Following reports surfacing just over a week ago that Indian resource conglomerates Vedanta (controlled by London-based Indian Anil Agarwal) and Adani (controlled by Gautam Adani) might bid for a $9 billion diamond project in the country that was abandoned by Rio Tinto this year, Reuters is now reporting India’s state-owned miner NMDC Ltd plans to place a $9 billion bid for the diamond project.
It appears that Indian resources conglomerates Vedanta (controlled by London-based Indian billionaire Anil Agarwal) and Adani (controlled by fellow billionaire Gautam Adani) are considering bidding for a $9 billion diamond project in the country that was abandoned by Rio Tinto this year, reports Reuters. The central state of Madhya Pradesh was likely to invite bids in the first week of November to explore the deposit, which is estimated to have 32-34 million carats of diamond reserves, a senior state government official said. “We’re advertising only for that area in which (Rio Tint
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.
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.
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.
Karelian Diamond Resources, the Ireland-based, AIM-listed diamond exploration company focused on Finland has received a Preliminary Economic Assessment (PEA) on its Lahtojoki diamondiferous kimberlite pipe in the Kuopio-Kaavi district in south eastern Finland, which recommends an open pit mining operation. It estimates a total of 2.11M carats recoverable with a gross value of US$211M over a nine year life of mine, with payback for the Lahtojoki mine - estimated to cost about $22 million to build, after two years. It would be the first ever European diamond mine outside of Russia.
Arctic Star, a Canadian diamond and mineral exploration company with diamond exploration properties in Nunavut (Stein), the NWT (Diagras and Redemption) and in the Athabasca Basin of Saskatchewan has agreed to acquire a 100% interest in a 243 hectares exploration permit over the Black Wolf (Masta Susi) and the White Wolf (Valkoinen Susi) diamond bearing kimberlites in northern Finland. Named the Timantti Project (timantti is Finnish for diamond'), "Arctic Star views this new project as a unique opportunity to advance a new diamond district", says Buddy Doyle, VP Exploration of Arctic Star.
In 2016, ALROSA's investments in underground mines and other core production facilities amounted to RUB 16.5 billion ($2.8 billion) or 60 percent of the company's total capital investments, the diamond miner said in a press release. Over RUB 7 billion ($1.2 billion) was allocated to technical upgrade and replacement of worn-out equipment. The company said it invested a substantial amount – almost RUB 5.5 billion ($930 million) – into the construction of Udachny underground mine.
Rio Tinto on Friday signed an option agreement positioning it to potentially become the majority owner of the Star-Orion South Diamond Project, an advanced-stage diamond exploration project about 60 kilometres east of Prince Albert, Canada.
Mines minister Walter Chidakwa told the Zimbabwe parliament yesterday that the Zimbabwe Diamond Mining Company (ZCDC) still has 300 million tons of diamond ore to mine in Chiadzwa, reports NewsDay. “The organisation has 300 million tons of ore containing 200 million carats all in the inferred category or ore resource classification, whose confidence level is currently about 20%,” Chidakwa said. “We are now working to improve confidence levels, and the 300 million tons comprise 20% alluvial and 80% conglomerate ores,” he said.
Canadian junior miner Tango Mining, which holds an interest in the Oena Diamond Mine, an alluvial diamond property, Northern Cape Province, South Africa, produced a total of 465 carats (311 stones at an average size of 1.498 carat per stone) during the period 18 April 2017 to 19 May 2017. They sold a total of 527 carats on tender in Johannesburg or in Dubai, achieving an average price of $812 per carat.
Dominion Diamond Corporation has consolidated its interest in the Buffer Zone Joint Venture at the Ekati Diamond Mine in Canada’s Northwest Territories through a buyout agreement with Archon Minerals Limited, its partner in the venture. The Buffer Zone contains 106 mining leases covering 89,184 hectares, and is contiguous with the Core Zone Joint Venture at the Ekati Diamond Mine. Of the 150 kimberlite pipes discovered to date at the Ekati Diamond Mine, 38 are in the Buffer Zone.
Stellar Diamonds plc, a diamond development company focused on West Africa, has entered into a conditional binding Term Sheet with BDG Capital Limited (“BDG”) in relation to the proposed sale of Stellar’s assets in the Republic of Guinea, the proceeds from which will be used to advance the development of Stellar's flagship Tongo-Tonguma mine development in Sierra Leone, "A project that has an estimated post-tax net present value of $104-million,”said Stellar CEO Karl Smithson.
Firestone Diamonds, an international diamond mining company with operations focused in Lesotho, has entered into a conditional option agreement to potentially sell off its Botswana operations, with the main asset being its interest in the BK11 mine, to Amulet Diamond Corporation for a reported US$5.1 million in cash.
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.
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.
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.
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.
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.
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
Rio Tinto has lowered by 66% its estimate of the mineral resources available at its Argyle diamond mine in Australia: the estimate now reflects solely the current mine plan, whereas the previous estimate included resources calculated with an extension of the mine taken into account. This extension is now under review. In a statement released last week, Rio Tinto writes, "During 2016, estimated Argyle Mineral Resources exclusive of ore reserves decreased by 29 million tons (Mt), from 44Mt to 15Mt" as a result of this recalculation.
As announced in December 2016, junior miner Rockwell Diamonds signed an agreement to sell "none-core assets" - the Remhoogte and Saxendrift mines - to Nelesco Proprietary 318 for US$3.48 million (ZAR45m); it has now been completed. The sale and purchase agreement also releases Rockwell from environmental and tax liabilities (rehabilitation liabilities) totalling US$5.40 million (R70m) as well as the transfer of 100 employees.
The Angolan state diamond company, Endiama, said it is currently negotiating with its partner ALROSA for the financing of the Luaxe kimberlite project and will not seek additional investors, reports Macauhub. The Luaxe Kimberlite was discovered in 2012 when 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.
Rio Tinto has announced it will relinquish its interest in the Bunder diamond project in India "due to commercial considerations" and will gift it to the Government of Madhya Pradesh. The move is not entirely unexpected, as Rio Tinto announced back in August 2016 it would not proceed with the development of Bunder and would be seeking to close all project infrastructure.
Dominion Diamond Corp., the world’s third largest producer of rough diamonds, announced CEO Brendan Bell will be stepping down. In a statement Bell said this decision was based on the Canadian company’s intended relocation of the corporate offices to Calgary.
Australia's Lucapa Diamond Company has been granted a trading halt by the ASX pending the finalisation of negotiations to acquire a diamond mining project. The company expects to return to the market before the open on Tuesday next week, “pending the finalisation of negotiations”. Lucapa is focused on the development of its Lulo diamond project in Angola, which has already yielded impressive results. The company has recovered gems of significant carat from Lulo but is focused on finding the primary source of the alluvial diamonds.
Rough-Polished, citing Russian News Agency Tass, reports that nine new diamond deposits in two Arctic regions of Yakutia will be commissioned by 2025 by ALROSA subsidiaries, according to Vasily Zakharov, the first deputy minister of Industry and Geology of the Republic of Yakutia. "In 2016-2025, the two companies – Nizhne-Lenskoye and Diamonds Anabara (ALROSA subsidiaries) will commission nine new locations in two Arctic regions," - he said.
Russian diamond giant ALROSA may increase its stake in the Catoca project in Angola, according to Forbes' Russian edition, translated by Rough/Polished. The diamond company is interested in the share, "which later would make it possible to consolidate the revenues and reserves", ALROSA's president Andrei Zharkov told Forbes.
Botswana's Debswana, the world's biggest diamond producer by sales value, is on track to produce its first diamonds from the expanded Jwaneng Mine by next year, a company official said on Tuesday. Known as Cut 8, the $3 billion expansion project aims to prolong the Jwaneng mine's life and produce 100 million carats. “The Jwaneng pit expansion is on track and will start delivering first ore to plant in 2017,” Debswana Corporate Affairs Manager Matshidiso Kamona said.
The Angolan Minister of Mines and Geology has formally approved a new kimberlite exploration licence for the Lulo Diamond Project - known for yielding large, type-IIa diamonds, which account for less than 1% of global supply - operated Australian diamond miner Lucapa. The new kimberlite exploration licence is for a period of five years and covers the entire 3,000 square km concession.
Back in May 2016, Canadian diamond exploration and development company Peregrine Diamonds announced a maiden Inferred Mineral Resource estimate of 4.23 million carats for the CH-7 kimberlite pipe at it's 100% owned Chidliak Diamond Project, Nunavut, Canada, with an overall average grade of 0.85 carats per ton, bringing the combined Inferred Mineral Resource for the CH-6 and CH-7 kimberlites of Chidliak to 15.62 million carats, raising its resource estimate by 37%
Stellar Diamonds, a diamond development company focused on West Africa, has signed joint venture agreements with Citigate Commodities Trading, a Dubai-based commodities group, concerning the Company’s Baoulé kimberlite project in Guinea and two earlier stage exploration licences in western Liberia, which were awarded to Stellar in February 2016. The Company currently has a 75% interest in the Baoulé Project and a 100% interest in the Liberia Project. The press release contains the relevant details, foremost among which are that Citigate’s subsidiary company SAFA Afrique Ltd.
Ilan Solomons takes an in-depth look for Creamer's Engineering News at the progress Petra Diamonds is making on the $295 million C-Cut Phase 1 expansion project, which will initially extend its Cullinan diamond mine’s life span by about 15 years. The C-Cut project will consolidate the areas the company is mining from eight down to three and should reduce production costs by approximately 30% over the next two or three years.
Firestone Diamonds, which owns 75% of the Liqhobong Mine with the Government of the Kingdom of Lesotho owning the other 25%, has reported profit after tax of US$13.6 million (2015: US$10.4 million loss).
Sierra Leone, the seventh largest diamond producing country in Africa by volume and eighth by value, increased its diamond production by 19% in the first half of 2016, according to Sierra Leone newspaper Awoko. Diamond production in the first six months of 2016 was 359,080 carats valued at $101.9 million, compared to 290,380 carats valued at $60 million produced in the first six months of 2015. The country ended up producting 500,000 carats in 2015, good for $154,253,129. The price per carat fell a full $40 compared to H1 2015, from $324 to $284.
Firestone Diamonds has announced the recovery of the first diamonds at the Liqhobong Diamond Mine is Lesotho as the project moves into the production ramp-up phase. Liqhobong is owned 75% by Firestone and 25% by the Government of Lesotho. The first ore was treated through the plant as scheduled with diamonds reporting to the sort house, and among the initial recoveries were fancy yellow diamonds, as the company expected. Commissioning at the plant is 96% complete and the irst ore blast in the main pit was successfully completed, while waste stripping is on target.
Botswana Diamonds has announced in a press release that drilling has commenced on kimberlite pipe AK 22 on Licence PL 260 in the Orapa area of Botswana. This marks the start of an intensive 12 week exploration program as part of a 50/50 joint venture with Russian state diamond giant Alrosa.
Construction of Botswana-based diamond mining company Debswana’s Letlhakane mine tailings resource treatment plant project (LMTRTP), near Orapa, is currently 80% complete, with final project completion expected by 2017, writes Mining Weekly. The Letlhakane Mine is Debswana's second oldest mine, opened in 1975, achieving peak production of approximately 1.1 million carats annually; 583,207 carats were recovered from the mine in 2015.
West Australian-based international diamond miner Lucapa has taken up the search for yellow diamonds in the West Kimberley lamproite province in Western Australia with a Heads of Agreement (HoA) to acquire 80% of Leopold Diamond Co's Brooking Diamond Project. It will pay $A140,000 cash (US$105,128) plus 250,000 fully-paid ordinary shares and 500,000 Lucapa options exercisable at 53c (representing a 50% premium to the Lucapa share price at the time of signing the HoA). The Brooking Diamond Project comprises two exploration licenses covering 128 sq.km.
In an ASX press release, Kimberley Diamonds announced that its Botswana subsidiary, Lerala Diamond Mines Limited (Lerala) has entered into an offtake agreement for the sales of diamonds from its Lerala Diamond Mine from September 2016 to February 2017. Lerala conducted a tender of its diamonds in late September 2016, which was operated by DDA Trading BVBA in Antwerp. Following the tender, the winning bidder made an offer to enter into an offtake agreement for all diamonds for a 6 month period.