Rio Tinto: Increased Diamond Production in Q3, Lowers Top of Forecast

Australian-British multinational mining conglomorate Rio Tinto has released its third quarter production results, reporting a stong performance from its operations in Australia (Argyle) and Canada (Diavik). At the Argyle diamond mine in the remote East Kimberley region of Western Australia, quarterly production of 4.76 million carats was 36 percent higher than the third quarter of 2016, and a full 48 percent higher than Q2 2017 due to the processing of higher grade alluvial tailings.

Mining and Exploration

POZ Minerals Signs Deal with Aboriginal Group to Advance Blina Diamond Project

Australian junior miner POZ Minerals Limited (‘POZ’) has signed a mining agreement with the Bunuba Dawangarri Aboriginal Corporation (‘Bunuba’), the traditional owners of the southern part of the Blina Diamond Project area, which will enable POZ to move forward with its diamond project in the Ellendale Region of Western Australia - known for its fancy yellow diamonds.

Mining and ExplorationSustainability

Junior Miner Diamcor Sells $1.3M Rough Diamonds from S. Africa Project in Q2

Canadian junior miner Diamcor Mining Inc.

Mining and ExplorationRough Market

ALROSA Rough Diamond Sales Fall 30% in September to $306M

In September 2017, Russia's ALROSA Group sold $309.7 million worth of rough and polished diamonds, with rough diamond sales amounting to $305.8 million and polished diamond sales $3.9 million. For rough sales, this result represents a 29.7% decline compared to September of 2016, but is also the highest sales figure since June 2017, and a nearly 19% increase from the $258M sold in August.

Mining and ExplorationRough Market

Stornoway Q3 Results: Production Up, Improved Prices, Breakage Continues

Stornoway Diamond Corporation has released its third quarter production and sales results from its Renard Diamond Mine in Quebec, with better ore grades leading to higher carat recoveries; the junior miner also saw growth in carats sold and an improving price per carat, though the issue of diamond breakage has yet to be solved. During the quarter, 506,380 tons of ore were processed compared to the plan of 540,000 tons (-6%).

Mining and ExplorationRough Market

New Price List for CAR Diamonds To Reflect Market, Remedy Undervalued Exports

The Bureau d'Évaluation et de Contrôle de Diamant et d'Or (BECDOR) in the Central African Republic, which oversees the country’s production and trade of diamond and gold, maintains a database and assesses the value of diamond parcels that are to be exported from the country, has just set up a new price list - defining mineral prices between government and traders. The new price list for these mineral resources is designed to enable the State to have enough financial resources to meet its obligations, reports APA News (Agence de Presse Africaine).

Rough MarketMining and ExplorationFinance and Trade

ALROSA Estimates $170-200M in Losses from Mir Mine Accident

ALROSA has estimated losses from the Mir mine accident to amount to $170-205 million (10 billion-12 billion rubles), the diamond miner's CEO, Sergei Ivanov, told Russian media on Friday. "We are currently watching the situation closely where equipment is concerned. Some things are clear - there is underground equipment where the flooded mine workings are concerned, and again, we're working with the insurance company. The losses there I think are around 10 billion-12 billion rubles. The most terrible thing is that people died there, the money is secondary," he said.

Mining and Exploration

De Beers Currently Blocked from Diamond Exploration in South Africa

In a recent interview with Mining Weekly Online, De Beers Consolidated Mines (DBCM) CEO Phillip Barton bemoaned the lengthy delay in processing their 54 prospecting licences in South Africa, citing the new Mining Charter (still on hold) and issues with South Africa’s Department of Minerals Resources (DMR), which are effectively blocking them from diamond exploration in the country.

Mining and Exploration

Lucapa Secures $15M Debt Financing for Mothae Mine

Australian junior miner Lucapa Diamond Company today announced it has secured $15 million in debt financing to bring its high-value Mothae kimberlite diamond project in Lesotho into production in 2018. The secured US$15 million three-year debt facility has been arranged with private Singaporean company Equigold. It is repayable in eight quarterly payments commencing December 2018, by when Lucapa expects Mothae to be in steady state production under its Phase 1 development plan.

Mining and ExplorationFinance and Trade

ALROSA Transports First Ore from Zapolyarny Mine at Largest New Project

The first ore from the open-pit Zapolyarny mine, one of four pipes at the Verkhne-Munskoe kimberlite field in the Republic of Sakha (Yakutia), was delivered to the stockpile of the processing plant No. 12 at Udachny Mining and Processing Division. The company plans to remove a total of 75,000 tons of ore from the new deposit - ALROSA’s largest investment project - before the end of the year. All the transported ore will be processed at processing plant No. 12.

Mining and Exploration

Kennady Diamonds Adds 5M Cts Inferred Resource to Kennady North Project

Kennady Diamonds, a Canadian diamond exploration company headquartered in Toronto, has reported a maiden Inferred Mineral Resource (IMR) of more than 5.02-million carats for the Faraday kimberlites at the Company’s 100 percent owned Kennady North Project in Canada’s Northwest Territories, the company announced in a press release. The IMR result builds significantly on their Kelvin Indicated Resource of 13.62 million carats, and represents another significant step in the advancement of our Kennady North Project, said President and CEO of Kennady Diamonds Dr. Rory Moore.

Mining and Exploration

Firestone Diamonds Recovers 134-Carat Yellow Diamond

Firestone Diamonds this morning announced the recovery of its largest diamond to date, a 134 carat gem-quality light yellow diamond, from its Liqhobong Diamond Mine, located in Lesotho. They believe this recovery, the second of over a hundred carats since production commenced, reinforces the potential for large stones at Liqhobong as the company continues early stage mining.

Mining and Exploration

Paul Zimnisky on The Rise of Large Diamond Recoveries

Paul Zimnisky

Botswana Diamonds Continues Run of Positive News with Kimberlite Discovery

Last week Friday, junior miner Botswana Diamonds said sampling work at its Ontevreden licence in South Africa, "produced abundant G10 and G9 garnets with a complimentary suite of eclogitic garnets," noting that, "This mix of garnets is typically seen in a high-grade kimberlite pipes. This work follows detailed ground geophysics which identified ...

Mining and Exploration

Firestone Diamonds' Rough Prices Fall to $69/ct, May Need More Financing

Firestone Diamonds sold a total of 195,330 carats at their latest tenders in July and September 2017 in Antwerp, netting total sale proceeds of US$13.5 million, including the sale of the company's second >US$1 million stone. Nonetheless, the average value per carat fell to $69 from $107/ct.

Mining and ExplorationRough Market

Petra Diamonds’ Mineworkers Back To Work As Wage Dispute Ends

Petra Diamonds Limited announced on Thursday that it has reached agreement with the National Union of Mineworkers (NUM) with regards to salaries at the Finsch and Koffiefontein operations in South Africa and employees will report for their normal duties on 29 September 2017. A day later, Petra announced the Kimberley Ekapa Mining JV operation has signed the same three year wage agreement as that already signed by the company's other South African operations. The mine will now revert to normal operations following conclusion of the labour disruption.

Mining and Exploration

Petra Diamonds Gets Green Light from Tanzania to Resume Rough Exports

London-listed Petra Diamonds said on Wednesday it had received authorization from the Tanzanian government to resume diamond exports and sales from the Williamson mine. Shares in Petra Diamonds climbed more than 12% from two-year lows following the annoucement. The company said the timing and process for the next diamond export to the company’s office in Antwerp and the sale would be finalized between the company and the government. Petra said no resolution had been reached over the 71,654.45 carat shipment from the Williamson mine that was blocked for export this month.

Mining and ExplorationWorld News

GIA's Russel Shor Explains Shift To Lower Quality Diamond Production

GIA senior industry analyst Russel Shor, in his recent article, "Diamond Producers Aim for Lower Qualities in Today’s Market", explains how sophisticated mining techniques enable major diamond miners to target their drilling to meet polished diamond demand.

Mining and ExplorationRough Market

Billionaire Agarwal Ups Stake in Anglo American by $2bn

Last week, BloombergMarkets reported that Anil Agarwal - the founder and controlling shareholder in Indian resource giant Vedanta Resources Plc. - who in March paid $2.5 billion for 12.43 percent stake in Anglo American, intends to purchase an additional 9 percent stake for $2 billion.

Mining and Exploration

Stellar Diamonds Seeking Funds To Realize Tongo-Tonguma Mine

Stellar Diamonds, a London-listed junior miner, is currently seeking funding for its Tongo-Tonguma diamond project in Sierra Leone, which it says will be the first major mining project since the Ebola crisis rocked the country’s economy.

Mining and Exploration

ALROSA Unearths Its Largest Rough Pink Diamond Ever - 28 Carats

"Almazy Anabara", a subsidiary of ALROSA, recovered a large pink rough diamond weighing 27.85 carats, the Russian diamond giant announced in a press release. "This is a unique discovery: by far the largest company's pink rough diamond had a weight of about 4 carats. If the company decides to cut this stone, it could become the most expensive polished diamond in the history of ALROSA." The rough diamond has dimensions of 22.47 x 15.69 x 10.9 mm. The pink stone is of gem-quality and almost free of inclusions.

Mining and Exploration

Vladimir Marchenko Appointed VP of ALROSA, To Lead African Operations

ALROSA has appointed Vladimir Marchenko as Vice-President, starting from September 20. In this capacity he will be responsible for the company's activities in Africa. Before joining ALROSA, Vladimir Marchenko was the president of Pan African Metals Corporation. ALROSA president Sergey Ivanov commented, "ALROSA is dynamically developing activities in the African continent. The company has already reached agreements on increasing the share in Catoca Ltd. Mining Co. in Angola and plans to participate in the operation of the new large Angolan deposit 'Luaxe'.

Mining and Exploration

Lucara Diamond Welcomes Decision of Botswana Gov’t, “No Impact” Expected

In response to a recent Reuters article (based on an Mmegi Online article) mentioned yesterday, Lucara Diamond Corp. - whose mining assets are located in Botswana - has issued a statement to "provide clarity" after the miner was mentioned specifically as a catalyst for a government decision to establish first rights to diamonds of "unusual" size or quality unearthed in the country.

Mining and ExplorationPolitics

Dominion Diamond Shareholders Approve $1.2B Takeover Deal

Dominion Diamond Corporation yesterday announced that its, "Shareholders overwhelmingly approved the previously-announced plan of arrangement pursuant to which Northwest Acquisitions ULC, an entity affiliated with The Washington Companies, has agreed to acquire all of the issued and outstanding common shares of the Company for US$14.25 per share in cash." In other words, shareholders are expected to receive $14.25 US per share in cash when the acquisition closes. The aquisition arrangement is worth a total of US$1.2 billion.

Mining and ExplorationFinance and Trade

Petra Diamonds Facing Labor Disruptions at South African Mines

As the company had already warned, Petra Diamonds is currently facing strikes from workers at two of its mines in South Africa prior to the finalisation of its new wage agreement for its operations in South Africa, the company announced in a press release. Petra confirms that since last night it is, "experiencing labor disruption at its Finsch mine and there is also disruption underway at its Kimberley Ekapa Mining JV operations." Reuters adds that members of South Africa’s National Union of Mineworkers (NUM) are on strike over pay, regional secretary Cornelius Manhe said, after mo

Mining and Exploration

Botswana Government Wants First Dibs on Exceptional Diamond Recoveries

The government of Botswana is amending the law to give the state the first option to buy ‘unusual’ diamond finds such as the historic Lesedi La Rona recovered at Karowe Mine two years ago, writes Botwanan news outlet Mmegi Online. A recently filed draft bill to amend the Precious and Semi-Precious Stones Act contains a new clause that compels any producer that comes into possession of an unusual rough or uncut diamond to notify the minister of mines within 30 days, following which the government shall have the right of first refusal to the stone.

Mining and Exploration

Gem Diamonds Recovers 115-Ct Beauty from Letšeng Mine

Gem Diamonds has recovered a 115 carat, D color Type IIa diamond from the Letšeng mine in Lesotho, of which it is 70% owner, with the Kingdom of Lesotho owning the remaining 30%. After a year of declining large diamond recoveries (5) and prices (-26%) in 2016, the company has recovered six +100 carat diamonds so far this year, achieving an average price of $1,779 per carat in the first half of the year, marking a 20% increase than the $1,480 per carat achieved for the prior six-month period (H2 2016). 

Mining and Exploration

I am bullish on the future of the diamond business. Three reasons for this optimism ... new discoveries, extending mine life and the increasing demand for diamonds.

- Martin Leake, independent diamond consultant, former head of sales at Grib Diamonds, interview @ Rough-Polished

Mountain Province Holds Largest Rough Diamond Sale To Date

Canadian miner Mountain Province Diamonds Inc., a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories, today announced its recently completed seventh diamond sale in Antwerp was the largest to date in terms of volume and value.

Rough MarketMining and Exploration

Petra's 2017 Production & Sales Up, Profit Down, Restarts Tanzania Mine

Petra Diamonds Ltd., the London-based diamond miner with mining operations in South Africa and Tanzania, reported its FY 2017 revenue up 11% to $477.0 million (FY 2016: $430.9 million), though its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $157.2 million from $164.3 million in the year before due to delayed ramp-up of the expansion programs and higher cash costs. The miner's net profit after was down 69% to $20.7 million (FY 2016: $66.8 million).

Mining and ExplorationRough Market

Dominion’s Fiscal Results Q2 2018 in Line with Expectations

Dominion Diamond Corporation reported their financial and operational results for the second quarter fiscal 2018 which ended on July 31, 2017. The results were in line with expectations, consolidated carats produced increased 72% to 2.6 million carats in the second quarter from 1.5 million carats for the same period a year earlier due to higher tonnes processed and a focus on high-grade Misery Main ore at the Ekati mine, with steady performance at the Diavik Diamond Mine.

Mining and Exploration

Co-operation agreement signed: Five Star Diamonds and I.Henning

Five Star Diamonds, a Canadian mining company listed on the TSX Venture Exchange, signed a co-operation agreement with I.Henning, the world’s leading international diamond broking and consulting group. Five star is making significant progress on its kimberlite drilling program at its 100% owned Jaibaras Diamond Project in Para State, Brazil.

Mining and Exploration

Petra Diamonds Hits Valuation Snag in Tanzania, Shipment Seized, Mining Suspended

Government authorities in Tanzania have seized a shipment of diamonds belonging to London-based Petra Diamonds, saying the miner under-declared the value of its mineral exports. On August 31, customs seized a parcel containing 71,654 carats rough gems at the Dar Es Salam airport as they were being exported to Antwerp by Williamson Diamonds, in which Petra holds a 75% stake and the Tanzanian State 25%.

PoliticsEconomyWorld NewsMining and ExplorationRough Market

Lucapa Diamond Co Earns $7.4M at Seventh Sale of 2017

Australian junior miner Lucapa Diamond Company has completed the seventh sale for 2017. The company earned US$7.4 million from the tender of 3,214 carats of rough alluvial diamonds from the Lulo Diamond Project in Angola. This represents an average price of $2,298 per carat, and brings gross proceeds from Lulo diamond sales in 2017 to US$24.3 million, for an average of US$1,640 per carat. The company notes that diamond recoveries and grades have improved at Lulo since the return to the high-value Mining Block 8 and 6 areas, after the Angolan wet season.

Mining and Exploration

Dominion Diamonds Considering Ekati Extension to 2042

Canada's Dominion Diamond Corporation, is considering an investment to extend the Ekati mine by going underground at the Fox pit. According to a preliminary economic assessment (PEA) the expansion is expected to extend mine operations by seven years. The current mining plan accounts for Ekati to operate till 2035, with production coming from six open pits and two underground operations.

Mining and Exploration

Innovation Comes to Antwerp Diamond Trade

ALROSA Rough Sales $258M in August, to Close Mir Mine Indefinitely

In August 2017, Russia's ALROSA Group rough diamond sales by value amounted to $255.7 million, a 5% increase over August 2016. The company's polished diamond sales for the month amounted to $1.9 million, a sharp decline from the $6.3 million sold in August 2016, bringing overall sales for the month to $257.6 million. For the first eight months of the year (Jan.-Aug.), ALROSA's rough sales remained flat, with $3 billion in sales this year compared to $3.1 billion for the first eight months a year ago.

Mining and Exploration

ALROSA To Spend $4 Million in Assistance To Educational Institutions in 2017

On September 1, Russia celebrated the Day of Knowledge, a state holiday and traditional beginning of the school year for students. This year ALROSA has helped to prepare for school more than 1,100 first-graders of Mirny district. In total, ALROSA will spend RUB 220 million (about $4 mln) for charitable assistance to educational institutions in 2017. The company presented gift school sets and conducted local charity events, where they provided support to schools and material aid to multi-child families with schoolchildren.

Mining and ExplorationSustainability

Rough Diamond Mix, Strong Ruble Send ALROSA's H1 Profit Tumbling

Russian diamond mining giant ALROSA announced that its revenue in H1 2017 fell by 17% in current value terms to $2.66 billion (RUB 155.6B), while net profit tumbled by 46% to $840M (RUB 48.9B).

Mining and ExplorationRough Market

Botswana Diamonds Goes Exploring for Kimberlites ... in the Library

Leave it to Botswana Diamonds' managing director James Campbell to find a groundbreaking approach to diamond exploration.

Mining and Exploration

ALROSA Calls Off Search for Missing Miners

"The search and rescue operation has been stopped at Mir underground mine. On August 26, at 9:10 am local time, the water volume accumulated in the open pit mine was 37,400 cubic meters. The danger of uncontrolled instantaneous inrush of the water into the mine shaft makes any rescue works underground impossible." So begins ALROSA's unfortunate but anticipated press release concerning the search for the eight miners who went missing three weeks ago when the underground Mir mine flooded. Another 134 miners were rescued at the time of the flood. 

Mining and ExplorationWorld News

Peregrine Diamonds Confirms Expansion of CH-6 Pipe at Chidliak Project

Canadian junior miner Peregrine Diamonds announced that it has completed drilling of three diamond holes at its 100%-owned Chidliak Diamond Project near Iqaluit, Nunavut, Canada. The total number of metres drilled was 1,474. Tom Peregoodoff, Peregrine’s President and CEO, commented: “We are extremely pleased with the drill results to date. It is especially encouraging to see that DD38 confirms the result from DD33 and that the CH-6 kimberlite is expanding in size with depth.

Mining and Exploration

'Roadmap' To Aid Russian Diamond Polishers Could Impact ALROSA

According to an article in The Kommersant Daily, Russia's Ministry of Finance has prepared a 'roadmap' for the development of Russia’s diamond manufacturing industry, which could become one of the biggest reforms in its history. "In particular", the news agency writes, "it is said to be aimed at serious mitigation of state regulation and reducing the tax burden on Russian diamond manufacturers, as well as at expanding their access to raw materials. This threatens to revise the marketing and investment policy of ALROSA and add to its financial burden.

Mining and ExplorationRough MarketManufacturing

Koin International To Tender Merlin Diamonds in Antwerp

Merlin Diamonds Ltd has shipped a parcel of rough diamonds to Koin International (Koin) following the receipt of the requisite Kimberley Process Certificate for an auction commencing on August 30. The Merlin diamond mine in Australia’s Northern Territories is famous for producing large, high clarity, white, high value diamonds, including the largest diamond ever unearthed in Australia, at 104.73 carats.

Mining and ExplorationRough Market

Canadian Miner Stornoway Diamond Achieves Higher Prices in Q2

Despite ongoing breakage issues during processing, Canadian junior miner Stornoway Diamond experienced an uptick in prices for rough diamonds from its Quebec mine during the second quarter of 2017. At its two tenders held in Antwerp during the period, Stornoway achieved average diamond pricing of US$87 per carat, compared to US$81 per carat in the first quarter. “We are particularly encouraged by the steady increase in pricing for Renard diamonds as the market familiarises itself with our production,” said company President and CEO Matt Manson.

Mining and ExplorationRough Market

Gem Diamonds First Half Revenue Down, Offer Received for Botswana Mine

Gem Diamonds, which owns 70% of the Letšeng mine in Lesotho - famous for the production of large, high quality, exceptional white diamonds - and 100% of the Ghaghoo mine in Botswana, reported a 14% drop in revenue for H1 2017, to $92.9m from $109.1m a year earlier. The poor results from Letšeng were reportedly due to a 12% fall in carat recovery (50,478), as well as a decline in average diamond prices, which fell to $1,779 from $1,899 y-o-y.

Mining and Exploration

ALROSA Sells $286M Rough Diamonds in July, Lowest Month of Year

In July 2017, ALROSA Group sold US$293.5 million worth of rough and polished diamonds. Rough diamond sales by value amounted to US$286.1 million, its lowest sales month for the year, while polished diamond sales achieved US$7.4 million. For the year thus far January-July 2017, ALROSA’s rough and polished diamond sales amounted to US$2.79 billion. The Russian miner has sold US$2.728 billion in rough diamonds on the year, while earning US$62.3 million from polished diamonds. “In July, there was a seasonal drop in demand on the market in the run up to August holidays.

Mining and Exploration

ALROSA's Search for Missing Miners Continues Against Odds; Mir Mine Had Earlier Problems

ALROSA's search for the eight missing miners at its Mir mine in Yakutia continues for the sixth day. Citing an Interfax update, Rough & Polished details the harrowing complications with the search efforts. "The water level at the Mir mine in Yakutia continues to increase, while rescue and search operation for the eight missing miners continues for the 6th day in a row. Groundwater gradually fills the mine workings.

Mining and ExplorationWorld News

Patrick Evans (ex-Mountain Province) Pegged as New CEO of Dominion Diamond

Reuters news agency reports that Patrick Evans, the former chief executive of Mountain Province Diamonds, will become the new CEO of Dominion Diamond Corp once a deal to purchase the Canadian diamond company closes later this year, he said on Wednesday. Dominion, the world's third largest diamond producer by market value, has been looking for a CEO since January when its former head, Brendan Bell, quit. Last month Dominion agreed to a $1.2 billion takeover offer from U.S. billionaire Dennis Washington that will take private the Canadian-based diamond miner.

Mining and Exploration

Mountain Province Reports Strong Interest in Antwerp for Gahcho Kué Diamonds, Raises Guidance

Mountain Province Diamonds - a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories - reports strong interest in Antwerp for Gahcho Kué Diamonds in Q2 2017 (ended June 30, 2017), despite a challenging rough diamond market. For the three months of Q2, MPD reported a net income of US$6 million (C$7.6 million) or US$0.39 (C$0.05) per share.

Mining and Exploration

Canadian Jr. Miner Kennady Diamonds' Bulk Sampling Valued at $109 Per Carat

Canadian junior miner Kennady Diamonds reports a collective average price of US$109 per carat from its bulk sampling program of diamonds recovered from the Faraday kimberlites at the 100 percent-controlled Kennady North project located in Canada’s Northwest Territories. Valuation results included a 7.78 carat sawable diamond recovered from Faraday 3 valued at US$2,967 per carat. A total of 1,259.16 carats (+0.85mm) recovered from the 2017 bulk sampling program was sent to WWW International Diamond Consultants (‘WWW’) in Antwerp for valuation.

Mining and Exploration

ALROSA Update on Search for Missing Miners, Russia Opens Criminal Case

ALROSA issued the following press release this morning concerning the search for eight missing miners after a flood in the Mir mine in Yakutia: Mine rescuers teams, 60 people in each, started the morning stage of the search operation. The pace and scope of their work will depend on the weather conditions and geological situation in the open-pit mine. More than 330 people and over 30 units of equipment are involved in the search.

Mining and Exploration

Zimbabwe Court Orders ZCDC to Stop Diamond Mining until it has Environmental Permit

The Zimbabwe Consolidated Diamond Mining Company (ZCDC) has suffered a major blow after the High Court ordered it to immediately shut down its mining operations amid reports its activities do not meet Environmental Management Authority (EMA) regulations, writes The Zimbabwe News Live. This decision comes as part of an ongoing investigation in to the Marange alluvial diamonds operations, with the Court ordering the state-owned company to stop diamond mining in Chiadzwa with immediate effect until it has been granted an Environmental Impact Assessment (EIA) certificate.

Mining and ExplorationLegal

Firestone Diamonds Lowers 2018 Production Guidance

Firestone Diamonds, the AIM-listed junior mining company operating the Liqhobong Diamond Mine in the Kingdom of Lesotho (ownership Firestone 75%, Lesotho 25%), has revised its production guidance for the year to 30 June 2018 (FY 2018) to between 800,000 and 850,000 carats from previously-stated 1.0 million carats.

Mining and Exploration

Pallinghurst Appoints New Gemfields CEO After Acquisition

Palllinghurst Resources, following its recent takeover of Gemfields, has appointed Sean Gilbertson as new CEO for the colored gemstone miner as it commences the acquisition process. The move follows the resignation of Gemfields' non-executive directors, including that of CEO Ian Harebottle, who has held the position for the last eight years. Harebottle, as well as the resigning board members, was highly crititical of the takeover, saying it "significantly undervalued" the company.

World NewsMining and Exploration

Diamond Miners Team with Botswana Gov't to Help Small Enterprises

The Botswana Government, through the Ministry of Investment, Trade and Industry, today signed a Memorandum of Understanding (MoU) with Anglo American, Debswana and De Beers Global Sightholder Sales to underpin the continued expansion of the Tokafala Enterprise Development program, according to a De Beers Group press release. The partnership to implement a 3-year program builds on Anglo American’s extensive experience and successes in enterprise development, tailored to the specific Botswana context.

Mining and Exploration

Miners Still Missing after Flood in ALROSA's Mir Diamond Mine

As first reported Friday, August 4, rescue teams are searching for eight workers missing in the Mir underground mine owned by Russian diamond miner Alrosa after water leaked into an underground shaft on Friday morning, the company said. A total of 133 miners had been brought to the surface after the flood, Alrosa said in a statement citing its CEO Sergey Ivanov. There were 142 workers underground when the accident happened. No casualties have been reported so far and there was no word from Alrosa on the chances that the nine missing miners could still be rescued.

Mining and ExplorationWorld News

Botswana Diamonds Raises $1.13M to Move Vutomi Project Forward

Botswana Diamonds has raised $1.13 million (£868,000) from directors and existing subscribers with funds to be used to progress its flagship Vutomi project in Frischgewaagt, South Africa, to inferred resources status and to continue its exploration activities. The funds were raised through the placing of 79,484,300 new ordinary shares. Botswana issued 31,244,300 ordinary shares of 0.25p each at the exercise price of 0.85 pence per new share for a total of £265,576 ($346,000).

Mining and Exploration

Exceptional Stones Drive Lucara Diamond Corp.'s Strong Q2 Results

Lucara Diamond Corp. the Canadian junior diamond miner whose key asset is its 100% owned, state-of-the-art Karowe Mine in Botswana reports strong Q2 results despite a decline in mined ore volumes and carats recovered, as higher value recoveries compensated for lower grades. Q2 revenue was $79.6 million or $1,336 per carat from 62,434 carats total, which compares favorably to Q2 2016, where Lucara sold $77.7 million at $1,017 per carat from 107,801 carats total (figures exclude the 2016 sale of the 813-carat Constellation diamond for $63.1 million, for a more accurate comparison).

Mining and ExplorationRough Market

Brazilian Engineering Company To Offload Stake in Catoca Mine, Angola

Brazilian engineering company Odebrecht SA, a conglomerate selling off assets in the wake of a corruption scandal - allegedly paying hundreds of millions of dollars in bribes in association with infrastructure projects in 12 countries, including Brazil, Argentina, Colombia, Mexico, Venezuela and Panama between 2002 and 2016 - has agreed to sell a 16.4 percent stake in the Catoca mine in Angola.

Mining and ExplorationLegal