Mali: Altus Strategies Announces Increase In Resources For The Diba Gold Project

Gold resources from the Diba project in Mali have increased, now totaling more than 400,000 ounces in the indicated and inferred categories. This is what Altus Strategies, the asset holder, said on Monday, adding that these figures will soon be improved thanks to new drilling.

In Mali, the mining company Altus Strategies released a new resource estimate for the Diba gold project on Monday. Made by the engineering company Mining Plus as part of the prefeasibility study for the project, this update indicates a 637% increase in resources classified as "inferred".

The latter went from 32,500 ounces of gold to 5.4 million tonnes of resources grading 1.06 g / t of gold, or 187,000 ounces. At the same time, resources classified in the "indicated" category are now 4.8 million tonnes grading 1.39 g / t gold, or 217,000 ounces.

"There is significant exploration potential for new discoveries at Diba, with seven priority prospects still to be systematically tested by drilli…

Europe could run out of oil in 2030, says Shift Project

Europe could run out of crude by the end of the decade, say experts on the Shift Project, if it does not make a sufficiently ambitious energy transition. Europe’s oil supply is under threat, warns the Shift Project. This group of experts, led by economist Mathieu Auzanneau, brings together former executives from Total and has obtained the latest data from Rystad, the Norwegian economic intelligence agency, on resources and reserves country by country. and field by field of the petroleum industry.

Europe could run out of oil in 2030, says Shift Project

Verdict: More than 50% of the EU’s supply is on the wane. It's "easy oil winter," said the report (see here). Russia, which supplies 30% of the European supply, will see its production fall by 9% in the next ten years. Even greater decline in supply from the Gulf of Guinea countries, -30% for Nigeria and Angola, -45% for Gabon and Congo-Brazzaville. Algeria’s supply should continue to fall, -13%.

Russia and Africa supply forecast to fall

Africa accounts for 10% of Europe’s oil supply. Apart from Saudi Arabia, whose production should remain solid, and Iraq, whose supply is promised for strong growth, the other suppliers of Europe have uncertain potential, whether Iran, Libya, Norway, the United Kingdom, Mexico, Brazil, Canada or the United States.

Especially since the Covid-19 crisis has caused investment to collapse, a new miracle in shales is very much in jeopardy. Extrapolating data from Rystad, The Shift Project predicts that by 2030 the supply of current suppliers in Europe will decrease from 1% to 8%.

Risk of abrupt withdrawal without an adapted climate policy

As the fall in consumption does not go as quickly on the Old Continent, there is a danger of sudden withdrawal of oil for Europe. "If the European Union does not succeed in implementing the appropriate climate policies", "it risks being overtaken by the broom wagon of Peak Oil!" Warns the Shift Project.

Aggravating factor, global demand will grow in emerging countries, particularly in Asia and to a lesser extent in Africa, while their production will decrease. An additional 11 million barrels will have to be found, the current consumption of the European Union, which will therefore be in competition with the rest of the world on its supplies.