Alpha Petroleum, a Nigerian firm, has procured the largest diamond mining contract in Namibia, set to commence on 1st October 2024. Awarded by NAMDEB—a joint venture of the Namibian government and De Beers Group—the contract, valued at $200 million, permits Alpha to mine specific areas of NAMDEB’s offshore diamond licence. Using a specialised shallow water mining vessel, they aim to extract between 30,000 and 60,000 carats of diamonds annually, enhancing Namibia’s reputation as a leading diamond producer and positively impacting the local economy. Dr Babajide Agunbiade, CEO of Alpha Energy Resources, expressed pride in winning the competitive bid and looks forward to the project’s significant contributions and the positive publicity for the company.

Nigerian-based Alpha Petroleum has secured a landmark $200 million diamond mining contract in Namibia, marking its first major venture in the country. The mining operations will be conducted offshore in areas identified for their diamond-bearing potential. NAMDEB, the awarding body, is a partnership between the Namibian government and De Beers Group, emphasising the significant opportunity this contract presents for both Alpha Petroleum and Namibia’s economy.

The successful acquisition of the diamond mining contract by Alpha Petroleum underscores the company’s commitment to responsible mining and enhances Nigeria’s presence in the global mining sector. With its advanced technology and planned annual diamond output, Alpha Petroleum is poised to significantly contribute to Namibia’s economic landscape and diamond production capabilities.

Original Source: africanminingmarket.com

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Zambia’s mining sector faces significant upheaval due to proposed government reforms that threaten investors’ rights, according to the Chamber of Mines. The planned establishment of a state-owned enterprise intends to take control of at least 30% of future production from critical minerals like copper. The Chamber criticises the government for not sufficiently consulting with mining firms, risking setbacks to investment efforts that have boosted the economy since 2021.

Zambia’s economy heavily relies on copper, contributing approximately 70% to its export revenues. The government aims to boost copper production from less than 700,000 tonnes last year to three million tonnes by the next decade. These ambitious targets will require substantial investment in the mining sector, which could be jeopardised by new governance laws that purportedly allow regulators excessive discretionary powers, risking corruption.

The proposed reforms in Zambia’s mining sector represent a significant challenge for investors, with the Chamber of Mines expressing concern over possible corruption and a lack of meaningful government consultation. These developments could undermine past efforts to attract investment and drastically impact the country’s mining industry and economic growth.

Original Source: africanminingmarket.com

The post Zambia’s Proposed Mining Reforms Threaten Investor Rights and Growth first appeared on Nigerian Mining News.

Tanzania is positioning itself as a frontrunner in Africa’s strategic mineral sector, with expectations of a significant surge in global demand for critical resources by 2050. During a stakeholder meeting, Minister for Minerals Anthony Mavunde highlighted the country’s abundant mineral reserves, particularly in nickel, lithium, and graphite, vital for clean energy. Currently, global graphite demand is estimated at 6.5 million tonnes annually, but production is only at 1.2 million tonnes, with China dominating at 64% of the total. In Africa, Madagascar leads with 13%, Mozambique with 10%, and Tanzania follows in third place, contributing 0.6%.

The increasing global demand for strategic minerals, particularly for clean energy technologies, makes countries with rich mineral reserves crucial in shaping the future market. Tanzania’s mineral resources, especially in graphite—which is essential for batteries and other technologies—provide it with a competitive edge in the evolving landscape of the mining industry. The projected rise in demand by 2050 magnifies the importance of African nations in the global market.

Tanzania is actively working to enhance its status in the mining sector by leveraging its rich mineral resources. With strategic minerals like nickel, lithium, and graphite in high demand for clean energy, the country aims to increase its market share significantly. As the global demand for these minerals rises, Tanzania’s position as a significant contributor could reshape mining dynamics in Africa and beyond.

Original Source: africanminingmarket.com

The post Tanzania’s Ambitious Plans to Lead Africa in Mining Sector first appeared on Nigerian Mining News.