Africa








Energy Markets

Fossil Fuels

Oil & Gas

Libya objects to Greek tenders for hydrocarbon exploration offshore Crete

Libya's internationally recognized government of national unification has objected Greece's approval for an international tender to explore hydrocarbons off the island Crete. It said that some of the blocks violated its maritime zone. Both countries are trying to repair their strained relations after an agreement signed in 2019 by the Libyan government with Greece's regional competitor Turkey. The accord mapped out a large sea area that they share near the Greek island. Greece opposed the agreement. It said it had no legal foundation, as it was seeking to create an economic zone exclusive from Turkey's southern Mediterranean coast to Libya's...

Fossil Fuels

Debswana, a Botswana-based company, will approach the capital markets to finance Jwaneng underground Project

Debswana Diamond Company in Botswana is turning to the international capital market to fund its $6 billion Jwaneng Underground Project, said a director on Monday. The company's declining revenues have made it difficult to finance capital projects. Andrew Motsomi, managing director of the company, said that despite the decline in the global market for diamonds since the second half 2023, it is still pressing forward with its plan to convert its flagship Jwaneng Mine into an underground operation in order to extend its lifespan to 2054. This was revealed at a mining event in Gaborone, the capital. Debswana will reduce...

Fossil Fuels

De Beers attracts interest from Qatari funds and billionaire Agarwal

Sources close to De Beers have confirmed that at least six consortiums are interested in the diamond giant, including Anil Agarwal and Indian diamond companies, as well as Qatari investment funds. De Beers will be carved out from Anglo American, as the London listed miner refocuses its efforts on iron ore and copper. However, the global diamond price is under pressure. Two sources confirmed that Agarwal is a member of the larger group of interested parties. Vedanta, which operates mines in Zambia, South Africa and elsewhere, has a chairman named Agarwal. Both Anglo and Agarwal declined to comment. Two sources...

Fossil Fuels

Moody's raises Nigeria's rating from 'B3' to 'B3' due to its improved external and fiscal position

Moody's, the credit rating agency, upgraded Nigeria's ratings by a notch from "Caa1", citing significant improvement in the country's fiscal and external positions. The World Bank announced earlier this month that Nigeria's economy had achieved its highest growth rate in about a decade, in 2024. This was due to a strong quarter and a better fiscal position. It warned, however, that high inflation is still a problem. Moody's stated that the recent overhaul of Nigeria's Foreign Exchange Management Framework... had markedly improved the CBN's reserves of foreign currency and bolstered its balance of payments. Moody's says that the inflationary risk...

Fossil Fuels

Attorney General: Three suspects arrested for raiding Libya's oil company

The Attorney General of Libya said that three suspects were detained after allegedly storming Tripoli's state oil company's headquarters. This comes a day before the rival government to the east had threatened to declare force majeure for oil fields and ports due to the assaults. The National Oil Corporation is based in Tripoli under the control of the internationally-recognized Government of National Unity. Although the parallel government in Benghazi, in the east, is not recognised internationally by the international community the majority of oilfields are controlled by Khalifa haftar. The NOC denied that its corporate headquarters were stormed. It called...

Fossil Fuels

Three killed in fire on Chevron Angolan oil platform

The death toll from the fire on a Chevron operated oil platform off Angola has now reached three. Government and company officials confirmed this late Tuesday. Officials said that two workers had been transferred to South African hospitals with specialist units, and the body of the third worker was still to be recovered from the ocean. The fire that broke out at the Benguela Belize Lobito (BBLT), a deep-water platform, in the early hours of the morning on May 20, injured seventeen people, including four who were seriously hurt. According to a government source, the accident happened in the week...

Oil & Gas

Major Gulf markets react to Trump's tariff uncertainty

Gulf stock markets mixed on Tuesday. Saudi Arabia's Tadawul main index fell 0.78%, as investor sentiment was fragile due to the unpredictable nature of U.S. president Donald Trump's policies. Trump's announcement on Sunday that he would delay his threat to impose 50% tariffs on the European Union gave a boost on futures markets. The deadline of July 9 was set for Washington to reach a deal with the 27-nation EU. Nasdaq Futures rose by 1.67%, while S&P 500 Futures increased by 1.49%. Brent crude futures were up 11 cents or 0.2% by 0640 GMT as the markets awaited clarity from...

Oil & Gas

TotalEnergies is asked to take action by UN expert on human rights concerns

An independent U.N. expert on human rights said that TotalEnergies should urgently address new allegations of abuses in its controversial oil pipeline project, which is located in East Africa. This was made ahead of Friday's annual shareholders meeting of the French energy company. Michel Forst, Special Rapporteur for environmental defenders, said in a late-Thursday statement that the company should take immediate steps to protect activists connected to the East African Crude oil Pipeline and its associated oilfields. The news broke that German asset manager Union Investment dropped the bonds and shares of the company from its sustainable investments funds. Union...

Oil & Gas Refining

17 injured in fire at Chevron platform off Angola

In a joint statement, the Angolan government and Chevron said that 17 people, including four serious injuries, were injured when a fire broke in the early morning hours of Tuesday on the deep-water Benguela, Belize, Lobito, Tomboco oil platform. Investigations are currently underway to determine the cause of a fire that occurred on the basement level of the multi-storey production platform of Block 14 in the Block 14 concession, some 60 miles (97 kilometers) off the coast of Cabinda. Angola's National Agency for Petroleum, Gas and Biofuels issued a statement referring to the injured. Chevron stated that the incident took...

Fossil Fuels

World Court supports Equatorial Guinea on islands dispute with Gabon

The International Court of Justice (ICJ), which has been resolving a dispute between Gabon and Equatorial Guinea for decades, ruled Monday that Equatorial Guinea had a claim on a group of small islands located in waters potentially rich in oil in the Gulf of Guinea. The ICJ (also known as the World Court) sided with Equatorial Guinea in its final and binding decision. It said that its claim to the islands based upon a 1900 agreement dividing French and Spanish colonial properties in West Africa, should be respected. The court ruled that a 1974 accord on which Gabon had based...

Oil & Gas

Libyan protesters call for the resignation of three ministers as they demand that the Prime Minister resign

On Friday, hundreds of Libyan demonstrators called for the removal of Abdulhamid Dbeibah as the internationally recognized prime minister. At least three ministers also resigned to show their support. Demonstrators gathered on Martyrs' Square, Tripoli. They chanted slogans like "The nation wants the topple of the government" or "We want elections." The protesters then marched on to the main building of the government in the center of the city. One protester declared, "We will not leave until he leaves." The marchers carried photos of Dbeibah, National Security Advisor Ibrahim Dbeibah and interior minister Emad Tarbulsi in which their faces were...

Fossil Fuels

Gulf markets dull as global stock rally loses momentum

The majority of Gulf stocks were flat on Thursday morning, with oil prices falling and Asian stock markets declining after the initial excitement from eased trade tensions started to fade. Investors waited for more signals. Brent crude futures fell more than 2% and U.S. Crude also dropped. The global stock market had earlier in the week rejoiced over the truce between the U.S. and China trade war. However, the rally was lost as investors took a pause to assess the situation and its impact on the economy. Dubai's main stock index was the sole market in the region to choose...

Environment

Carbon Emissions

Britain, Kenya and Singapore lead a campaign to increase company demand for carbon credits

Britain, Kenya, and Singapore launched a coalition to encourage companies to purchase carbon credits. The guidelines are aimed at buyers. Carbon market experts describe this as the strongest policy support for such markets yet. Carbon market proponents have been trying to create a market to buy and sell credits that companies can use to offset their emission for decades. Corporate buyers are still hesitant despite the fact that nations agreed on a U.N. backed system at the COP29 conference in Baku. On Tuesday, Britain, France Kenya, Singapore, and Panama announced their intention to reach an agreement on a set of...

Climate Change

New Barbados bond bolsters push for disaster debt pause clauses

Barbados issued a bond to help pay off its IMF loan, and free up some money. It also gives it two years fiscal breathing room if the country is hit by severe hurricanes, floods, or even an epidemic of COVID proportions. If it is well received, this could set a precedent for normalising the so-called climate resilient clauses in debt that have been lukewarmly accepted since they were introduced in recent years due to a perception that they might increase borrowing costs. Barbados' $500 million bond replaced an existing one. It is the first international bond of a "benchmark" size...

Carbon Emissions

Brazil will push for climate targets from local governments and corporations at the COP30

Brazil, the COP30 President, proposed on Friday that pledges of emissions reductions be expanded to include companies, states and cities. This was to bolster climate efforts after the U.S. withdrew from the Paris Agreement. Brazilian diplomats working on the climate summit are working closely with U.N. officials to encourage countries to submit revised targets for reducing greenhouse gas emissions before September. Many missed the deadline of February. In the Paris Accord, where almost all countries agreed to limit global warming to 2 degrees Celsius or less from pre-industrial levels by 2050, it is required that these targets be submitted and...

Mining

Mineral Resources

Mineral Resources

Steel imports to be subjected to tougher restrictions than anticipated

The British government will impose trade limits on steel that are more restrictive than anticipated, restricting imports from Vietnam and South Korea, as well as Algeria, to protect its domestic supply against the effects of a trade war. Britain is trying to protect its domestic steel industry from an oversupply in the global market. It has taken a number of measures to help it. These include negotiating the removal U.S. Tariffs, which are yet to take full effect, and taking control of British Steel, to stop it from closing down. The global trade upheaval caused by Trump's tariffs, and the...

Mineral Resources

West Africa mine operators use drones to detect illegal miners as gold prices rise

Three men launch a drone in the clear skies above Gold Fields' Tarkwa mine, a sprawling 210 square kilometer gold mine located in southwest Ghana. The drone's cameras scan the area for any intruders as the sun beats down. A drone detected something strange, and a 15-person police team arrived within 20 minutes. The team found abandoned clothing, newly dug trenches and rudimentary gear in pools of mercury- and cyanide contaminated water. Wildcat miners who work on the fringes of official mines in Africa left the equipment behind. They put their health, the environment, and the profits of official mine...

Mineral Resources

Sources say that RPT-Barrick Mining has removed the Mali gold complex production forecast for 2025.

Four sources have confirmed that Barrick Mining removed the Mali gold complex's output forecast from 2025. This is a result of a two-year dispute with West African authorities over new mining laws aimed at increasing revenue. The Loulo-Gounkoto complex, one the Canadian miner’s largest assets in Africa, has been closed since January. This is because the military-led government of Mali blocked gold exports, detained employees and seized 3 metric tons during separate negotiations for a new mining agreement with Barrick. Both sides are hoping to make at least $1 billion in revenue this year, thanks to the record-high gold prices....

Mineral Resources

Sources say Barrick Mining has removed the Mali gold complex production forecast for 2025.

Four sources have confirmed that Barrick Mining removed the Mali gold complex's output forecast from 2025. This is a result of a two-year dispute with West African authorities over a new mining law aimed at increasing revenue. The Loulo-Gounkoto complex, one the Canadian miner’s largest assets in Africa, has been closed since January. This is because the military-led government of Mali blocked gold exports, detained employees and seized 3 metric tons during separate negotiations for a new mining agreement with Barrick. Both sides are hoping to make at least $1 billion in revenue this year, thanks to the record-high gold...

Mineral Resources

Canada's Allied Gold may look into options for power supply at Sadiola Mine

In an interview with its CEO on Monday, Allied Gold said it could consider other options for a deal to supply power at its Sadiola Mine in Mali due to the surge in gold prices. In February, the gold miner had signed an agreement with UAE-based Ambrosia Investment to give Ambrosia Investment a 50% stake of the mine for the installation of a new system which would have reduced the costs. Ambrosia was supposed to pay Allied Gold $500 million and $250 million upfront in cash. The deal has not yet closed. Peter Marrone, CEO of Allied Gold, said that...

Mineral Resources

Sinomine, China's copper smelter in Namibia is halted due to a global shortage of concentrates.

Sinomine Resource Group, China, announced on Friday that it had temporarily suspended copper smelting at its Tsumeb facility in Namibia. The group cited a shortage in concentrate due to a rapid expansion of smelter capacities worldwide. Sinomine acquired Dundee Precious Metals' Tsumeb Smelter in 2024, which is one of only a few facilities worldwide that can treat copper concentrates containing arsenic or lead. The smelter has the capacity to process up to 240,000 tons of copper concentrate per year. It previously processed metal from Chile, Peru, and Bulgaria. The global copper smelting industry has grown rapidly in the last few...

Mineral Resources

UAE firm IRH purchases majority stake in Congo tin mining company Alphamin

International Resources Holding, based in the UAE, has agreed to purchase a controlling interest in Alphamin Resources, a major tin producer in Africa. The deal is valued at C$503million ($367million), and comes as it expands its presence on the continent. IRH, a division of International Holding Co., has entered into an agreement with Tremont Master Holdings to purchase a 56% share in Alphamin for C$0.70 or approximately $367 million. The companies announced the deal in a joint press release. Alphamin's Bisie mine is located in eastern Democratic Republic of Congo, an area rich in tantalum and tungsten, as well as...

Mineral Resources

Gulf stocks mix as new tariffs come into effect and oil prices fall

The Gulf stock markets were mixed on Wednesday morning, as U.S. President Donald Trump imposed duties on steel, aluminium, and other metals. This is the latest chapter of a trade conflict that has shaken global markets. Investors continue to focus on the pace of the trade negotiations. A possible phone call between President Trump, and Chinese leader Xi Jinping this week is in the spotlight. Trump had accused China of violating a bilateral agreement to reduce tariffs and trade barriers on Friday. Brent crude futures fell 0.3%, to $65.46 per barrel at 0644 GMT. The prices were weighed down due...

Mineral Resources

US Skips UK Steel and Aluminum Tariffs as Both Countries Eye Quick Trade Deal

The United States announced on Tuesday that it would not double steel and aluminum tariffs on Britain. This announcement came hours after the UK Government said that the two countries had agreed to a deal on tariff relief as soon as possible. The U.S. announcement that exempts British aluminum and steel from a 50% tariff increase came in a Tuesday proclamation by U.S. president Donald Trump. The U.S. trade representative Jamieson Greer and British Trade Minister Jonathan Reynolds met on Tuesday in Paris during an OECCD meeting. A spokesperson for the UK government said: "The UK was first to secure...

Mineral Resources

Ivanhoe to restart flooded Congo copper mine partially in late June

Ivanhoe Mines announced on Monday that it will restart a closed section of the Kakula Copper Mine in the Democratic Republic of Congo, which was shut down due to underground seismic activity. After tremors damaged underground infrastructure and caused flooding, the Canadian miner temporarily halted operations at its Kakula mine. Ivanhoe said it plans to resume operations in the west side of the Kakula Mine, where the pumping equipment has been working. Ivanhoe stated that the eastern section of mine will resume operation once the water pumping is complete. Ivanhoe's shares in Toronto rose by as much as 7.7%. After...

Mineral Resources

Mali court adjourns the hearing on whether Barrick's Gold Mines should be placed under provisional management

The registry office of a Malian court and one of the lawyers concerned told reporters on Monday that the hearing to determine whether Barrick Mining's Loulo-Gounkoto Gold Complex should be placed under temporary administration has been adjourned until Thursday. If granted, this would be a significant escalation in the dispute between the West African nation and the Canadian miner. Operations at the complex had been suspended in January due to a disagreement over taxes and ownership. Barrick Mining (formerly Barrick Gold) and Mali’s military-led Government have been at odds over the implementation of the new mining code since 2023. The...

Mineral Resources

Botswana ODC will start selling diamonds under contract in September

Mmetla Msire, the managing director of Botswana’s Okavango Diamond Company, said that it plans to begin contract gem sales in September. This is part of a new marketing agreement with De Beers, which will diversify its sales channels. ODC's allocation in Debswana, its joint venture 50-50 with De Beers, was increased from 25% to 30% under the new agreement. It aims to sell around 40% of its supplies through contracts. The balance will be sold through auctions and strategic partners, as well as Botswana companies. ODC currently sells a majority of its diamonds through online auctions. These are typically held...