Archive

  • Australia's Frontier Diamonds was admitted to the ASX – the Australian Securities Exchange –  on January 3 and commenced trading shares on January 5, 2018. Frontier’s current focus is largely on two operating diamond mines in South Africa – the Star and Sedibeng Diamond Mines. Since acquiring the Sedibeng and Star Diamond Mines from Petra in 2014, Frontier’s strategy has been to restart operations and to make capital development and operational changes to cut costs and deliver strong improvements in operational efficiencies.

  • The African Diamond Conference (ADC), a joint initiative of Belgium's Federal Public Service (FPS) Foreign Affairs and the Antwerp World Diamond Centre (AWDC), took place yesterday at the Egmont Palace in Brussels. With nearly 400 in attendance, the ADC featured a broad range of speakers from across the entire diamond pipeline - from mine to finger - as well as diamond industry stakeholders.

  • In honor of Antwerp’s celebration of its 570-years of unbroken diamond trading, the Antwerp World Diamond Centre (AWDC) is hosting an African Diamond Conference. The 3-day conference commenced last night with an exclusive gala welcoming African mining ministers and key members of the global diamond industry to Antwerp.

  • Canadian junior miner Diamcor Mining Inc.

  • 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.

  • 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.

  • 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

  • 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).

  • As anticipated, while Petra Diamonds achieved record levels of production and sales in FY 2017, with production up 8% to 4.0 Mcts (FY 2016: 3.7 Mcts) and revenue up 11% to US$477.0 million (FY 2016: US$430.9 million), investors remain worried as the company missed its production and revenue guidance by 8-9% due to the slower than anticipated build-up of its expansion programs across its operations. Furthermore, the company pushed back its production guidance and unveiled higher than expected spending and debt, causing its share price to tumble.

  • Just days after announcing it had identified a group 2 kimberlite pipe at the Ontevreden licence held by Vutomi in an area known for its high-grade diamonds, AIM and BSE listed explorer Botswana Diamonds (BOD) has announced it has been granted a prospecting licence over an additional 1,000 hectares at its Vutomi joint venture in South Africa.

  • South Africa has suspended implementation of a contentious and highly criticized mining ownership law pending a judgement in an urgent interdict application by mining companies, the country’s Chamber of Mines said. South African mineral resources minister, Mosebenzi Zwane, has agreed not to implement the current redraft of the Mining Charter Three pending judgement of an urgent interdict brought by the Chamber of Mines, a temporary victory for the miners.

  • Botswana Diamonds (BOD) the AIM and BSE listed explorer has announced that prospecting work on the Ontevreden licence held by Vutomi has identified a group 2 kimberlite pipe, the company said in a press release. Initial work indicates a size of 1.5 to 2.5 hectares in area containing high interest garnets.

  • For the year ended 31 March 2017, South Africa-based and JSE-listed junior diamond mining company Trans Hex Group reported a loss of $14.1 million (R182.6 million), representing an 81% increase than the year prior, when the group recorded a loss of $7.8 million (R100.8 million). The loss derives from sales revenue decreased by 19.5% to $41.8 million (R540.2 million) compared to the corresponding period a year earlier. Diamond sales by volume fell 17.5% to 40,187 carats, while the average price of rough sold dropped 2.2%, the company reported.

  • De Beers sold $530 million worth of rough diamonds at the fifth sales cycle of 2017 (Global Sightholder Sales and Auction Sales), marking a 1.5% increase over Cycle 4 ($522 million) and a 6% drop from Cycle 5 in 2016.

  • Botswana Diamonds, a junior diamond exploration company focusing on Botswana and South Africa, has recovered 223 microdiamonds from 160kg of kimberlite drill core from the Frischgewaagt Project, located in South Africa. These results were modelled to an estimated grade range of 20 to 270 carats per hundred tons ("cpht") at a bottom cut off of 0.6 mm, with the largest stone being a white transparent crystal diamond falling in the -1.18+0.85 mm sieve.

  • "With world diamond prices currently 'very unexciting' and with stagnant growth forecast for jewellery sales, junior miners should think long and hard before investing in diamond exploration projects, as there is a risk of decreased investment from the market." This is how Megan Van Wyngaardt of Mining Weekly Online summarized the presentation of Cadiz Securities economist Peter Major at the Junior Indaba held this week in Johannesburg, who warned that the diamond mining industry was currently “filled up”.

  • After several years of talks and visits, Venezuela and South Africa finally signed an agreement on the organization of joint ventures in the business of mining, particularly diamonds, in Orinoco Mining Arc, south Venezuela, writes AVN. South African Deputy Minister of Mineral Resources, Godfrey Oliphant, and his Venezuelan counterpart, Víctor Cano, inked the agreement, with a focus on environmentally friendly technology. Earlier, Venezuelan President Nicolás Maduro informed that the work area covers 10,000 hectares, estimated to hold about 40 million carats of diamonds.

  • South African junior miner Rockwell Diamonds yesterday published its fourth quarter and annual results for FY 2017, with rough diamond revenues declining by 31% to $26.1million for FY2017, compared to FY2016 ($37.7 million), due chiefly to a 33% decrease in carat sales (18,976 carats to 12,789 carats).

  • According to a report by Martin Creamer in Mining Weekly Online, South Africa's Minerals Minister Mosebenzi Zwane has taken the seemingly odd decision to deny diamond mining company De Beers Consolidated Mines (DBCM) an exemption from a 5% levy on exports of rough diamonds to Botswana for aggregation.

  • Canadian junior miner Diamcor Mining Inc. yesterday announced the recovery a 5.36 carat green gem quality octahedron rough diamond from the newly expanded facilities at the company’s Krone-Endora at Venetia Project in South Africa.

  • Forevermark diamond, part of the De Beers Group, announced it had inscribed its two millionth diamond, a 3.48 carat round brilliant which now bears the unique inscription of ‘2,000,000’. The diamond was mined, cut and polished in Namibia, then inscribed in the Forevermark Diamond Institute in Surat and will be set in a piece of jewelry at the Forevermark Design innovation Centre in Milan, Italy.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • Trans Hex, a JSE-listed diamond exploration and mining company with well-established land operations in South Africa and interests in Angola, says trading volumes have returned to normal as a result of improved market conditions, leading to stronger results at its October 2016, December 2016 and February 2017 tender sales of rough diamond production from its wholly owned South African operations.

  • Petra Diamonds Limited has announced strong results for the six months to 31 December 2016 (H1 2017), with rough diamond production, revenues and carats sold all seeing substantial increases. Revenues were up 48% to US$228.5 million (H1 FY 2016: US$154.0 million) or US$217.6 excluding exceptional diamonds, with net profit after tax up more than 35% to US$35.2 million (H1 FY 2016: US$2.2 million loss) and an EBITDA margin of 38% (H1 FY 2016: 31%), indicating increased profitability. Petra's carats sold in the first half jumped 47% to 1.9 Mcts.

  • Koin International will hold a rough diamond tender in Antwerp from 20 – 27 February, and will be presenting for the first time the production of IMDSA (Marine) as well as multiple other original rough mine productions. IMDSA is a new marine production mined in the seas of South Africa, comprising excellent models and gem quality production. Other productions on offer include Ekapa Minerals, ANGOLA F2M, Democratic Republic of Congo (DRC), Guinea, and brand new Koin Manufacturers’ Assortments (consistent monthly fixed assortments, perfect for manufacturers).

  • Botswana Diamonds has entered into an option and earn-in agreement with Vutomi - a private diamond exploration and development firm in South Africa - and will invest £942,000 ($1.16 million) in cash, of which £581,000 ($719,000) will be used to fund exploration activities, in exchange for 72% of Vutomi. Vutomi has a portfolio of over twenty high interest kimberlites, many of which are diamondiferous spanning the Limpopo, North-West and Free State Provinces of South Africa.

  • De Beers and Anglo American report that rough diamond production for Q4 2016 increased by 10 percent to 7.8 million carats compared with Q4 2015 (7.1 Mct) when production was reduced in response to trading conditions. The company highlights that the increase reflected the ramp-up of Gahcho Kué Mine in Canada, the joint venture between De Beers (51%), which is also the operator, and Mountain Province Diamonds. Rough production surged 24% from Q3 2016 (6.3 million carats) to Q4 2016 (7.8 Mct).

  • Petra Diamonds, the London-listed mining group focused on Southern Africa that operates four mines in South Africa and one in Tanzania, has reported that for the six months ended 31 December 2016 (H1 2017), rough diamond production, revenue and rough carats sold increased significantly year-over-year, continuing the upward trend established earlier in the year, though rough prices remained flat.

  • Lucara Diamond has issued a press release announcing that it has indeed terminated its contract with Eqstra Botswana to provide mining related services at its Karowe Mine. However, "Contrary to recent media reports in Botswana, the Company is unaware of any fraud or illegal activities, of its current or former employees, in relation to the mining contract. While the performance of Eqstra under the contract remains a subject of discussion between the parties, an orderly transition to a new mining contractor is underway.

  • On the occasion of Botswana’s Golden Jubilee Anniversary celebrating 50 years of independence, De Beers partnered with Career Diversity, Standard Chartered Bank Botswana and Leadership 2020 to host the inaugural W Summit, on October 13 in Gaborone.

  • Rockwell Diamonds, the troubled South African junior miner in need of a comprehensive operational turnaround, has stated in an interim update that a sale process in respect of Remhoogte/Holsloot and Saxendrift mines is now well underway.

  • Extreme thunderstorms in South Africa have flooded DiamondCorp's Lace diamond mine, forcing the company to shut down production for at least three months, writes DiamondCorp in a press release.

  • Following several tumultuous weeks in which DiamondCorp announced it was considering selling off its Lace Mine or entering into a merger, and then restructured its management as part of a financing facility agreement, the company has now decided to terminate the "formal sale process" with immediate effe

  • 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.

  • The troubled South African junior miner Rockwell Diamonds disclosed that a mid-October a strategic review of its assets and business options has led to today's confirmation it has received offers for certain assets and is considering its options and the possibility of transacting on one or more of the assets. iShould a transaction be concluded it is anticipated that it would improve liquidity and the company’s working capital position.