Archive

  • Petra Diamonds sold a 425-carat D color Type IIa white diamond, the ‘Legacy of the Cullinan Diamond Mine’, for just under $15 million, or approximately $35,295 per carat. Unearthed from its Cullinan mine in South Africa, the 424.89 carat gem was purchased by a partnership combining Belgium-based Choron and Dubai-based Stargems. It is expected to be polished in Antwerp. In a news release, Petra chief executive officer Richard Duffy called it a “significant sale” for the company.

  • De Beers Group reported a diamond production decline in the first quarter of 2019 driven by a 65 reduction in South Africa as the Venetia mine as it approaches the transition from open pit to underground mining. Venetia yielded only 0.4 million carats due to lower mined volumes, while the Voorspoed mine was placed onto care and maintenance in Q4 2018 in preparation for closure. De Beers' production guidance for 2019 remains unchanged at 31 - 33 million carats, subject to trading conditions.

  • Only weeks after recovering a 425-carat diamond, Petra Diamond's famed Cullinan mine has produced another big stone, this time a 209.9 carat D-Colour Type II diamond. The big diamond is the third +100ct Type II D color gem-quality diamond Petra has recovered since March 2019 and the fourth in this financial year. The find will take some of the sting out of the 7% production decline in the third fiscal quarter due to a slowdown at its Finsch mine in South Africa.

  • Mining in Africa is at the core of our business, just as it always has been, and just as it will be in future ... De Beers is and will remain a natural diamond business.

    - De Beers CEO Bruce Cleaver discusses Africa portfolio, exploration, technology and laboratory-grown diamonds. 

  • Petra Diamonds has recovered a 425.10-carat, D-Color Type II gem-quality diamond at its famed flagship Cullinan mine in South Africa. This is the second exceptionally large rough diamond and the third special stone the company has unearthed this year, following the recovery of a 100.83-carat D-Colour Type II gem-quality diamond and a 6.12 carat Type II blue stone.

  • Just about a year ago, the executive chairman of Botswana Diamonds John Teeling told us, "Instead of being an explorer, I would like to be a producer. We would like to get to production." According to yesterday's announcment from Botswana Diamonds, it looks as if he is going to get his wish: the junior miner said is on track to commence bulk sampling and become a diamond producer by mid-2019.

  • Petra Diamonds received a welcome respite from their recent struggles with debt and low prices for small diamonds across the global market. It arrived in the form of a 100.83 carat D-Colour Type II gem quality diamond, which followed another recent recovery of a 6.12 carat Type II blue stone at its Cullinan Diamond Mine in South Africa.

  • UK-based and AIM and BSE listed exploration company Botswana Diamonds, one of the most prolific diamond exploration and project development companies around, intersected 12 kimberlites from 18 holes drilled as part of its first phase of the intensification drilling program at the company's flagship Thorny River project in South Africa. The junior miner said drilling is now complete on the farm Hartbeesfontein bulk sampling target of 1.5 km of kimberlite fissure intersection were also identified. 

  • Tender house Koin International will hold their regular tender for South African miner KEM (Kimberley Ekapa Mining) from 4 - 8 March in Antwerp  This is a full Run of Mine production of 50,000cts including melee through to 10.80+ single stones and fancy colors. In addition, the sale will include KoinDex, Koin International’s innovative new monthly tender with ‘Trigger Pricing’. The “Trigger Price” is a displayed price which means buyers have access to a guaranteed sell point.

    Viewings will take place by appointment in Antwerp at the offices of Koin International.

  • The De Beers group is set to consolidate its Canadian and South African mining business into a single unit to streamline operational management of the Venetia Mine, Gahcho Kué Mine and De Beers Marine under a single leadership team based in Johannesburg. The new unit, called De Beers Group Managed Operations, will be headed by the group’s former DBCM deputy CEO, Nompumelelo (Mpumi) Zikalala.

  • At the 2019 Oscars, Lady Gaga wore a necklace featuring a 128.54-carat, 141-year old "Tiffany diamond", dubbed "one of the largest yellow diamonds in the world." It is reportedly worth over $30 million. Audrey Hepburn was the last lady to wear the incredibile, yellow, cushion-cut diamond it back in 1962 for publicity posters for Breakfast At Tiffany's. Last night marks only the third time in history that the Tiffany diamond was worn in public; before Hepburn's spin, the diamond was first worn by Mrs. Sheldon Whitehouse at the 1957 Tiffany Ball held in Newport, Rhode Island.

  • Petra Diamonds, owner of one of the world’s most famous diamond mines - the Cullinan mine in South Africa - could be about a decade away from clearing its multi-million-dollar debts, according to Reuters. As Emma Rumney and Barbara Lewis explain, Petra bought Cullinan in 2008, "aiming to breathe new life into the South African mine renowned for yielding the largest rough gem diamond ever found - 3,106 carats - and being the world’s main source of rare blue diamonds.

  • BlueRock Diamonds plc, the AIM-listed junior mining company which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, has recommenced operations after South Africa's mining regulator ordered a temporary suspension on January 24 following an accident. The Department of Mineral Resources (DMR) imposed a section 54 notice - which concerns the code of practice relating to the operation of trackless mining machines - following an event involving an external contractor. 

  • South Africa-focused miner Petra Diamonds has seen its shares tumble 27% since Monday's announcement of its H1 2019 results, despite an 8% increase in sales and a 10% rise in production.  The culprit? Near-historical low prices earned from its rough diamonds from its flagship Cullinan mine. Prices achieved from the miner's Cullinan goods slumped 31% compared to last year, earning just $96 per carat, and compared to a nine-year average of $140 per carat from 2009 to 2018, the miner said. 

  • UK-based and AIM and BSE listed exploration company Botswana Diamonds plans to raise more than $480,000 (£370,000) from investors, the company said Wednesday.

  • In a cost-cutting move, mid-tier miner Petra Diamonds has unburdened itself of the Helam mine in South Africa for a total price of $14 (ZAR 200). Petra put the Helam mine on care on maintenance during FY 2015, following previous attempts to source a suitable purchaser and has conducted no mining activities since then.

  • BlueRock Diamonds plc, the AIM listed diamond mining company which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, has announced that the grade resulting from mining the first level of its latest kimberlite pipe "exceeds expectations". BlueRock is currently mining two of the five pipes at Kareevlei, called the KV1 and KV2. It has now processed the first Level 1 ore (10m to 20m below surface) from KV1, totalling 20,500 tonnes, resulting in grades of between 3.90 carats per hundred tonnes (‘cpht’) and 5.11 cpht at an average grade of 4.51 cpht.

  • UK-listed Botswana Diamonds said it is feeling "confident" that its Thorny River project in South Africa will become its first operating mine following the conclusion of a mining contract covering bulk sampling activities and future full-scale mining. The necessary regulatory approvals have been applied for, and a drilling program is planned in 2019. Managing Director, James AH Campbell the company hopes to get production rolling during the first half of 2019.

  • De Beers’ rough diamond production declined by 5% to 8.7 million carats in the third quarter due to planned reductions in mining volumes in Botswana and South Africa, the miner announced today. In Botswana, production at the Jwaneng mine declined by 6% to 5.7 million carats due to the planned processing of lower grade material. Production at the Orapa mine remained in line with Q3 2017 at 2.6 million carats.

  • Petra Diamonds, with mining operations in South Africa and Tanzania, has released a promising and much-needed set of results from Q1 2019 (July 1 to September 30), reporting a 21% increase in diamond production and a 22% rise in revenue in the last three months.

  • South Africa’s cabinet approved a long-delayed Mining Charter that spells out requirements for black ownership levels and backed the withdrawal of a mining bill after industry opposition, a minister said last week. The Mining Charter - which was introduced to redress the exclusion of black people in the mining sector under apartheid - could, however, still be the subject of legal challenges if mining companies are unhappy with its contents after it is published.

  • Tango Mining Limited, a Canadian diversified junior mining company with several projects in southern Africa, has been busy expanding its portfolio of diamond projects. Tango is the lead company at the Oena diamond mine in South Africa, as well as Txapemba, an 84 sq km concession in Angola that Tango took operational control of last October. It also recently acquired 75% of the Middlepits project - an alluvial diamond property in Botswana, which it will not be responsible for mining - and has now signed new agreements in Angola and Liberia.

  • Despite a slight uptick in revenues (to $3.2 billion from $3.1 billion), higher production costs weighed down De Beers' first half underlying earnings (EBITDA/earnings before interest, taxes, depreciation and amortization) by 9% percent, falling to $712 million from $786 million. While the company's top representatives emphasized its strong first half both operationally and financially, with continued growth in consumer demand, De Beers CFO Nimesh Patel attributed the decline in EBITA "principally" to "the stronger [South African] rand.

  • Petra Diamonds posted a 21% rise in revenue to $576.4 million for the twelve months to June 30 from $477 million a year earlier, citing higher diamond prices (+2% on like-for-like basis) and production (+15%); but the miner worried investors by saying it expects to produce 4.6 million to 4.8 million carats in 2019, well below the 5.0-5.3 million carats it forecast in July last year.

  • BlueRock Diamonds, a junior miner listed on AIM in London and operating the Kareevlei Diamond mine near Kimberley in South Africa, announced its production increased significantly in 2017, yielding high-quality diamonds with an average value per carat of $362. The miner said that it met its two primary targets in 2017 – operational profitability and monthly processing volume of 25,000 tons, which unearthed 2,438 carats in the first half of the year, compared with 543 carats, a year earlier.

  • Petra Diamonds late last week announced that it had sold its stake in the Kimberley Ekapa Mining joint venture (KEM JV) to its namesake partner, Ekapa Mining, for about 300 million rand ($22 million).

  • Koin International will hold a rough diamond tender in Antwerp from 18 - 26 June 2018, including original productions from Meya Mining (Sierra Leone), Ekapa Minerals (Kimberley, South Africa), and over 60,000cts of rough goods from Angola. The tender will also feature an Single Stone Tender of 'special' (+10.8 carat) stones from Angola. All productions are a full range of colours and qualities.

  • In a landmark deal - hailed as a first ever in South Africa - Kimberley’s illicit miners, known as 'zama-zamas', have now been legitimized. Deputy Minister of Mineral Resources Godfrey Oliphant issued the artisanal miners with mining permits in an agreement aimed at curbing the rapid growth of illegal mining which has been spurred on by rising unemployment. The newly-licensed informal miners have been given access to 500 hectares of land owned by Kimberley Ekapa Mining (KEM JV), a joint venture between Petra Diamonds and Ekapa Mining.

  • Junior miner Botswana Diamonds has been awarded the priority 2.5 hectare Mooikloof kimberlite pipe concession close to De Beers’ flagship Venetia Mine, the company today announced. Mooikloof is a known 2.5 hectare diamondiferous kimberlite pipe last prospected in 1986 and fits into Botswana Diamonds’ strategy of undertaking fresh exploration work with modern techniques in areas where they had been found and mined before. The adjacent Oaks mine was previously owned and successfully operated by De Beers, achieving a grade of 53 cpht at a value of $156.

  • John Teeling is the executive chairman of Botswana Diamonds PLC, one of the most prolific diamond exploration and project development companies that holds exploration licences in Botswana and South Africa. With 40 years worth of resources experience, he is often called a ‘serial entrepreneur’, and is involved in a number of other AIM exploration companies. Notably, he was the founder of African Diamonds, which discovered the AK6 mine in Botswana, a venture that eventually became Lucara's famous Karowe Mine. The Lucara Diamond Corp.

  • South African diamond producer Petra Diamonds reported a major revenue increase in its third quarter (Jan 1 - March 31 2018) driven by record production in the first three months of 2018. The miner said revenue for the quarter climbed 44% to $172 million from 1,373,771 carats sold, compared to $119 million from 1,069,886 carats sold a year earlier.

  • Johannesburg Stock Exchange (JSE)-listed junior diamond miner Trans Hex has agreed to terms for the sale of its Baken and Bloeddrif mines, both of which are situated on the banks of the lower Orange River (LOR) in South Africa, to Lower Orange River Diamonds Proprietary Limited for $6 million (R72m) in cash, and its shareholders appreciated the gesture. Miningmx reports that speculation on the deal drove Trans Hex's share price up 52% ahead of yesterday’s announcement which came after the close of trading on the JSE.

  • Botswana Diamonds has reported pre-tax losses of $251,000 (£178,000) for the six months ended 31 December 2017, compared with $192,000 (£136, 000) a year earlier. The losses were due to administrative costs as the company continues with its exploration for diamonds in Botswana and South Africa. Botswana Diamonds raised $705,000 (£500,000) earlier this year to fund the ongoing exploration activities.

  • South Africa has a new minister of mineral resources, which is likely to be welcome news to the country's mining community. New President Cyril Ramaphosa announced his cabinet on Monday night, appointing former National Union of Mineworkers secretary general and national chairperson of the ruling ANC party Gwede Mantashe to head the Ministry of Mineral Resources. Mantashe was also the first trade unionist to be appointed to the board of a listed mining company (Samancor) in South Africa in 1995.

  • Botswana Diamonds (BOD) has commenced its first half exploration program on the Sunland Minerals joint venture (JV) with Russian diamond miner ALROSA in the Southern Africa country. The program will focus on previously identified geophysical targets in the Central Kalahari Game Reserve with the aim of turning them into drill targets. It will use soil samples and magnetic surveys to supplement the airborne gravity and airborne magnetic data obtained in earlier work.

  • Petra Diamonds Ltd said Monday its earnings as well as revenue fell slightly in its first half as core earnings fell 8 percent, despite a rise in production, as the miner was hit by industrial action in the form of a Q1 strike in South Africa, the inability to sell the blocked Williamson parcel (71,654 carats still being held by the Tanzanian government) and the strengthening ZA Rand against the USD, which the company says had a combined impact of approximately US$18 million. 

  • Petra Diamonds announced in a trading update (unaudited) for the six months ended 31 December 2017 (H1 2018) its production was up 10% to 2,208,056 carats (H1 FY 2017: 2,015,087 carats), in line with H1 guidance of 2.2 - 2.3 Mcts. This represents record production for any six month period for the company. Revenue, however, was down 1% to US$225.2 million (H1 FY 2017: US$228.5 million), mainly due to the Government of Tanzania confiscating a parcel of stones from the Williamson mine (ca. 71,000 carats), claiming Petra had undervalued the goods.

  • 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.