Petra Diamonds today announced that it has recovered five extremely rare blue rough diamonds at its Cullinan mine, of 25.75 ct, 21.25 ct, 17.57 ct, 11.42 ct and 9.61 ct respectively. The last discovery of a blue rough stone dates back exactly one year ago, and blue diamonds are considered as one of the most rare in fancy colored stones, making it all the more extraordinary that five diamonds are recovered in one week's production.
Petra Diamonds has announced it is open to offers for (parts of) the company, after a strategic review of mounting debts, now at US$650 million. Only last year, Richard Duffy took over from former CEO Johan Dippenaar, with the task to turn around the troubled miner's balance sheets. The Covid-19 pandemic now foils the ongoing optimization and restructuring introduced by Duffy, as mines were forced to shut down and the global diamond market came to grinding halt.
Mid-tier miner Petra Diamonds has been keeping us up to date with regards to the impact on the company of the global COVID-19 pandemic, unfortunately reporting that they experienced depressed and opportunistic bidding for its diamonds at its fifth sales cycle of FY 2020, particularly in the larger size and higher quality, greater value categories. Petra therefore chose to only sell a portion of its South African goods, representing approximately 75% by volume and 50% by value.
South Africa has joined the list of countries on lockdown to prevent the spread of the COVID-19 coronavirus. It will go into effect on midnight Thursday 26 March to midnight Thursday 16 April. President Cyril Ramaphosa announced the move on Monday night. This will be a massive hit to an economy that is already in recession, and likely to its critical mining industry. To help cushion the blow, he announced interventions, including tax relief and other measures.
The Antwerp World Diamond Centre (AWDC) today officially announced the postponement of the African Diamond Conference due to safety and travel concerns arising from the COVID-19 outbreak. The conference was scheduled to take place in Durban, South Africa from May 5-6, and will likely be rescheduled for late October.
BlueRock Diamonds, an AIM-listed company that operates the Kareevlei Diamond mine near Kimberley in South Africa, has raised £1.9 million ($2.45 million) which will "primarily" be used to fast-track a doubling of production at Kareevlei and to reduce unit costs significantly, the company reported on Tuesday. The junior miner raised the funds by means of an oversubscribed placing and subscription of 2,235,289 new ordinary shares of 5 pence each in the Company (the “Placing Shares”) at a price of 85 pence per Placing Share.
The Antwerp World Diamond Centre (AWDC), on the margins of the African Mining Indaba in Cape Town, South Africa, yesterday announced it will be organizing its second African Diamond Conference (ADC) in Durban, South Africa, on May 5 & 6. The program and registration details are available here.
Diamcor, a publicly-traded junior diamond mining company based in Canada and operating in South Africa, saw the prices achieved for its rough diamonds fall sharply again in the third fiscal quarter ending December 31, 2019. The company sold 13,218 carats, generating gross revenues of US$1.4 million, which resulted in an average price of US$107 per carat for the period, declining from $149 per carat achieved in Q2 and $196 in Q1.
Petra Diamonds, a leading independent diamond mining group, on Tuesday announced it had appointed a successor to the miner's founder and chairman, Adonis Pouroulis: the company has named mining engineer Peter Hill as nonexecutive director and chairman-designate effective January 1, 2019. He will take over as Non-Executive Chairman on 31 March 2020, at which time Pouroulis, who founded Petra in 1997 and has been its chairman ever since, will step down. The company recently eliminated the role of chief operating officer because of a management restructuring.
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
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.
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.
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.
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.
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.
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.
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.
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
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.
Canada-based and South Africa-focused diversified junior mining company Tango Mining has announced it plans to sell off its stake in several metallurgical coal projects in order to focus solely on diamond extraction. Moving forward, the company’s attention will be centered on the Oena diamond mine in South Africa, which has proven lucrative for the miner. During the latest production period, 531.82 carats of gems were recovered from Oena. The 230 diamonds sold for an average price of US$1,382 per carat.
Canadian junior miner Tango Mining recently sold at tender a parcel of 230 diamonds weighing 531.82 carats, achieving an average price of $1,382 per carat. The sale included a 19.87-carat diamond which sold for $4,358 per carat, a 49.6-carat diamond which sold for $2,561 per carat and a 24.97-carat diamond which sold for $1,101 per carat. The diamonds on tender were recovered during the most recent production period at its Oena project in South Africa, May 9 to July 7 2019.
Petra Diamonds reported full-year revenue below analysts’ estimates on Monday and said it expects next year’s production to be slightly lower, as it struggles with a diamond market hit by weak demand and lack of easy credit. The London-based miner with operations in South Africa and Tanzania said that revenue decreased 6% to US$463.6 million (FY 2018: US$495.3 million) for the year ended 30 June 2019, reflecting a weaker diamond market.
UK-based and AIM-listed junior miner BlueRock Diamonds on Monday announced it achieved record production at its flagship Kareevlei mine in South Africa during the second quarter of 2019. During the three-month period to June 30, the diamond miner produced a company record 3,516 carats, more than four-times greater than the 875 carats produced in the end of the second quarter in 2018.
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 recovered its largest diamond to date: a 24.98 carat gem-quality stone. The miner’s largest diamond prior was 16.28 carats, which sold for $78,947. BlueRock's shares jumped 15% on the news published June 7, but the gain was short-lived, having receded to its level prior to the fiind. Update - The 24.98-carat rough diamond sold for for $190,000, representing an average price of $7,606 per carat.
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.