“The material fall in the prices of its diamonds from $210 per carat in early 2015 to $142 per carat at its most recent sale in December 2016 emphasises the weak state of the diamond market for this category of diamonds,”Gem said on Thursday, pointing out the mine was on the cusp of reaching commercial production and would cost $3m a year to maintain.
Gem would monitor market conditions to decide when to restart the mine profitably.
John Meyer at SP Angel called Gem’s decision “pragmatic”, while another analyst warned Gem could run into difficulties with a $25m Nedbank loan to the project.
The analyst, who did not want to be named, said Gem itself could cover the repayment of the loan.
Gem’s attempts to extend operations beyond its Letseng mine in Lesotho have been unsuccessful – the Ellendale mine in Australia was sold for 15m in 2012 and the Cempaka alluvial mine in Indonesia was closed in 2008.
Exploration efforts in Angola and elsewhere in Africa came to naught.
The successful Letseng mine is known for large diamonds, which average more than 2,000 per carat.
AOC dazzles visitors with a special game room at GITEX Technology 2021
AOC Sales Director Middle East & Africa, Carol Ann Dias (Image: Hazem Abed)
AOC, the world’s leading manufacturer of computer monitors, highlights its presence at GITEX Technology Week 2021 through their authorized distributor, Hiperdist. At GITEX, AOC is showcasing a special game room where visitors can get try out the latest lineup of gaming monitors, some of which are made for professional e-gamers.
“Being one of the largest information technology exhibitions not just in the region but the whole world, AOC would not want to miss the opportunity to participate at GITEX 2021,” said Carol Ann Dias, Sales Director Middle East & Africa at AOC. “More than making our presence felt at the show, we are now focusing on emerging markets which is why we have partnered with Hiperdist due to their strong presence in the MEA region,” she added.
Some of AOC’s well-known monitors that include the Agon and the G2 line up are all on display at GITEX. Where visitors are encouraged to try out the new displays that offer some of the best technologies that make it fit for the gaming crowd.
Already a top choice by gaming professionals, the AGON AG352UCG6 features a 35-inch display with a 120HZ refresh rate. The curved design supports a WQHD (3440 x 1440) resolution that has 2.4x more pixels than a standard widescreen monitor. It also features a lighting panel at its rear which can be customized in colours of red, green or blue.
Also on display is the AOC C27G2 gaming monitor that comes in a 27-inch size with a 165Hz refresh rate. There’s also a 1ms response time for more accurate play. And Freesync support so high-intensity games are razor-sharp without ghosting.
Visitors can join and experience AOC monitors at the Hiperdist stand in Hall 3 E1 at GITEX Technology Week in the Dubai World Trade Centre.
Philips Introduces Momentum 559M1RYV 4K HDR display with Ambiglow for Xbox
Philips 55 lifestyle in situ Xbox (Image: Supplied)
MMD, the leading display specialist and brand license partner for Philips monitors, today announced the release of the world’s first designed for Xbox console gaming monitor. Philips Momentum 559M1RYV featuring 55-inch panel size boosting 3840×2160 resolution with 4K / 144Hz, 4ms GTG response time, and many other features that will be available in the UAE, Saudi Arabia, Kuwait and Pakistan.
Philips Momentum 559M1RYV: Design and Sound
This new “Philips Momentum 559M1RYV” bears the name Momentum 559M1RYV and bears the same exterior appearance as the previous version, including the adoption of a VA LCD panel with a W-LED backlight system with Ambiglow technology that adds a new dimension to your viewing experience. Innovative Ambiglow technology creates an aura of light on the surrounding wall from behind the screen panel. Its fast processor analyzes the content of the displayed image, and continuously adapts the color and brightness of the emitted light to match the displayed image. This technology also helps reduce eye strain to enjoy the scenes, it also supports DisplayHDR 1000 standard. The gaming monitor includes a specially designed speaker enclosure from the engineers at Bowers & Wilkins, the British loudspeaker company globally renowned for their innovative designs and sound engineering, that completes the experience.
Pankaj Budhiraja, Category Manager – Philips Monitor – Middle East & Africa, said: “The new Philips Momentum monitor offers unique user experience especially for gamers who demand exceptional graphic quality display and flicker-free pictures. This monitor is a wholesome entertainment package with build-in stereophonic speakers, sharp picture quality, vibrant colors and dynamic contrast and excellent resolution”.
Philips Momentum 559M1RYV: Performance
Philips Momentum 559M1RYV including Displayport 1.4, a USB-B port along with 4 USB 3.2 ports, two of them with fast charging. The Philips Momentum Monitor delivers designed for Xbox validates performance with ultra-clera 4K resolution at a minimum 120Hz refresh rate. 3840×2160 pixels with a 16:9 aspect ratio and a good response time of 4ms, as for the brightness rate in the mode up to 750cd / m2, while in the HDR mode it reaches 1200cd / m2. As for the color weight, we will notice that it offers DCI-P3 color gamut with 95% coverage, NTSC color gamut with 104% coverage, and sRGB with 125% coverage.
“As Philips always prioritizes user health, we introduce Ambiglow technology for eye-friendly productivity and a premium sound system. The monitor been extensively tested, and validated by engineers at Microsoft and MMD to ensure perfect compatibility, Philips Momentum meet’s the high expectations of the Xbox fans, creating an integrated gaming atmosphere to enjoy.” Budhiraja added.
Key features for Philips Momentum 559M1RYV:
- Screen size: 55-inch
- Resolution: 3840 x 2160 UHD 4K
- Panel type: VA
- Refresh rate: 120Hz (HDMI 2.1); 144Hz (DisplayPort 1.4)
- Response time: 4ms
- Aspect ratio: 16:9
- V-Sync method: Adaptive Sync
- Contrast ratio: 4,000:1
- Ports: HDMI 2.1 (x3), DisplayPort 1.4 (x1), USB-C (x1), USB-B (x1), USB 3.2 (x4)
- Ambiglow: 3-sided
- Power supply: Internal, 100-240VAC, 50-60Hz
The Philips Momentum 559M1RYV monitor is available through MMD authorised distributors in the UAE, Saudi Arabia, Kuwait and Pakistan and comes with a standard 3-year warranty, and EUP in UAE AED 6999*.
Nicolas Mathon: Unlocking successful independent power projects in Nigeria
Nicolas Mathon, Director, Project Development, Africa and Europe, Wärtsilä Energy (Article & Image: Nicolas Mathon)
The successful completion of the Azura Edo 450 MW gas-fired power project in 2016 was hailed at the time as setting the blueprint for future independent power projects in Nigeria. The $900 million plant, which gathered 20 international banks and equity financing partners from more than nine countries, took over six years of project development and construction. It was intended to provide a pathway for others to enter into similar agreements and unlock financing for power sector investment. But five years on, no new independent power projects have come to fruition.
Today, grid generating potential is just over 12 GW in Nigeria. More than 40% of the population lack access to electricity, and those with access, suffer regular power cuts and outages. This is not due to a lack of projects or ambition. With its Vision 30:30:30 the government is committed to deliver 30GW of electricity with 30% renewable energy mix by 2030.
As the largest economy in Africa, with huge gas reserves and high solar energy potential, Nigeria has all the natural resources necessary to meet these targets. However, there are three major and interconnected challenges to overcome to complete successful IPP projects, namely the fragile energy transportation and distribution infrastructures, the ambitious yet incomplete energy reforms, and finally, securing access to long-term international project financing.
The fragility of the existing energy infrastructures, the relative immaturity of the power sector reforms, combined with security and currency risks, create enormous barriers to entry for IPP projects in Nigeria. While there is no simple answer to resolve this, our experience is that an holistic approach to cover all project parameters is crucial and that demonstrating flexibility and resilience over the long term is of paramount importance.
An improving, but still complex regulatory environment
Nigeria’s power sector reforms began around ten years ago when the government launched an ambitious privatization and unbundling of the vertically integrated historical utility. Power generation plants were transferred to privately held GENCOs, the distribution network went to partially privately owned DISCOs, while the transmission network was kept under government ownership, managed for some time by the private sector.
The resulting regulatory environment is complex and still evolving today, creating significant uncertainty for project developers. Despite a strong legal framework and the many government efforts to implement reforms, project developers and sponsors need to navigate multiple agencies and government organizations with sometimes conflicting or unaligned processes.
To cope with this uncertainty, information must be checked and rechecked at various levels to safeguard a project ecosystem that requires constant monitoring and validation. Keeping abreast of developments requires continuous contact and resilience, mobilizing full time resources to stay in the game.
Mitigating project development risk with a 360° approach
Major energy infrastructure projects are multi-million-dollar transactions that require long cycles to develop and even longer to payback. Having a reliable turnkey solution provider, with the experience of international project development, can make a significant difference for future IPP projects.
Independent Power Producers must also beyond the capability to mobilize technical resources, such as engineering, engine manufacturing, construction, and service teams, work with consultants and advisors to bring expertise on environmental and social topics, on connecting infrastructures, primary fuel supply legal matters and accordingly to contribute to internal and external project development costs.
From engineering, procurement and construction (EPC) through to operation and maintenance (O&M), successful project finance relies upon complex back-to-back contractual agreement structures to secure access to the gas, the grid, and the offtake of the generated power. Once a bankable model has been designed, only then can projects raise finance from international development finance institutions (DFIs), international and local commercial banks and other accessible funds.
In addition to coordinating project finance, and to mobilizing internal and external resources, the ability of the IPP to share the development risk by taking minority equity stakes in projects is also paramount.
Selecting the right technologies in a challenging environment
Gas fuels more than 80% of the nation’s power generation capacity in Nigeria. But in order to generate reliable power from gas in a challenging environment, not all technologies are equal.
For instance, the challenging conditions of gas transportation and distribution, combined with the fluctuating electricity loads, makes it difficult for traditional large gas-turbine based power plant projects to operate efficiently.
Gas turbines operate on a continuous combustion process, requiring a constant supply of gas and a stable dispatched load to generate consistent power output. Supply from the Escravos-Lagos Pipeline System (ELPS), which forms the backbone of Nigeria’s gas transportation system, is subject to disruptions due to a number of upstream constraints and its own operational challenges. This makes it challenging to respond to the daily variations in customer demand. The result is stranded generation assets and transmission bottlenecks causing shutdowns at some of the country’s largest power plants.
Power plants with reciprocating gas engines, however, can run with lower gas pressures and provide high efficiency at Nigerian site conditions with high temperatures and humidity. Medium-sized projects of 250 MW can make a significant contribution to meeting the country’s energy demand as they are able to operate with a large spectrum of gas qualities and other liquid fuels provided through other supply infrastructures. More importantly, they can provide the flexibility and resilience required to accommodate varying loads either due to consumption patterns or to challenged transmission and distribution infrastructures. As renewable projects are progressively integrated into the mix of Nigerian grid connected power plants, the need for flexibility and agility to adapt to intermittent sources of electricity such as solar and wind will increase.
Enabling the “Decade of Gas” vision
Whilst there is no single solution or quick fix to solve the challenges of Nigeria’s power sector, the ability to deploy the appropriate power production technologies combined with proven project management know-how will go a long way to overcome these barriers and take advantage of the government’s “Decade of Gas” vision. High-quality IPP projects based on gas engine technology will contribute to meeting the country’s unserved energy demand, whilst reducing dependence on expensive diesel generators and drastically reducing CO2 emissions.
OPINION: Nicolas Mathon, Director, Project Development, Africa and Europe, Wärtsilä Energy