against illegal mining.
Alake said illegal mining was being curbed by the recently unveiled mining marshals, while about 152 cooperatives had been formed by artisanal miners to legalise their operations, in line with reform efforts.”
40 Killed, Homes Torched As Gunmen Raid Mining Community In Nigeria
“Gunmen riding motorbikes killed around 40 people in a raid on a mining community in northcentral Nigeria, opening fire on residents and torching homes, the local government said on Tuesday. The attack late on Monday on Wase district in Plateau state was the latest violence in an area which has long been a flashpoint for disputes over resources and for outbreaks of intercommunal clashes…Wase has deposits of zinc and lead, while Plateau as a whole is known for its tin mining industry.”
Nigeria Jubilee Fellows Programme (NJFP) Places 3000 Fellows in 3 Million Tech Talent Programme (3MTT) to Fuel Innovation and Employment Growth
“The Nigeria Jubilee Fellows Programme aims to bridge the gap between unemployment and the demands of the job market by connecting young graduates with local job opportunities that align with their skills and interests. Ms. Elsie Attafuah, UNDP Nigeria Resident Representative, stated, “The Nigeria Jubilee Fellowship Programme serves as a conduit for empowering our youth and fostering economic growth across all regions of Nigeria. By facilitating access to top-tier talent for organizations, we are driving innovation and catalysing sustainable development.”
How Nigeria can ramp up oil production
CNBC Africa, May 23, 2024
“Nigeria’s oil production has been a subject of contention with conflicting figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian National Petroleum Corporation (NNPC). While the NUPRC reports that Nigeria produced about 1.28 million barrels per day of oil in the first four months of this year, the NNPC puts the figure closer to 1.7 million barrels per day. The issue of oil theft in the oil-producing areas remains a challenge, with reports of sabotage points, illegal refineries, and theft continuing to plague the industry. Security concerns pose a significant threat. In a bid to attract investments, Nigerian authorities are courting investors from the United Arab Emirates to the oil industry.”
Deputy Oil Minister Lokpobiri Says Nigeria’s Oil Sector Received $16.6bn Investment Commitments In 9 Months
Arise, May 24, 2024
“The Minister of State, Petroleum Resources (Oil), Senator Heineken Lokpobiri, on Thursday gave a scorecard of his stewardship since assuming office last year, disclosing that the sector has had about a cumulative $16.6 billion in commitments from investors. Speaking at a ministerial sector update in Abuja organised by the Federal Ministry of Information, the minister also said that under him, Nigeria’s oil and condensate production have risen from 1.1 million barrels per day to 1.7 million bpd, a growth of about 600,000 bpd.
EGYPT
Egyptians Are Buying and Selling Gold Just to Stay Afloat
The New York Times, March 2024
“Clamor for the precious metal is growing as the buying power of the country’s currency plunges in value against the dollar, and inflation eats away at savings.”
Egypt’s Customs Authority returns tariff on expatriate gold
Egypt Independent, May 19, 2024
“The Egyptian Customs Authority has resumed applying the customs category stipulated in the customs tariff on gold jewelry imported by Egyptians expatriates per inspection, value-added tax, and the daily gold price, according to the Assay and Weights Administration. The head of the Customs Authority Al- Shahat Ghatouri told Al-Masry Al-Youm: “We returned as it was before the exemption decision because it ended on May 10.”
Egypt threatens to withdraw from Gaza talks after critical CNN report
National News, May 23, 2024
“Diaa Rashwan, head of Egypt’s State Information Service, spoke late on Wednesday in response to a CNN report that Cairo’s intelligence officials quietly changed the terms of a recent proposal and scuttled a deal for a Gaza truce and prisoner and hostage swap between Israel and Hamas.
“Attempts to cast doubt and offend Egypt’s mediation efforts … will only lead to further complications of the situation in Gaza and the entire region and may push Egypt to completely withdraw from its mediation in the current conflict,” Mr Rashwan said.”
Scared and Engie Secure Land for 8000W of Renewable Energy Facility In Egypt
Africa Oil + Gas Report, May 20, 2024
“Scatec, the Norwegian renewable energy player and Engie, its French counterpart and Orascom Construction The Egyptian firms, have secured land from the Egyptian government for the deployment of 8,000MW of wind power for two different projects…Egypt’s national objective is to produce 42% of electricity from renewable energies by 2030, enabling the country to reduce its dependence on natural gas, the price of which has fluctuated greatly on the international market in recent years, first during the post-Covid-19 recovery and then after the start of the war in Ukraine.”
DEMOCRATIC REPUBLIC OF CONGO
Residents worry as DRC rebels frantically exploit coltan mine
VOA News, May 17 2024
“In a communiqué issued by the Ministry of Mines, the Congolese government asserted that, since the occupation of Rubaya by the M23, tons of raw materials from the Democratic Republic of Congo have been crossing the Rwandan border on a daily basis via the Nyiragongo territory occupied by the M23. Rwanda has not commented on the issue.
These assertions are rejected by the rebels, whose military spokesman is Major Willy Ngoma. He confirms that mining continues in the mines, but he asserts it is by local indigenous populations.”
Americans and a Brit national arrested in a failed DR Congo coup bid, three were killed in shootout
Hindustan Times, May 20, 2024
“The assault occurred outside the residence of Economy Minister Vital Kamerhe in the Gombe area of Kinshasa, near the Palais de la Nation, which houses President Felix Tshisekedi’s offices. The attackers, numbering around 40, were largely apprehended,
with four, including Malanga, being killed during the clash. Among those captured was a naturalized British citizen, identified as the second-in-command of the group. Malanga’s son, Marcel Malanga, was also reported to be part of the coup attempt, according to the army spokesman.
The swift response by the security forces prevented the group from executing their plans further and restored calm in the capital. The identities and motives of the attackers are under investigation, as authorities work to understand the full scope and backing of the coup attempt. This incident marks a significant moment of tension in the nation, reflecting the ongoing challenges in maintaining stability and security within the region.”
Congo lawyers say they have new evidence on Apple’s minerals supply chain
Reuters, May 22, 2024
“International lawyers representing the government of the Democratic Republic of Congo said on Wednesday they had new evidence gathered from whistleblowers, which deepened concerns that Apple could be sourcing minerals from conflict areas in eastern Congo.
In a statement, the lawyers urged Apple to answer questions about its supply chain in the country, and said they were evaluating legal options. Apple did not immediately respond to a Reuters request for comment.”
The Problem With ‘Conflict-Free’ Minerals
Foreign Policy, May 22, 2024
“Why Congo has been in a perennial state of upheaval since the mid-1990s has been the subject of much debate, but no other narrative has cut through as much as that of so-called conflict minerals. In the 2000s, the link between markets’ demand for minerals and the war in Congo helped bring attention to the conflict in an unprecedented way. Western organizations such as the Enough Project and Global Witness mobilized around the seductive proposition that the solution to one of the world’s deadliest conflicts was within the grasp of consumers and policymakers, triggering a series of laws and regulations beginning with, in the United States in 2010, Section 1502 of the Dodd-Frank Act. The logic behind the legislation was simple. “Armed groups finance themselves through the exploitation of cassiterite, gold, coltan,” Fidel Bafilemba, a Congolese researcher who used to work for the Enough Project, told me at the time. “By stopping the export of these conflict minerals, we dry up their resources and lessen the violence.” Western advocacy led to policies focused on derisking supply chains and virtue signaling to consumers, rather than improving artisanal miners’ living conditions or addressing the conflict’s root causes.”
Total Energies to invest $600 million in Republic of Congo’s exploration, production sector
“Oil and gas supermajor TotalEnergies has announced that it will invest $600 million to strengthen exploration and production activities in the Republic of Congo in 2024. The investment will be used to finance exploration and maintain production in the country’s deep offshore Moho Nord field, which accounts for approximately half of all Congolese oil production, or roughly 140,000 bpd.”
A live-streamed attempted coup in Congo shakes the region
The Economist, May 23, 2024
“In the very early hours of May 19th around 50 armed and camouflaged men screeched through Kinshasa, Congo’s capital. First they attacked the home of Vital Kamerhe, a government minister. After a fruitless 40-minute firefight with his guards, the attackers moved on to the Palais de la Nation, the official residence of Félix Tshisekedi, the president.”
Commodities, energy transition in spotlight after DR Congo failed putsch
SP Global, May 23, 2024
“Although the coup failed, it comes against a backdrop of December’s disputed election — which saw President Felix Tshisekedi win a second term with 72% of the vote — rampant corruption and poverty, and a war in the east against M23 rebels allegedly backed by neighboring Rwanda. It also comes as the DRC is growing in geopolitical importance, with foreign powers including the US and China eyeing its bounty of critical minerals and metals, as well as emerging as an oil producer and climate finance hub.”
Exclusive: China state stockpiler aims to buy up to 15,000 T of cobalt, sources say
Reuters, May 24, 2024
“China plans to buy up to 15,000 metric tons of cobalt metal from local Chinese producers over the next few months for domestic stockpiles, three sources familiar with the matter told Reuters, adding that it would be a record amount for a single purchase. China dominates the processing of cobalt, most of it from the Democratic Republic of Congo (DRC), where it is a byproduct of copper output. In metal form it is used in the defence and aerospace industries and also in magnets for communication.”
GUINEA
On frontier of new ‘gold rush,’ quest for coveted EV metals yields misery
Washington Post, April 27 2024
“The Guinean government has reported that hundreds of square miles once used for farming have been acquired by mining companies for their operations and associated roads, railways and ports. Villagers have received little or no compensation, rights activists and locals say. In the next two decades, according to a government study, more than 200,000 acres of farmland and 1.1 million acres of natural habitat will be destroyed by bauxite mining — an area almost the size of Delaware.”
Hummingbird shares soar on restarting of Guinea mine
Mining.com May 17, 2024
“Shares in Hummingbird Resources (AIM: HUM) rose 17% on Friday, after the Africa-focused company said operations had resumed at its Kouroussa gold mine in Guinea following a two-month strike by its main contractor.
The gold producer, with operations in Mali, Guinea and Liberia, had to halt activities at the Kouroussa gold mine in March, when Corica Mining Services downed tools, citing contractual breaches.”
Ministers of Mines and Environment Visit the Nimba Iron Ore Project, Guinea
Railways Africa, May 24, 2024
“The Minister of Mines and Geology and the Minister of Environment and Sustainable Development recently made a joint visit to the Nimba Iron Ore Project in Guinea. The Ministers were accompanied by their respective technical and administrative teams with more than 60 people participating in the visit… The visit provided an excellent opportunity for the delegation to discuss in depth the planned development activities for the project with particular emphasis on Phase 1 Mining Activities to commence in 2024. Both Ministers reiterated their strong support for the project’s initial phase, underscoring its strategic importance for the socio-economic development of the region and contribution to the Guinea economy and development of the mineral sector.”
LIBYA
Libya Dismantles Illegal Gold Mining Network
Africa News, April 12 2024
“An illegal gold mining network operating in the Libyan desert and employing Chinese, Chadians and Nigeriens has been dismantled, the Prosecutor’s Office announced on the night of Sunday to Monday. The network, led by a Libyan, carried out “gold mining activities in violation of regulations” and “without the agreement of the authorities” , in four sites in the desert of southern Libya , the Prosecutor’s office said in a statement communicated. This summer, Libyan authorities dismantled a clandestine cryptocurrency mining network on several sites in the west of the country. Dozens of Chinese nationals involved in this illegal activity were arrested.”
Ministry of Industry stresses importance of investment cooperation with Turkey
Libya Observer, May 19 2024
“Undersecretary of the Ministry of Industry and Minerals in the Government of National Unity, Mustafa Al-Samou, has stressed the importance of investment cooperation with Turkey in the fields of mining, factories and industrial areas.
This came during a meeting with the Undersecretary of the Ministry of Industry and Minerals, the Turkish Deputy Minister of Industry and Technology, Oruç Baba Inan, on the sidelines of the first Libyan International Conference on Industry and Technology, scheduled to be held during May 20.”
Urso: Italy and Libya make up natural bridge between Europe and Africa
Libya Observer, May 22 2024
“The Italian Minister visited Tripoli in the past two days and met with Libyan officials, including the Minister of Economy and Trade, Mohammed Al-Huweij, the Minister of Industry and Minerals, Ahmed Abu Hissa, and the Minister of Communications and Political Affairs, Walid Al-Lafi. Urso signed with his Libyan counterpart a joint declaration to strengthen economic and industrial cooperation initiatives in the sectors of energy, vital raw materials and green technology, where he stressed that this cooperation “can be developed through real energy of the future, that is, mining and processing of minerals that are considered fundamental to green and digital technologies.”
National Oil Corporation under pressure, as Libyan president asks ‘where’s the money gone?’
“Libya’s oil sector governance is under fire as never before, with Presidential Council head Mohammed Al-Menfi asking National Oil Corporation to explain its multi-billion-dollar spending over the past two years. With oil production flatlining and gas production at risk of severe decline, Libya needs new field developments, but two of its biggest projects have become mired in allegations of corruption.”
Parallel government proposes to Russia building oil refinery in Libya
Libya Observer, May 19, 2024
The parallel government in eastern Libya offered the Russian company Tatneft a proposal to establish an oil refinery in Libya. This proposal came during the participation of a delegation from the parallel government in the Russia-Islamic World Forum in the city of Kazan, Tatarstan, which observers considered an opportunity for the parallel government to attract investments to eastern Libya.
ALGERIA
Chinese workers building key rail line in Algeria. What’s in it for Beijing?
WION, April 09. 2024
“China is working on a 575km rail line, which aims to connect one of the world’s largest iron ore mines to the national rail network in Algeria. The Gara Djebilet project aims at constructing 6,000km of rail tracks across the North African country. The route will connect the Gara Djebilet iron ore mine in Algeria’s southwest province of Tindouf with the Dumiat Industrial Zone in the Bechar region, which is close to the Moroccan border.”
Algeria: Investing in Data Key for Diversified Growth
“The report highlights the significance of recent reforms and the importance of supporting diversification by accelerating private sector investment in non-hydrocarbon sectors.
Despite the decline in global hydrocarbon prices and an increase in imports causing Algeria’s’ trade balance to shrink, the country’s foreign reserves continued to increase, reaching a comfortable 16.1 months of imports by the end of 2023. Consumer price inflation moderated to 5.0 percent in the first quarter of 2024, down from 9.3 percent in 2023, aided by a strong dinar and a decrease in fresh food and import prices.”
Algeria’s Sonatrach and Exxon Mobil sign hydrocarbons development deal
Reuters, May 23, 2024
“Sonatrach has signed an agreement with U.S. oil major Exxon Mobil to allow the study of opportunities to develop hydrocarbon resources in Algeria’s Ahnet and Gourara basins, the state- owned Algerian oil and gas group said on Thursday.”
Hydrocarbons: $3.5 Billion Investment to Boost National Production
“During a plenary session at the Council of the Nation on Thursday, Minister of Energy Mohamed Arkab announced a substantial investment of $3.5 billion aimed at increasing Algeria’s hydrocarbon reserves and production from 2024 to 2028.”
Oil & gas field profile: Ahnet Unconventional Gas Field, Algeria
Offshore Technology, May 24, 2024
“Ahnet is a unconventional gas development located onshore Algeria and is operated by Sonatrach. According to GlobalData, who tracks more than 34,000 active and developing oil and gas fields worldwide, Ahnet was discovered in 1953, lies in block Ahnet (Block 337b, 338b, 339a2, 339b, 340b, 341b, 341a2). Buy the profile here. The project is currently in approval stage and is expected to start commercial production in 2025. The development cost is expected to be $2,000 m. The Ahnet unconventional gas development will involve the drilling of approximately 15 wells.”
Working visit of the Minister of Energy and Mines of Algeria to APPO headquarters
“APPO Secretariat was honored this morning with a visit by H.E. Mohamed Arkab, Minister of Energy and Mines of Algeria. Minister Arkab who is on country visit to the Republic of Congo was accompanied by his esteemed host, the Minister of Hydrocarbons of the Republic of Congo, HE Bruno Jean Richard Itoua and a delegation from Algeria which included the CEOs of Algerian National Oil Corporation, SONATRACH Mr. Rachid Hachichi, and Sonelgaz M. Mourad Adjal as well as the APPO Executive Board Member for Algeria Mr. Amine Remini.”
MOZAMBIQUE
Biden Pouring Money into Africa for Graphite
Institute for Energy Research, September 2023
“Biden is pouring money into his pet projects to obtain a net zero carbon future, which is precisely what China wants him to do because China already dominates the supply chain for the critical minerals needed. Further, China is growing its dominance by continuing to pour funds into developing the minerals as it sees Western countries firmly rooted in the “clean” energy transition. Rather than pursuing its strengths in fossil fuel resources, the United States, under President Biden’s direction, is pursuing an energy direction that needs decades to develop and which China started decades ago. It also means the United States must compete with China internationally in some of the most unstable areas in the world. The continuation of this approach will only mean that China will win the race and that U.S. consumers will be strapped with huge costs for energy and transportation.”
JSW Steel to buy 92.2% Stake in Mozambique-based mining firm for $73.8mln
“JSW Steel said that its board has approved acquisition of Mozambique-based mining company Minas de Revuboe (MDR), as the steelmaker looks to benefit from MDR’s high-quality coking coal, crucial for steel production.
The company, through its subsidiary JSW Natural Resources Limited, will acquire 92.19% equity stake and shareholders loans of MDR for $73.75 million. The steelmaker said that the deal enables access to more than 800 metric tonnes of premium hard coking coal reserves in Mozambique, according to an investor presentation from May 17.”
ANGOLA
Critical Minerals Africa 2024 to Explore Lobito Corridor’s Role in. Streamlining Mineral Trade
African Mining Market, April 26 2024
“The Critical Minerals Africa (CMA) Summit, taking place on 6th – 7th November, in Cape Town, will host a panel discussion exploring the role of the Lobito Corridor in supporting large-scale projects to advance resource monetization. With the DRC, Zambia and Angola intensifying the exploitation of critical minerals to bolster export revenue, the Lobito Corridor serves as a blueprint for attracting fresh investments to advance infrastructure and mining developments.”
Lobito Corridor: Game-changer in African transport, trade
“It is not just a corridor for the exit of unprocessed materials. The consortium that includes the US government, Africa Finance Corporation and AfDB has committed to providing $500 million as part of that roadwork. We have committed our risk guarantee facilities to support how to leverage resources on that corridor,” Dr Adesina told The EastAfrican.
“When we talk about how to move products, as Africa we have to invest more in railways. If you are trying to decarbonise your transport system, you need to invest a little more in electric rail systems; if you are going to open up heartlands, agriculture, minerals, metals and so on, because they are heavy things to move, and for haulage, you need rail.”
The corridor will integrate the continent and enhance connections with global markets by expanding export possibilities, boosting regional trade.”
US lukewarm on G7 Russian diamond ban after industry backlash
“The United States is re-evaluating the strictest elements of a ban on Russian diamonds from the Group of Seven major democracies, after opposition from African countries, Indian gem polishers and New York jewellers, seven sources said. The presidents of Angola, Botswana and Namibia wrote to G7 leaders in February to say that a pre-determined entry point for the G7 market would be unfair, impinge on freedoms, and hurt revenues. The three nations account for 30% of diamond output.”
TotalEnergies’ $6-Billion Deepwater Angola Project Is a Go at Last
Journal of Petroleum Technologies, May 23, 2024
“TotalEnergies announced on 21 May the final investment decision (FID) for the deepwater Kaminho project offshore Angola, aiming for first oil by 2028. The announcement was made in the capital Luanda, with Angolan President João Lourenço and TotalEnergies CEO Patrick Pouyanné in attendance. The $6- billion deepwater project, located in Angola’s Block 20, targets the Cameia and Golfinho fields, located about 100 km offshore and in water depths of 1700 m. TotalEnergies will use a converted very large crude carrier as a floating production storage and offloading (FPSO) unit, with a peak capacity of 70,000 B/D. This will be TotalEnergies’ seventh FPSO in Angola.“
GABON
Gabon-flagged merchant vessel with 25 Indian crew hit by drone in Southern Red Sea
“The United States’s CENTCOM said on social media platform X on Sunday. “At approximately 8 p.m. (Sanaa time), U.S. Naval Forces Central Command received reports from two ships in the Southern Red Sea that they were under attack,” The USS Laboon responded to the distress calls from these attacks, it stated…Indian Navy’s mission-deployed platforms respond swiftly to distress calls by MV Chem Pluto in Arabian Sea involving a missile/ drone attack on MT Chem Pluto. The vessel with 22 crew (21 Indian and one Vietnamese) was reported on fire after being hit by a projectile at around 0745 h on 23 Dec 23 likely to be a missile or drone.”
BW Energy Makes Oil Discovery in Gabon Asset
“BW Energy has made an oil discovery at the Dussafu license in the Southern Gabon Basin. The company said in a news release that the “substantial oil discovery with good reservoir quality” was in the DHIBM- 7P pilot well drilled to appraise the northern flank of the Hibiscus field…The evaluation of logging data, sample examination, and formation pressure measurements confirmed approximately 78.7 feet (24 meters) of pay in an overall hydrocarbon column of 121.4 feet (37 meters). Notably, the hydrocarbon column extends across the boundary between the Gamba and the underlying Dentale formation. This is the first example of a common Gamba-Dentale hydrocarbon accumulation in Hibiscus Field, the company noted.”
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