2017 Global Natural Diamond Production Forecasted at 142M Carats Worth $15.6B

This article is reprinted from Paul Zimnisky Diamond Analytics, courtesy of Paul Zimnisky.

Mining and ExplorationRough MarketIn-depth

Diamcor Holds Second Rough Diamond Sale from Expanded Krone-Endora at Venetia

Diamcor Mining Inc. announce the results of its second tender and sale of rough diamonds from the newly expanded facilities at the Company’s Krone-Endora at Venetia Project in South Africa. Diamcor sold 3,265.07 carats of rough diamonds at the second sale of the quarter for gross proceeds of $702,635.70, resulting in an average price of $215.20 per carat. The tender included the sale of three specials (+10.8 carats): 12.80 ct, 12.89 carat gem quality, and a 13.51 ct rough diamond.

Mining and Exploration

Zimbabwe Gov’t Takes Control of Its Diamond Industry (again)

Zimbabwe has taken over income from all diamond mining activities in the country after injecting $80m into the Zimbabwe Consolidated Diamond Company (ZCDC), a state-owned company mandated to run diamond mining activities, reports miningmx. The Zimbabwe Government’s Finance Minister, Patrick Chinamasa, has now stated, “the diamonds belong to the fiscus” in a time of decline in gem mining operations throughout the country.

Mining and Exploration

ALROSA Commits to Develop Luaxe Diamond Mine, Largest in Angola

Russia's diamond mining giant ALROSA has confirmed it will participate in the development of the newest and largest diamond deposit in Angola - the Luaxe Kimberlite. Luaxe was discovered in 2013 when the Angolan national diamond mining company Endiama and ALROSA carried out the correlation study to identify Angola's diamond potential. The geological research points to reserves evaluated at 350 million carats and a mining lifespan of 30 years, with the potential to produce over 10M carats annually for an estimated value of $35 billion. Production could commence by the end of the decade.

Mining and Exploration

Gem Diamonds Latest 98 Ct. Lesotho Recovery and Positive Q1 Results

Gem Diamonds - a leading global diamond producer that owns 70% of the Letšeng mine in Lesotho, known for its high-value diamonds, and 100% of the Ghaghoo mine in Botswana, which produces diamonds at the lower-end of the price scale – announced the recovery of a 98.42 carat high quality D-color Type II diamond which will accompany the previously announced 80.58 carat D-color type II for sale in June. 

Mining and Exploration

Trans Hex Shelves Bloeddrif (SA)

As a result of declining diamond grades and sizes and increased costs, diamond miner Trans Hex has decided to to put its Bloeddrif mine, part of the Lower Orange River operations in South Africa on hold. According to Rough & Polished, the company said taking action is necessary to contain further losses and focus on Trans Hex’ Baken mine. The Bloeddrif mine employs 115 people.

Mining and Exploration

Undeveloped Ekati Pipe May Hold 16M cts.

Exploration at the Leslie pipe, an undeveloped section of Dominion Diamond Corporation's operations at the Ekati mine in Canada has revealed a potential of 16.3 million carats at a projected rough-diamond price of $85/ct. According to the company a parcel of 224 carats were recoverd from roughly 680 tonnes of Kimberlite. "The Leslie pipe is our highest-priority pipe amongst kimberlites that have been bulk sampled, as demonstrated by the announcement of its maiden resource”, said Jim Gowans, Chairman of the Board. 

Mining and Exploration

Angola Wet Season Affects Lucapa Lulo Sale

Lucapa Diamond Company completed it’s fourth sale in 2017 from the alluvial diamonds from the Lulo Diamond Project in Angola, achieving an additional $1.3 million in revenues. The miner sold 1,878 carats at an average price of $695 per carat, lower than the $1,317 average the previous month. The latest sale brings total proceeds from the Lulo diamond sales in 2017 to $14.5m, reaching an average of $1,747 per carat.

Mining and Exploration

Stornoway Announces 1 Million Carats Produced at Renard

De Beers Cycle 4 Rough Diamond Sales ($520M) Steady, Lower than 2016

De Beers Group today announced the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for the fourth sales cycle of 2017, provisionally valued at $520 million. The fact that sales remain solid as the summer slowdown looms indicates continuaing upbeat sentiment in the manufacturing sector, spurring demand. Cycle 4 sales were down 11% from the revised figure of $586 million sold at the last sight (contract sales session) and slipped 18% from the fourth cycle a year ago.

Mining and ExplorationRough Market

Hostile Takeover Likely on the Horizon for Dominion Diamond Corp.

In late March Canadian mining company Dominion Diamond Corp., the world's third largest diamond producer by market value, received an unsolicited $1.1 billion bid from a privately held conglomerate, Washington Corporations (WashCorp), based in Montana. Since soundly rejecting Washington’s offer, and the surge in share prices, Dominion is laying low.

Mining and Exploration

Lucara Earns $55 Million from First Exceptional Diamond Tender of 2017

"When you’re selling your offcuts for almost $20 million, you know something is going right," writes Thomas Biesheuvel for BloombergPursuits. "Lucara Diamond Corp. just sold a 373.7-carat diamond for US$17.5 million.

Mining and ExplorationRough Market

Low Value April Trade Pulls ALROSA Sales Down in First Four Months

Russian diamond mining giant ALROSA reports a drop in rough diamond sales in April 2017, earning US$310.2 million as, "the share of small-size, inexpensive rough diamonds was significantly higher than early in 2016." Polished diamond sales in April amounted to US$7.6 million. In January–April 2017, ALROSA sold 16.9 million carats of rough and polished diamonds, which is 7% higher than the sales in January-April 2016.

Mining and ExplorationRough Market

Mountain Province Diamonds Q1 Results: $38M, Strong Grades, Soft Prices

Mountain Province has announced its first quarter results (period ended March 31, 2017) from diamonds sold from the new Gahcho Kué mine, of which it owns 49% in a joint venture with De Beers. Mountain Province earned approximately US$37.7 million from three sales in Antwerp of approximately 522,000 carats - for an average price of $72 per carat.

Mining and Exploration

Firestone’s Third Liqhobong Tender in Antwerp, May 15 to 19

In October Firestone Diamonds announced the recovery of its first diamond from the Liqhobong Diamond Mine in Lesotho since the the re-commissioning of the new plant. Liqhobong is owned 75% by Firestone and 25% by the Government of Lesotho. Firestone has been ramping up production since then, and will hold its third tender in Antwerp as planned.

Mining and Exploration

Diamond Mining Giants ALROSA & ENDIAMA Talking Investment in Angola

Angolan diamond mining company ENDIAMA and Russian miner ALROSA announced on Tuesday in Luanda their intention to conduct studies to promote additional investments in the exploitation of kimberlites in Angola. The announcements came from the chairmen of ENDIAMA, António Carlos Sambula, and ALROSA, Sergei Ivanov at the end of an audience with the Angolan Vice-president, Manuel Domingos Vicente. Sergei Ivanov said business with Angola is flourishing and data indicates that 2016 was better than previous year, with net profits of US$137 million, as well as better quality of extracted diamonds.

Mining and Exploration

Stornoway Diamond Sells $35.4M in First Full Quarter

Canadian miner Stornoway Diamond Corporation earned US$35.4 million (C$48.5m) from the sale of 459,126 carats rough of stones for the quarter ended March 31, 2017, the first full operating period for the Renard Mine. Commercial production was officially declared on January 1, 2017.

Mining and Exploration

End of the Road for DiamondCorp? Miner Files for Administration

DiamondCorp, the UK-based South African junior diamond miner that underwent an autumn of misfortune including fires and floods at its Lace Mine, has filed to appoint administrators of the company after a business rescue plan failed to result in a solution to their liquidity issues. The decision of the listed holding company to go into administration comes despite being months away from steady-state production, as local bondholders and the Association of Mineworkers and Construction Union (ACMU) frustrated it efforts to refinance, writes Business Day.

Mining and Exploration

Gem Diamonds Recovers Another Exceptional Stone: 80-carats of (D-Color) Purity

Lucara Diamond's Revenues Fall 50% in Q1, First 2017 Big Stone Tender Underway

Lucara Diamond Corp. yesterday (May 2) today reported first quarter revenues of $26.1 million, or $405 per carat, which represents nearly a 50% drop from the $50.6 million earned at $649 per carat in Q1 2016. The company explains the results as follows: "The decrease in revenues in Q1 2017 compared to Q1 2016 was due to a lower volume of carats being sold and a decrease in the carat weight of specials sold. A larger volume of +10.8ct specials were sold in Q1 2016 (6,936 carats) compared to Q1 2017 (2,379 carats), which reflected the above average recoveries of specials during Q4 2015.

Mining and Exploration

Kennady Diamonds to Secure $10M Through Private Placement

Canadian junior miner Kennady Diamonds, whose Kennady North diamond project is located in Canada’s Northwest Territories in proximity to the Gahcho Kué Diamond Mine, announced the terms of a non-brokered private placement whereby the Company plans to raise approximately C$10,000,000 (US$7.3 million) through the issuance of a combination of common shares and flow-through common shares. The common shares to be issued under the offering have been priced at C$3.25 per share and the flow-through common shares have been priced at C$4.38 per share.

Finance and TradeMining and Exploration

S&P’s Negative Outlook for Botswana Cites Dependence on Diamonds

Standard and Poor's has reiterated its negative outlook rating for Botswana as a result of, "The country's narrow economic base, which relies heavily on the diamond sector and is vulnerable to external shocks, despite efforts to diversify." Diamonds account for approximately 80% of Botswana’s total exports and about one-third of its gross domestic product, and "remains its main economic locomotive".

Mining and ExplorationEconomyIn-depth

Stellar Diamonds Signs Tribute Mining Agreement for Tongo-Tonguma Mine, Sierra Leone

West Africa-focused Stellar Diamonds Project announced it had signed a tribute mining and revenue share agreement with junior Octea Mining for the Tongo-Tonguma diamond project in eastern Sierra Leone.

Mining and Exploration

Rough&Polished Investigation: World of Diamonds Group and its Phantom Mine

Elena Levina of Rough&Polished has dropped a bombshell in the form of an investigative report entitled, "The virtual miner - investigation", documenting the incredible scam that goes by the name of the World of Diamonds Group (WOD). Following up on an interview (by Aruna Gaitonde, Editor-in-Chief of Rough&Polished's Asian Bureau, entitled "A diamond surprise - Russia comes to know it has a brand-ne

Mining and ExplorationIn-depthPolished

Firestone Diamonds Recovers 103K cts in Q3 with Improving Grade, $14M Sales

Firestone Diamonds has announced its quarterly update on commissioning activities at its Liqhobong Diamond Mine in Lesotho for the quarter ended March 2017 (Q3 of the Company's financial year): with commissioning activities largely complete and final ramp up progressing on track, during the quarter ended March 2017 the plant treated 639,000 tons (Q2: 402,000 tons), achieving nameplate production rates on numerous occasions. 103,000 carats were recovered in the quarter at a grade of 16.1 carats per hundred tons (cpht), against 58,000 carats in Q2 at a grade of 14.1 cpht.

Mining and ExplorationRough Market

Mountain Province Q1 Diamond Production 424,830 Cts (49% Gahcho Kué)

Mountain Province Diamonds announced the production for the first quarter ended March 31 from the Gahcho Kué Diamond Mine. The GK Mine declared commercial production on March 1. For the three months ended March 31 the GK Mine treated approximately 492,000 tons of ore through the process plant and recovered approximately 867,000 carats on a 100% basis for an average grade of approximately 1.76 carats per ton.

Mining and Exploration

Botswana Diamonds & ALROSA JV Awarded Six New Prospecting Licenses

London Aim-listed Botswana Diamonds (BOD) has announced that Sunland Minerals - its joint venture (JV) with Russian diamond miner ALROSA - has been awarded six new prospecting licences in Botswana. Four are in the Central Kalahari Game Reserve (CKGR) and two are in the Orapa kimberlite province and extend to the end of March 2020. Those in the CKGR cover 3,135 sq.km. and those in the Orapa area cover 482 sq.km. The areas were selected following a detailed review of historical data by the BOD and ALROSA team. 

Mining and Exploration

Petra Diamonds' Output Steady in Q3 as Production Expanding

Petra Diamonds reports its rough diamond output in Q3 2017 (January 1 - March 31 2017) remained steady at 999,768 carats, from 995,905 carats a year earlier; however, the company arrived there by increasing Run of Mine (ROM) production 18% to 760,916 carats while tailings production fell 32% to 238,852, in part due to a planned reduction at Finsch and in part due to heavy rain restricting surface recovery.

Mining and Exploration

De Beers Increases Q1 2017 Production 8% to 7.4M Carats

Diversified miner Anglo American has released its Q1 2017 production report, announcing De Beers rough diamond production during the peariod increased by eight per cent over Q1 2016 to 7.4 million carats, "reflecting the contribution of Gahcho Kué in Canada, as well as increases in response to improved trading conditions." Q1 2017 production fell slightly from 7.8 million carats produced in Q4 2016.

Mining and Exploration

ALROSA Talks Contracts with Clients; Dividends Again To Be 50% of (Much Higher) Profit

Sergey Ivanov, the President of ALROSA, participated in the extraordinary business meeting with the company’s long-term clients dedicated to the new contract period, the company writes in a press release. Participants of the meeting from more than 70 Russian and foreign companies had a chance to discuss with ALROSA’s management diamond market trends, the existing market environment, plans for the near future, and the company’s sales structure. A new 3-year contract period 2018-2020 is to start next year.

Mining and Exploration

Rio Tinto’s Rough Diamond Production Falls 8% in Q1

Against the background of a bear market for iron ore in full tilt, a 43-day strike at the world's largest copper mine causing its output to fall 37% and the Group edging closer to an exit from thermal coal after winning approval from Australia’s foreign investment regulator to sell the bulk of its mines for $2.45 billion, the Rio Tinto Group's Q1 diamond output dropped 8% year on year to 4.152 million carats.

Mining and Exploration

ALROSA’s Rough Diamond Production Up 9% in Q1

ALROSA's Q1 2017 diamond production totalled 8.9 million carats, up by 9% year-on-year, to 8.9 million carats from 8.2m.cts. in Q1 2016, which is in line with its 2017 production plan of 39.2 million carats (+5% y-o-y increase). The growth in production was driven by ramping up diamond mining at Aikhal, Mir, International, Udachny underground mines and also by processing of higher grade ore from the Jubilee pipe at its Aikhal Division in Yakutia - an open pit mining operation and its largest, good for 29% of total production.

Mining and Exploration

Zimbabwe NGO Has Zero Faith in ZCDC Diamond Mining Capacity

Zimbabwe NGO Centre for Natural Resource Governance (CNRG) said the Zimbabwe Consolidated Diamond Company (ZCDC) does not have the capacity to mine diamonds from kimberlite sources, reports Rough-Polished, adding that the wholly owned state company set up early last year had no equipment of its own, and would likely turn to foreign investors to develop in Tsvingwe (Penhalonga) in Manicaland Province, which is believed to hold kimberlitic diamonds. “A 50/50 joint venture is likely to be negotiated between ZCDC and its partner.

Mining and Exploration

Rockwell Diamonds: Business Rescue Filing Stays Asset Liquidation

South African junior miner Rockwell Diamonds has managed to temporarily stay an interim liquidation by applying for business rescue while it waits for a hearing in the Kimberley High Court regarding the order, currently scheduled for April 19.

Mining and Exploration

Gem Diamonds Appoints New Chairman

London-based miner Gem Diamonds has appointed Harry Kenyon-Slaney as an independent Non-Executive Director and Chairman of the Company to succeed Roger Davis, who will be stepping down at the Annual General Meeting on 6 June 2017. Kenyon-Slaney has over 33 years of experience in the mining industry, principally with Rio Tinto.

Mining and Exploration

ALROSA May Consolidate Largest Subsidiary in Yakutia

Russian diamond miner ALROSA might consolidate ALROSA-Nyurba - ALROSA's biggest subsidiary - after closing a deal to buy 10% of shares from Yakutia, said the head of the Sakha Republic (Yakutia), Yegor Borisov, in a conversation with regional media. "ALROSA might make a decision to consolidate assets with the aim of optimization. The company would become stronger as a result of this and we support it in this. ALROSA-Nyurba could simply be liquidated," Borisov said.

Mining and Exploration

Dominion Diamond Gains Momentum in Q4 Despite Weak Sales

Dominion Diamond Corporation reports strong growth in gross margins, adjusted EBITDA and net income of $5.6 million - despite a 27% decline in sales - in Q4 of the fiscal year ending January 31, 2017. This was attributable to ramp up of high value production at Ekati and steady performance at Diavik. The sale, late in the quarter, of Ekati mine goods from higher value Misery Main open pit and Koala underground ore processed in late Q3 fiscal 2017, together with higher processing volumes at the Diavik mine in the same period, paved the way for their stronger consolidated gross margin.

Mining and ExplorationRough Market

Lucapa Reports Increase in Rough Diamond Processing, Recoveries in Q1

Australian junior miner Lucapa Diamond Co. reported a significant increase in diamond recoveries and processing from their Lulo Diamond Project in Angola in the March quarter of 2017, according to an ASX announcement. Lulo alluvial mining company, Sociedade Mineira Do Lulo (40% owned and operated by Lucapa) achieved record throughput volumes of 70,967 bulk cubic metres in Q1, a 91% increase over the same period a year prior. The increased processing resulted in a 33% increase in diamonds recovered to 4,098 carats.

Mining and Exploration

Lucapa Earns $2.5M (A$3.3M) from Third Rough Diamond Sale of 2017

Australia's Lucapa Diamond Co. has earned $2.5 million (A$3.3M) from a parcel of 1,919 carats at their third sale in 2017 of rough diamonds from the Lulo Project in Angola. This represents an average price of $1,317 (A$1,742) per carat, and brings their total 2017 sales to $13.2 million at an average price of $2,055 (A$2,696) per carat.

Mining and Exploration

Diamcor Sells $1M Rough Diamonds from Krone-Endora Trial Mining

Diamcor Mining Inc. has moved forward with the testing, commissioning and calibration of its new operational items and expansions at the company’s Krone-Endora at Venetia Project and expects the finalization of these facilities to be completed by April 30, 2017.

Mining and Exploration

ALROSA Sells $554M Rough Diamonds in March, $1.3B in Q1

Russian mining giant ALROSA sold US$554.2 million worth of rough diamonds in March 2017, while polished diamond sales for the same period amounted to US$12.4 million, briging total diamond sales in March 2017 to US$566.6 million. This represents a 1% increase compared to the same period last year, according to the company. Sales for the first quarter 2017 remained flat compared to Q1 2016, at $1.3 billion. In comparison to February, rough sales jumped 42 percent from $389M.

Mining and ExplorationRough Market

JCK Interview: Cecilia Gardner on the KP and Vigilance In the Diamond Trade

JCK's Rob Bates conducted an in-depth and personal interview with Cecilia Gardner, who recently stepped down after 18 years as president and CEO of the Jewelers Vigilance Committee, a not-for-profit trade association dedicated to compliance with laws pertaining to the jewelry industry.

Opinion pieceComplianceMining and ExplorationJewelryPoliticsIn-depth

Canadian Junior Tango Mining Earns $875/Carat from Small Diamond Sample

Canadian diversified junior miner Tango Mining reports that during the one month period ending 20 March 2017, the company produced a total of 307.94 carats (183 diamonds), sold for an average price of US$875 per carat. The three highest value diamonds recovered during this period included an 8.74 carat diamond, sold at $2,584 per carat, an 8.64 carat diamond achieving $2,558 per carat and a 3.48 carat diamond, which sold at $4,382 per carat.

Mining and Exploration

Gem Diamonds Recovers "Exceptional" 114-Carat Diamond

Gem Diamonds has announced the recovery of a 114 carat, D color Type II diamond of exceptional quality from the Letšeng mine in Lesotho. The Letšeng mine is well-known for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. Since Gem Diamonds' acquisition of Letšeng in 2006, the mine has produced four of the 20 largest gem-quality white diamonds ever recorded.

Mining and Exploration

Investor Agarwal To "Persuade" Anglo To Mine Diamonds in India

Last week, BloombergMarkets reported that Anil Agarwal - the founder and controlling shareholder in Indian resource giant Vedanta Resources Plc. - paid $2.5 billion for 13 percent stake in Anglo American, a transaction that immediately made him Anglo’s second-biggest shareholder.

Finance and TradeMining and Exploration

GIA Launches Pilot Study for Artisanal Gemstone Miners

GIA (Gemological Institute of America), together with international development organization Pact, has launched a pilot study to test a new rough gem guide. The guide was developed specifically to offer basic gemological and market knowledge for artisanal miners in gem-producing regions. The illustrated booklet, available in English and Tanzanian Swahili, was distributed to approximately 45 women miners in the Tanga region of Tanzania. “This project is at the very core of GIA’s mission,” said GIA President and CEO Susan Jacques.

LaboratoriesMining and ExplorationSustainability

Firestone Diamonds: 110 Carat Yellow Diamond Shows Big Stone Potential

Lucapa Diamond Co. Ramps Up Exploration, Unveils Another Large Stone

Australia's Lucapa Diamond Co. is ramping up kimberlite exploration efforts at its primary resource, the Lulo alluvial mining project in Angola. The company has fully commissioned a new high-capability Hanjin D&B drilling rig, with which they will start drilling priority targets as part of the kimberlite exploration program. The rig is one three that will be drilling kimberlite through the June 2017 quarter when the Angolan wet season ends, typically in April. The aim is to identify the kimberlite source of their high-value diamonds frequently recovered at the Lulo alluvial project.

Mining and Exploration

DiamondCorp Lays Off All Employees at Lace Mine, South Africa

DiamondCorp, the UK-based South African diamond miner that underwent an autumn of misfortune including fires and floods at its Lace Mine, announced yesterday it will lay off all the mine's employees after a business rescue plan failed to result in a solution. The announcement comes after discussions between a mining union - the Association of Mining & Construction Union (AMCU) - and DiamondCorp's lender - the Industrial Development Corporation of South Africa (IDC) - ended without a settlement being reached on a collective agreement to allow care and maintenance to commence.

Mining and Exploration

Dominion Diamond Extends Life of Diavik Mine Two Years

Dominion Diamond Corporation on Friday March 31 filed an updated technical report for the Diavik Diamond Mine that extends the life of the mine two years and raises production estimates going forward. The mine in the Northwest Territories, in which Dominion has a 40% interest and Rio Tinto plc has a 60% interest and operates the mine through DDMI (Diavik Diamond Mines Inc.) will continue to produce until 2025 instead of ending its active life in 2023.

Mining and Exploration

Making The Grade: Understanding Exploration Results

The most exciting news from a mining exploration stock is a high-grade drilling result. But what constitutes a good assay? It varies from situation to situation and commodity to commodity. Listed below is some rule of thumb information on interpreting drill results for investors.

Mining and ExplorationIn-depth

Mountain Province Reports Profitable 2016

Mountain Province Diamonds Inc. announced the FY 2016 results, reporting a net income of $3.6 million (CAD 4.8m) compared with a net loss of $32.4 million (CAD 43.2m) in 2015. The change is primarily a result of a strong Canadian to U.S. dollar exchange. The company did report a net loss of $6.2 million (CAD$8.3m) in its fourth quarter.

Mining and Exploration

Yakutia Not Planning to Privatize Stake in ALROSA

Russia’s Republic of Sakha (Yakutia) has no intention to sell its stake in uncut diamond mining giant ALROSA, the republic’s head Yegor Borisov told PRIME. “As far as ALROSA is concerned, it remains under the government control, because there is an agreement, under which a controlling stake is held by the Russian government and the government of Yakutia. Our 25% plus one share stake is protected by law, that’s why we do not plan to privatize it. We do not plan to privatize our part. Districts are also tied to this law, 8%, that’s why it is very difficult,” he said.

Mining and Exploration

Intentions of Anglo American’s Billionaire Investor Remain Unclear

Anglo American Plc’s billionaire shareholder, Anil Agarwal, said he had no intention of behaving like an activist investor following his $2.5 billion investment for a 13% stake earlier this month. He continued by staying he had no plan to buy Anglo’s assets in South Africa, or to push for a seat on the board. The investment was made through Agarwal’s holding company, Volcan Investments, rather than Vedanta Resources.

Mining and ExplorationFinance and Trade

Australia’s Merlin Diamonds Raises $5.5M in Entitlements Offer

Merlin Diamonds Ltd., owner of the Merlin diamond mine in the Northern Territory, Australia, announced they had raised approximately $5.5 million from its Entitlements Offer to shareholders in January. The funds give the Merlin diamond mine "the necessary financial flexibility to progress its operational and corporate objectives" said the company in a statement. The Offer served as an opportunity for shareholders “to subscribe for 1 new share with ½ an option for every 2 shares held at the record date.

Mining and Exploration

Dominion Diamonds Considering Strategic Alternatives, Including Sale

Canadian miner Dominion Diamond Corporation issued a statement yesterday announcing the formation of, "a Special Committee to explore, review, and evaluate a range of potential strategic alternatives focused on maximizing shareholder value," and selling the company is one of those alternatives. The announcement follows events last week when Dominion became the target of an unsolicited $1.1 billion approach by U.S.

Mining and Exploration

Rio Tinto Appoints Patrick Boitumelo President of Diavik Diamond Mines

Rio Tinto press release: Rio Tinto has appointed Patrick Boitumelo as President and Chief operating officer, Diavik Diamond Mines. "Patrick has extensive operational, stakeholder management and corporate strategy experience at a senior level across a number of businesses in the mining industry, including diamonds, soda ash and salts, nickel, iron ore, copper and copper by-products. Most recently he was general manager of engineering and projects at Kennecott Utah Copper in Salt Lake City, Utah, USA."

Mining and Exploration

Firestone Diamonds Ends H1 2017 with $8.8M Loss, Post-Period Sales $13.7M

Firestone Diamonds reports its unaudited interim results for H1 2017 - six months ended 31 December 2016 - highlighting the completion and commissioning of its Liqhobong Diamond Mine (Project) leading to its post-period initial two diamond sales in Antwerp. The Project was completed on time and within the US$185.4 million budget, and commissioning commenced in October 2016. Firestone achieved nameplate capacity on multiple occasions and 402,440 tons treated, recovering 57,723 carats at a total cost of $5.6 million.

Mining and Exploration

Botswana Diamonds Moving Projects Forward, Interim Loss Narrows

Botswana Diamonds PLC published its interim financial results for the six months ended 31 December 2016, said its loss narrowed in the first half of the current financial year, and said it has been a "very active time" for the miner in recent months. The miner highlights the appointment of a new managing director in December as James Campbell took over as managing director of the business and, during the first half, Botswana Diamonds entered into a phased earn-in agreement with Vutomi Mining Pty Ltd, a late stage diamond explorer in South Africa. Maibwe, the company's joint venture in the K

Mining and Exploration

Lucapa Diamond Co. Posts Resource Reports for Mothae and Lulo Mines

Lucapa Diamond Company has posted a maiden JORC resource estimate for the Mothae Kimberlite Diamond Project located in the southern African country Lesotho, and has updated its JORC diamond resource for the Lulo Diamond Project in Angola. The maiden Mothae JORC estimate is over one million carats of diamonds with an average modelled value of $1,063 per carat, while the Lulo report notes a 10% increase in volume over the

Mining and Exploration