1st DRC tender in Antwerp Delivers on Expectations

The first ever direct tender in Antwerp of 350,000 carats of rough diamonds from the Democratic Republic of the Congo (DRC) delivered on all expectations.Out of 115 companies, both Antwerp-based companies and foreign buyers from Israel, India, Dubai and other countries, attending the viewings, 79 companies placed 426 bids on 36 lots.

Mining and ExplorationFinance and Trade

Namdeb Wants Tax Break to Boost Land Operations

Riaan Burger, CEO of the 50-50 joint venture between the Namibian government and Anglo American's De Beers Group, stated Namdeb is negotiating with government to soften the current tax regime of royalties (10%) and corporate tax (55%) to allow the Namibian mining entity to extend its land operations (Orange River) beyond 2023.

Mining and ExplorationEconomyPolitics

Russian Miner AGD Diamonds Earns $25M via Grib Diamonds in Antwerp

Russian miner AGD Diamonds' most recent rough diamond auction on the electronic sales platform of its trading subsidiary, Grib Diamonds NV, fetched over $25 million. The company noted an increase in demand for diamond goods and a pickup in the diamond market. AGD commented that the prices they achieved represented a cessation of the decline in average prices and that the first signs of market stabilization are now tangible. The company said it expects a full recovery of demand and rough prices in the second half of 2020.

Rough MarketMining and Exploration

Zimbabwe To Reduce Royalty on Mined Diamonds to 10% from 15%

Zimbabwe's treasury will cut the royalty for diamond mining to 10% from 15% of gross revenue to reduce the cost of mining for conglomerate (hard rock) diamonds, attract investment and increase extraction, The Sunday Mail wrote over the weekend. Presenting the 2020 National Budget, Finance and Economic Development Minister Professor Mthuli Ncube said that since diamond miners are now exploiting deep-lying deposits, the cost of extraction has significantly increased.

Mining and Exploration

Rio Tinto Moves To Take Majority Interest in Huge Canadian Mining Project

Canadian junior miner Star Diamond Corporation on November 15 announced it has received notice from Rio Tinto Exploration Canada Inc. (RTEC) indicating that it intends to exercise all four options under an Option to Joint Venture Agreement entered into in 2017. According to diamond analyst Paul Zimnisky, writing on Twitter, this includes Rio Tinto committing to spend C$70.5M (US$53M) to take Star-Orion South through feasibility for a 60% stake in the project. Star Diamonds owns the 60 Fort a la Corne kimberlites in central Saskatchewan.

Mining and Exploration

Diamcor Turns Profit in Q2 Despite Decline in Sales

Diamcor Mining, a publicly-traded junior diamond mining company based in Canada and operating in South Africa, has reported a net income of C$350,676 for Q2 (the period ended September 30, 2019), a significant increase when compared to a net loss of C$417,368 realized during the same period in the prior fiscal year

Mining and Exploration

First Angola Mining Conference Opens Next Week

Press release: 1 week until the first Angola Mining Conference & there is still time to register

Mining and Exploration

Junior Miner Botswana Diamonds Recovers First Carats at Marsfontein

Botswana Diamonds ("BOD"), the AIM and BSE listed diamond explorer, has recovered its first diamonds from plant commissioning activities on the Marsfontein Mining Permit. These come from the diamond-bearing gravels and residual unprocessed stockpiles surrounding the Marsfontein Mine in South Africa. Essentially, BOD is mining the forgotten leftovers of a once-legendary small mine and stand to make it pay off.

Mining and Exploration

Mountain Province Has a Challenging Q3, Ends in Net Loss

The difficulties facing diamond miners delivering products at the lower end of the market hit Mountain Province Diamonds (MPD) particularly hard in Q3 (the three months ending Sept. 30), though the miner has been struggling with low prices for some time now. Q3 revenue from sales declined by 26% as the average price per carat fell by 28%. The company attributes a downturn in carats recovered, as well as the low prices achieved, to mining activity in a lower grade and quality areas that delivered "the expected poorer product mix", as well as "challenging" market conditions.

Rough MarketMining and Exploration

Alrosa's Rough Sales Steady in Oct. at $254M, Profit Down 38% on Year

While Russian diamond mining giant Alrosa's October rough diamond sales remained steady at $253.9 million and even outpaced by $20 million their sales in the same month last year, Q3 (July-Sept.) saw a significant downturn as the market remained difficult and sales volumes declined. Meanwhile, the miner got a bit of sparkle from their polished diamond sales during the month, earning $10.4 million, good for their best polished results of the year by over $2 million. The miner says supply and demand have shown signs of regaining their balance.

Rough MarketMining and Exploration

Firestone Diamonds has Restarted Production at Liqhobong Mine

After a nearly month-long cessation of production activities due to power outages, Firestone Diamonds resumed production at its 75% owned Liqhobong Mine in Lesotho on October 26. The company successfully commissioned rented diesel generators and the processing plant is currently operating at between 80% and 90% of full capacity as the new power generation system is being optimised.

Mining and Exploration

Angola's Diamond Revenues Up 12% in Q3 on Volume Increase, Prices Fall

The Angolan National Diamond Trading Company (Sodiam) has reported an increase in revenues from the sale of rough diamonds  during Q3 2019, driven by a significant increase in the volume of carats sold as the average price per carat fell.

Rough MarketMining and Exploration

Gem Diamonds Q3 Results Extend 2019 Downturn

Leading producer of high-value stones Gem Diamonds recorded modest declines in Q3 compared to Q2, reporting fewer carats sold, lower revenue and average prices achieved for its goods from the Letšeng mine in Lesotho. A year-over-year comparision, however, paints a picture of a more substantial decline and reflects the realities miners are facing in this slumping market.

Mining and ExplorationRough Market

Petra Diamonds Launches Artisanal Small-Scale Mining Initiative

Mid-tier miner Petra Diamonds recently launched an Artisanal Small Scale Mining (ASM) initiative in the Free State town of Koffiefontein in South Africa to give community members the ability to conduct legal and regulated ASM activities. 

Mining and Exploration

Non-Cash Expenses Send Lucara Diamond to Q3 Loss, Production Strong

Lucara Diamond had what could be considered a steady third quarter despite ending in a net loss due primarily to an increase in operating expenses as well as depletion of reserves and amortization, both non-cash expenses. The miner also completed a positive feasibility study for development of an underground mine at Lucara’s Karowe Diamond Mine in Botswana; the underground expansion at Karowe is expected to double the mine life and generate significant revenue and cashflow out to 2040.

Mining and Exploration

First Angola Mining Conference Only Three Weeks Away

Press Release: Only 3 weeks until AMC 2019: “Unlocking the potential of the national mining sector through investment and diversification”.

The inaugural Angolan Mining Conference & Exhibition will take place in just three weeks. The Angolan president recently invited foreign industry giants to invest in the country’s economy, including the mining sector. In less than four years, Angola’s rough diamond production is estimated to reach more than 14 million carats, securing its position as the world’s fifth largest diamond producer.

Mining and Exploration

Gem Diamonds Unearths 161ct. Stone at Letšeng mine

Subdued Prices for Smaller Diamonds Hit Firestone's Q1 Revenue

Firestone Diamonds last week reported a decline in revenue during for the quarter ended 30 September 2019 (Q1 of their 2020 FY) due mainly to lower sales prices for diamonds from its Liqhobong mine in Lesotho. The miner has had to deal with a power supply cut to the mine since 1 October, which forced Firesetone to temporarily shut down the mine's treatment plant until power is restored.

Mining and ExplorationRough Market

Stornoway Diamond Focused on the Future: In-depth with President and CEO Patrick Godin

Stornoway Diamond Corp. is a Canadian diamond exploration and producing company that developed the Renard mine over the course of two decades from a grassroots exploration project to a world-class diamond mine - the first in Québec. The massive project, built for $774 million - under their budget of $811 million - sparked enthusiasm across the diamond industry, which has seen few new mines open in recent years. Stornoway delivered the first ore to the processing plant in July 2016 and achieved full production in the summer of 2017.

In-depthMining and ExplorationRough Market

Petra's Revenue Falls, Sees Price Stabilization Late in Quarter

Mid-tier diamond miner Petra Diamonds Ltd said its first-quarter revenue sank sharply as sales and prices fell, despite production increasing slightly compared to the same period the prior year. For Q1 FY 2020, covering production and sales from 1 July 2019 to 30 September 2019, diamond production rose 1% to 1.08 million carats from 1.07 million carats a year prior.

Mining and ExplorationRough Market

Alrosa Recovers 232-ct Diamond in Russia, its Largest in Three Years

Russia's Alrosa, the leading diamond producer in the world by volume, has recovered its largest gem-quality rough stone in three years: 232.4 carats. The massive diamond was was unearthed at Udacnhaya kimberlite pipe on October 19.

Mining and Exploration

Rio Tinto's Diamond Output in Australia and Canada Falls in Q3

Rio Tinto saw its diamond output fall in the third quarter of 2019 (three months ended September 30, 2019), citing lower carat grades from its Argyle mine in Australia and lower ore availability at the Diavik mine in Canada. The multinational mining group reported a 7% decline in diamonds produced during the quarter and a 9% drop over the first nine months of the year. 

Mining and Exploration

Alrosa Co-organizes Session at Russia-Africa Economic Forum

Russian diamond miner Alrosa served as a co-organizer of the ‘Russian-African Collaboration in the Diamond Industry’ panel session at the Russia-Africa Economic Forum business program in Sochi, the company announced today. Russia and African countries together account for about 75% of the global rough diamond production and are truly interested in the sustainable development of the global industry.

SustainabilityMining and Exploration

De Beers’ Diamond Output Declines 14% in Q3 Amid Soft Market Demand

De Beers' rough diamond production in the third quarter of 2019 declined by 14 percent to 7.4 million carats, with significant reductions in South Africa and Canada which the miner says was planned. "In addition," they note, "we continue to produce to weaker market demand due to macro-economic uncertainty as well as continued midstream weakness." For the year to date, De Beers ouput is lagging 12% behind the first nine months of 2018, falling to 23 million carats from 26 million carats. Q3 output fell 3% from Q2 output.

Mining and ExplorationRough Market

Diamcor Optimistic After First Q3 Tender in Antwerp & Rising Output

Diamcor Mining Inc., a TSX-listed junior diamond mining company with operations in South Africa, sold 4,033 carats of rough diamonds at its first tender in Antwerp and has delivered another 6,369 carats which it expects to sell at a second tender at Koin International in Antwerp in November. A third tender is planned for December. The more than 10,000 carats of rough diamonds expected to be delivered and tendered in Q3 represents a significant increase compared to 3,882 carats delivered and tendered in Q2.

Mining and ExplorationRough Market

Low Rough Prices Dent Mountain Province Diamonds' Sales

A 27% decline in the average price per carat led to an equivalent decline in total Q3 proceeds for Canadian miner Mountain Province Diamonds, as the company sold about the same number of carats as in Q3 last year. 

Rough MarketMining and Exploration

As Diamond Sales and Prices Fall, Alrosa Sees Signs of Recovery, Increases Production

Russian diamond mining giant Alrosa increased its Q3 diamond production by 15% year-over-year while the volume and value of carats sold declined, leading to the miner holding 40% more diamonds in stock than at this time last year. However, they write, globally, the second half of Q3 2019 saw an upward trend in rough diamond sales and a turning point in destocking in the midstream, creating a basis for the market recovery in the future.

Mining and ExplorationRough Market

Firestone Diamonds Still Lacks the Power to Run Liqhobong Mine

As first reported nearly two weeks ago, the power is still out at Firestone Diamonds' Liqhobong mine in Lesotho. The company said that "whilst every effort has been made over the past week to identify and to resolve the power issue, the Liqhobong mine remains without sufficient power to operate the processing plant."

Mining and Exploration

First Angola Mining Conference Starts November 20

The first ever Angola Mining Conference & Exhibition will take place from 20 - 21 November 2019 in Luanda, Republic of Angola. The theme of the conference is “Unlocking the potential of the national mining sector through investment and diversification” and it is being organized by the Ministry of Mineral Resources and Petroleum (MMRP) in association with AME Trade Ltd, United Kingdom.

Mining and Exploration

Lucapa Rakes In $10.4 Million at Latest Sale

Lucapa's latest sales of rough diamonds from its Lulo (Angola) and Mothae (Lesotho) mines totalled $US10.4 million ($A15.5m), taking combined sales to date for 2019 to $US45.9m ($A65.7m). 

Rough MarketMining and Exploration

Lucapa Hits Record Production in Q3

Lucapa Diamond Co. and its respective partners have reported record production for the September 2019 Quarter (July - Sept.) as its their high-value Lulo alluvial mine in Angola and the Mothae kimberlite mine in Lesotho achieved combined production of 14,610 carats. The company says its results are "in line with Lucapa’s strategy of expanding high-value diamond production to maximise revenue generation."

Mining and Exploration

Alrosa's Rough Diamond Sales Trend Up in September

Russian diamond miner Alrosa saw its September sales of rough diamonds make a modest recovery after a slow summer, selling $256.5 million, which represents a 42% increase over the $180.2 million sold in August. The company acknowledged, however, that market demand for rough diamonds is still low, as this past month's sale was 27% lower than in September 2018, when they moved $331.6 million of rough goods. Adding $2.2 million in polished-diamond sales (-69% y-o-y), total sales for September were $258.7 million. 

Rough MarketMining and Exploration

Alrosa Recovers Unusual 'Matryoshka' Diamond

Russian diamond miner Alrosa has made an unusual find in Yakutia - a diamond with another diamond moving freely inside, making it resemble a traditional Russian Matryoshka doll. According to the experts who have studied the find, this is the first such diamond in the history of global diamond mining. The diamond was mined at the Nyurba mining and processing division. 

Mining and ExplorationFun Facts

Power Outages Disrupt Firestone's Diamond Production in Lesotho

Firestone Diamonds has announced a production disruption at its 75% owned Liqhobong Mine in Lesotho due to intermittent power supply. The Liqhobong Mine is supplied electricity from the Muela Hydropower Station (MHS) which is owned by the Lesotho Electricity Company (LEC) and which forms part of the Lesotho Highlands Water Project Phase 1 Katse Dam.

Mining and Exploration

Diamonds is a business we like a lot. It’s a very high-margin business in line with our strategy of value over volume. It makes a lot of sense. We want to stay in the diamonds business, so we have committed 20% of our exploration budget to diamonds. We are also exploring for mergers and acquisitions.

- Arnaud Soirat, Rio’s chief executive for copper and diamonds, speaking to Bloomberg

Bloomberg

Zimbabwe Rejects U.S. Claim That Diamond Mine Uses Forced Labor

Zimbabwe accused the U.S. of ignorance after the U.S. Customs and Border Protection announced it that it is blocking rough diamond imports from the Marange fields because they were produced with forced labor, writes Ray Ndlovu for Bloomberg. 

Mining and Exploration

Central African Republic Launches Major Reform of Diamond Mining Sector

Ahead of the Annual General Membership (AGM) meeting of the World Diamond Council (WDC) in Antwerp, the Government of the Central African Republic launched a "full overhaul of the country’s alluvial diamond mining sector", the government stated in a press release today.

Mining and ExplorationCompliance

U.S. Blocks Imports of Marange (Zim) Diamonds on Forced Labor Suspicions

Imports of rough diamonds from the Marange Diamond Fields in Zimbabwe and gold mined in artisanal small mines (ASM) in eastern Democratic Republic of the Congo (DRC) have been blocked by U.S. Customs and Border Protection (CBP) on the suspicion of forced labor. The two items were on a list of five products from five different countries singled out for 'Withhold Release Orders' (WRO) which were issued "based on information obtained and reviewed by CBP that indicates that the products are produced, in whole or in part, using forced labor", the agency writes.

ComplianceMining and ExplorationLegal

World Diamond Council Issues Statement on Rough Diamond Exports from Central African Republic

With their Annual General Meeting kicking off tomorrow in Antwerp, the World Diamond Council (WDC) today issued a statement concerning rough diamond exports from the Central African Republic (CAR). The WDC is an industry organization representing the full range of diamond-related organizations, including miners, manufacturers, retailers and trade organizations.

ComplianceMining and Exploration

De Beers Reportedly Allows More Rejections of Rough in Sept.

According to the latest reporting by Thomas Biesheuvel at Bloomberg, at Sight 8 (23 Sept. - 27 Sept.) De Beers has once again offered several options to increase the flexibility of buyers struggling with an industry-wide slump caused mainly by an oversupply polished stones in the diamond 'pipeline'.

Market AnalysisMining and Exploration

AWDC Hosts World Diamond Council Annual General Meeting Oct. 2 & 3

Members of the World Diamond Council (WDC) will be traveling to Antwerp, Belgium, for the organization’s Annual General Meeting, scheduled to take place October 2 and 3, 2019. The yearly gathering of the WDC membership will provide the opportunity to review the position of the diamond and jewelry industry regarding the Kimberley Process Certification Scheme, less than two months before the KP ends its current reform and review cycle.

SustainabilityMining and Exploration

Lucara Recovers 10ct. Blue & 4ct. Pink Diamonds from Karowe Mine

Lucara Diamond Corp. has recovered an "exceptional" blue, 9.74-carat gem-quality diamond and a 4.13-carat pink gem-quality diamond from direct milling of South Lobe ore from its 100% owned Karowe Diamond Mine located in Botswana, the miner announced today. This follows the recent sale of a 2.24-carat blue which sold for US$347,222 per carat and other historic colored diamonds that have been recovered from Karowe in the past, including the 9.46ct "Aven Blue" which sold for US$477,000 per carat in 2012.

Mining and Exploration

Diamcor Sales Fall in Q2 as Mining Adjustments Impact Diamond Recoveries

Diamcor Mining, a publicly-traded junior diamond mining company with a strategic alliance and first right of refusal with Tiffany & Co. Canada, reported a 22% decline in rough diamond sales in the second fiscal quarter due to the sale of a higher percentage of smaller, lower-quality rough diamonds than in the same period last year.

Mining and Exploration

Botswana Diamonds Inks Mining & Processing Contract for Marsfontein

Botswana Diamonds (BOD), together with its associate Vutomi (BOD interest 40%), has signed a contract mining and processing agreement with Eurafrican Diamond Corporation (EDC) to mine and process the diamond-bearing gravels and residual stockpiles on a portion of the Marsfontein farm. It also allows for the continued contractual bulk sampling on the Thorny River project, according to a press release.

Mining and Exploration

Petra Recovers 'Exceptional' 20-Carat Blue Diamond at Cullinan Mine

Petra Diamonds has recovered an exceptional 20.08-carat blue gem-quality Type IIb diamond from the Cullinan Diamond Mine in South Africa, which has been the world's only consistent source of some tremendous blue diamonds in the past.

Mining and Exploration

Gem Diamonds Latest Big White Stone Weighs 127 Carats

Gem Diamonds on September 11 recovered a D-color, type II diamond weighing 127 carats from its Letšeng mine in Lesotho. The lastest find is the fourth exceptionally-sized (+100 carat) white diamond unearthed this year. Together with the three yellows stones larger than 100 carats recovered this year, their total of exceptional finds now sits at seven: the miner this year has recovered gem-quality white diamonds weighing 123.5, 127, 140 and 161 carats to go with gem-quality yellows weighing 114.2, 134 and 135 carats.

Mining and Exploration

Lucara Recovers 123-Carat Stone, is Using New Tech to Mine Old Ore

Lucara Diamond Corp. has recovered a 123-carat gem quality top white Type II diamond from its 100% owned Karowe Diamond Mine located in Botswana. The miner also recently recovered a 375-carat gem quality diamond at Karowe from the processing of historic DMS recovery tailings, generated prior to the incorporation of Lucara's XRT diamond recovery circuits. 

Mining and ExplorationRough Market

Alrosa Best in Class for Social Investments Among Diamond & Gold Miners

Russian diamond miner Alrosa, the world leader in diamond production, confirmed its status as a leader among gold and diamond mining companies in terms of investments in social programs, according to a study conducted by the PwC Advisory. The study, which is based on the official reports of companies who mine precious metals and rough diamonds, covers the period from 2016 to 2018 and focuses on key aspects of sustainable development, including investments in social programs and environmental protection me

SustainabilityMining and Exploration

Alrosa Given Green Light To Seek $10 Million in Lost Catoca Money

An American court has granted Russian miner Alrosa's request for the discovery of documents from banks active in New York over alleged embezzlement of funds from its Angolan diamond mine Catoca, Africa Intelligence reports. As reported last May, Alrosa believes that the former and current management of Angolan diamond mine Catoca - in which Alrosa holds a 41% stake - is responsible for secreting away nearly $10 million, and called upon a U.S.

Mining and Exploration

World Gold Council Publishes New Responsible Mining Principles

The World Gold Council (WGC), the market development organisation for the gold industry, last week announced the launch of its Responsible Gold Mining Principles (RGMP). The RGMPs are a framework that set out clear expectations for consumers, investors and the downstream gold supply chain as to what constitutes responsible gold mining. The WGC, working with its members, the world’s leading gold mining companies, has set out the principles that it believes address key environmental, social and governance issues for the gold mining sector.

Mining and ExplorationSustainability

Petra Diamonds' FY 2019 Profits Disappoint, Focus on Debt Reduction

Despite a comparatively modest decline in revenue in fiscal year 2019 (ended 30 June 2019), Petra Diamonds saw its profits decline by 22% this past year, falling short of industry estimates and sparking a downturn in the company's shares, which hit their lowest level ever. The stock is down about 80% this year as the miner is focusing on reducing its sizeable debt incurred by investments in its flagship Cullinan mine in South Africa. Revenue for the year fell 6% to $463.6 million from $495.3 million, with their average diamond prices achieved falling approximately 5%, which is slightly bett

Mining and ExplorationRough Market

De Beers Namibian Partner Namdeb Sells Elizabeth Bay Mine

Namdeb Holdings Ltd, a joint venture between the Namibian Government and De Beers Group, said on Thursday that it has sold Elizabeth Bay Mine and its associated marine assets as a going concern to Lewcor, a 100% Namibian-owned consortium. Namdeb has explored a variety of options to extend the life of its Elizabeth Bay Mine beyond 2019, according to a De Beers press release, but ceased operations in September 2018, as Namdeb could no longer economically run the operation.

Mining and Exploration

Alrosa Votes to Consolidate Nyurba Mining Division

Alrosa's Supervisory Board has voted to liquidate a subsidiary that controls two of its largest mines in a move to consolidate its core assets with the aim of improving their management efficiency. The Russian miner owns a 97.49% stake in Alrosa-Nyurba, with the remaining 2.51% of shares in the hands of minority shareholders. Presuming the liquidation goes through, those assets will be incorporated into Alrosa.

Mining and Exploration

Botswana Diamonds & Vutomi Closer to Mining Marsfontein Stockpiles

Botswana Diamonds (BOD), the AIM- and BSE-listed diamond miner that holds exploration licences in Botswana and South Africa and a JV in Zimbabwe announced that its associate Vutomi (BOD interest 40%) has been granted environmental authorisation over a substantial portion of the residual diamond-bearing gravels produced from the very high grade Marsfontein mine in South Africa, which is contiguous to their Thorny River operation. In a statement on Thursday, Botswana Diamonds highlighted that this authorisation was a critical step towards obtaining a mining permit, which it expected to receiv

Mining and Exploration

Stornoway Obtains Creditor Protection, Secures Deal to Keep Renard Mine Open

Struggling Canadian miner Stornoway Diamonds, which has been particulary impacted by the 2019 market downturn, has announced two moves that should provide the financing and liquidity required to ensure the Renard Mine will continue to operate while the company undergoes restructuring. Stornoway Diamonds Corp. and its subsidiaries Stornoway Diamonds (Canada) Inc. (SDCI), Ashton Mining of Canada Inc. (Ashton), and FCDC Sales and Marketing Inc.

Mining and Exploration

Gem Diamonds' H1 Results Impacted by Fewer Large Diamond Recoveries

Gem Diamonds first half 2019 results took a downturn as the miner recoverd fewer large stones at its Letšeng mine in Lesotho, while the average prices achieved per carat - while still the highest in the business - fell well below their averages over the past three financial halves. While year-over-year comparisons are somewhat skewed by the very high bar set in in H1 2018, revenue from the sale of rough stones was down 44% to $94.5 million compared with $168 million in H1 2018, though it was not too far off revenue from the previous half (H2 2018), which totaled $99 million.

Mining and Exploration

BlueRock Diamonds Targets Profitability in H2 2019 After Strong H1

London-based BlueRock Diamonds, which operates and owns 74% of the Kareevlei mine based in Kimberley, South Africa, increased its production and revenue during H1 2019 as compared to a year ago, reducing its H1 losses to GBP 381,027 ($458,064) from GBP 1.3 million ($1.6 million) a year ago. BlueRock points to April 2019 as the turning point, when the company installed a new operational management team and changed its mining plan.

Mining and Exploration

Botswana Diamonds Identifies Five 'Likely' Kimberlites in South Africa

Botswana Diamonds, the AIM and BSE listed diamond explorer that holds exploration licences in Botswana and South Africa and a JV in Zimbabwe has identified what is believed to be five kimberlite pipes buried at shallow depth on the Company's Thorny River ground in South Africa, the company announced. They say the targets identified are very similar to the pipe that constituted De Beers high-grade and famous Marsfontein mine*, meaning it would be a potential significant diamond discovery.

Mining and Exploration

Lucapa Turns H1 Profit as High-Value Goods Trump Market Malaise

Lucapa Diamond Company, which operates high-value mines in Lesotho (Mothae) and Angola (Lulo), saw its first half 2019 net profit after tax jump to US$1.1 million compared with a US$4.3m loss during the same period last year as an increase in production led to higher sales, complemented by a massive jump in the average price per carat sold. Their combined rough sales rose by 85% to US$29.4 million from US$15.9 million a year ago.

Rough MarketMining and Exploration

CEO of South African Junior Miner Trans Hex Resigns

Trans Hex, the Johannesburg Stock Exchange (JSE)-listed diamond exploration and mining company which has diamond operations in South Africa and Angola, has announced the resignation of its CEO Llewellyn Delport as persistent challenges to its South African operations have weighed on its operational performance and placed the future of the mining company - which has been in existence for more than 50 years - in doubt. Delport was appointed Trans Hex chief executive in 2004 and his departure is effective August 31.

Mining and Exploration