Oil & Gas - Copperbelt Katanga Mining

DRC-Oil: operating permits granted to companies linked to Dan Gertler declared expired and invalid 1

Didier Budimbu, Congolese Minister of Hydrocarbons, in a correspondence dated June 16, announced that the permits to operate oil zones granted in 2010 to two companies linked to Dan Gertler for blocks 1 and 2 have expired. This important oil field is located on the Congolese part of Lake Albert, near the border with Uganda. These areas contain, according to expert estimates, more than a billion barrels of oil. The decision of the Congolese authorities comes when production has not yet started. The Minister asks these companies to transfer all technical data… Read More Here

Copper Iron & Steel Iron Ore Oil & Gas

2021 the year of records for raw materials: copper at $ 10,000, oil at $ 70, iron at $ 200

May 20, 2021May 20, 2021 admin

When crude futures broke above $ 70 a barrel on Tuesday, it was just the latest milestone in a record year for commodities. From copper to iron ore and oil, prices have recovered significantly in 2021, as the global economy emerges from the depths of the coronavirus pandemic and stimulates demand. The Bloomberg Commodity Spot Index, which tracks a broad basket of commodities, is up 21% since January, putting it on track for the best year since 2016. Copper hit an all-time high this month, exceeding $ 10,000 per tonne. Iron ore… Read More Here

Mining Companies Oil & Gas

Record metal prices put mining companies ahead of oil giants

May 3, 2021May 3, 2021 admin

Major oil producers, who for decades were the biggest earners in the natural resources industry, are being eclipsed by once-smaller mining peers who are making record profits from burning metals markets. The mining windfall is the latest sign of a boom in iron ore, copper and other metals that is sending a wave of inflation through the global economy, raising the cost of everything from electrical wires to construction beams. In the corporate world, the top five iron ore mining companies are on track to achieve combined net profits of… Read More Here

Copper International Lithium Oil & Gas

Copper And Lithium Compete For The Title Of ‘New Oil’

April 30, 2021April 30, 2021 admin

Oil remains king of the energy sector, for now, but there’s a conga line of pretenders poised to claim the crown including copper which Goldman Sachs hailed last week as “the new oil”. The reasoning of analysts at the investment bank is that copper will play a key role in the rush to replace vehicles with internal combustion engines with electric vehicles (EVs) as well as being essential in everything else which uses electricity. Whether it’s going too far to award copper the title of commodity king is debatable, but… Read More Here

Mining in DRC Oil & Gas

China is switching its investment focus in Africa from oil to minerals

April 28, 2021April 28, 2021 admin

Beijing has more options on where to source its crude these days, but is still reliant on Africa for its copper, cobalt and other rare minerals, analyst says A ‘substantial part of the Congolese mining sector … is now in Chinese hands’, report says China’s Foreign Minister Wang Yi is pictured with his Congolese counterpart Marie Tumba Nzeza in January. Photo: Xinhua The visit by Chinese Foreign Minister Wang Yi to the Democratic Republic of Congo (DRC) earlier this year was indicative of a shift in Beijing’s lending and investment focus for… Read More Here

Oil & Gas

Congo Nears Settlement of $619 Million Oil Arbitration Case

April 15, 2021April 15, 2021 admin

The Democratic Republic of Congo is considering settling a $619 million arbitration case by awarding a South African junior oil company almost half that amount in cash and new oil and mining permits. The settlement with DIG Oil Ltd. would resolve a 13-year dispute over oil licenses in the central African nation. The Johannesburg-based company won the award in 2018 at an arbitration court in France that found Congo failed to honor two production-sharing agreements approved by former President Joseph Kabila’s administration. The tentative settlement would have Congo pay DIG… Read More Here

Oil & Gas Energy

Barrick Updates Its Evolving Emissions Reduction Target

April 14, 2021April 14, 2021 admin

Barrick Gold Corporation’s ESG strategy delivered tangible results in 2020, including an update to its greenhouse gas emissions reduction target, said president and chief executive Mark Bristow in a virtual presentation to investors on sustainability today. The presentation was the first of its kind for Barrick and coincided with the publication of Barrick’s 2020 Sustainability Report. Bristow said the company’s ESG advances last year also included zero Class 1 environmental incidents1, a new record of 79% water recycling and re-use by its operations and the introduction of fully functional community development committees… Read More Here

Mining in DRC Oil & Gas

DRC: Government expects estimated revenues of USD 153.9 million from oil producers this year

February 12, 2021February 12, 2021 admin

The 2021 Budget provides for revenues of around 318,207,890,366 1 CDF (153.946 million USD at the average budget rate of 2067 FC / US dollar) to be drawn from oil producers in terms of taxes and other taxes owed to the State. . The General Directorate of Taxes (DGI) should collect this year from oil producing oil companies projected taxes of 148,504 140,221 CDF (71.845 million USD). As for the General Directorate of Administrative, State and Participation Revenue (DGRAD), it will have to collect non-tax revenue of CDF 169 703… Read More Here

Oil & Gas Mining in DRC

DRC: Greenpeace Africa denounces the sale of 19 oil blocks by the Congolese government

February 10, 2021February 10, 2021 admin

The international NGO Greenpeace Africa denounces the announcement made on January 29 by the Congolese Minister of Hydrocarbons Rubens Mikindo of the upcoming auction of nineteen oil blocks across the Democratic Republic of Congo. An announcement that comes less than two weeks after President Félix Tshisekedi posed as a great defender of the environment in an address by video conference at a summit organized by Emmanuel Macron in Paris. For Greenpeace Africa, the sale of 19 oil blocks by the Congolese government is an insult to the Congolese people and… Read More Here

Mining in DRC Oil & Gas

19 oil blocks identified across the country will be the subject of calls for tenders – DRC

February 2, 2021February 2, 2021 admin

The Minister of State, Minister of Hydrocarbons, Rubens Mikindo announced that he had identified nineteen oil blocks across the country and which will soon be the subject of calls for tenders. He said it on the sidelines of the Hydrocarbons scientific days held from January 28 to 29 in Kinshasa. “Thus, the review of the oil and gas heritage of the DRC enabled us to select a total of nineteen oil blocks which will soon be the subject of calls for tenders. These blocks are distributed as follows: nine blocks in the… Read More Here