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Diamond giant De Beers approves $1 billion investment at Botswana mine

Published

12 months ago

January 11, 2024

De Beers has announced that despite the ongoing decline in demand for gems, it will move through with a planned $1 billion investment to prolong the life of its flagship Jwaneng mine in Botswana.

Debswana Diamond Company is jointly owned by the Anglo-American unit and the Botswana government, who have approved the expenditures necessary to turn the Jwaneng pit into an underground operation.

“The global supply of natural diamonds is falling, so moving forward with the Jwaneng underground project creates new value for investors,” De Beers CEO, Al Cook, said.

To manage its stockpile of rough diamonds, India, which cuts and polishes 90% of the world’s rough diamonds, has asked miners around the world to stop selling them. This has resulted in a decline in demand for rough diamonds in recent months.

“This investment is aligned with our strategy to prioritise investments in the highest-quality projects,” Cook said.

Mining is one of the best and most lucrative industries in the world, particularly for diamonds, of which Botswana is the world’s top producer in terms of value.

Botswana is the largest producer of rough diamonds in Africa. It received 10% of the production, while the mining De Beers received 90% at the beginning of the partnership, and increased to 25% in 2020.

Related Topics:Botswana De Beers Diamond Featured

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Moroccan annual inflation rises to 0.8% in November

Published

22 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”