Lucara Diamond Corp. has completed its highly anticipated inaugural diamond sale through Clara Diamond Solutions, its digital sales platform for selling rough diamonds individually, based on polished characteristics and demand.
Discussions between the Government of Botswana and De Beers Group are already underway as the long-standing partners look to strike a new deal. The current 10-year agreement for the sorting, valuing and sales of Debswana’s diamond production (Debswana is a 50/50 mining joint venture between Botswana and De Beers) is set to expire at the end of 2020. Botswana is reportedly pushing for a larger stake in its "new marriage" with De Beers ahead of the negotiations for the next sales agreement, writes The Southern Times.
Junior miner Botswana Diamonds (BD) has acquired Alrosa's 50% share in the Sunland Minerals project for a "nominal sum". BD's 100% ownership of Sunland now enables a new investor to enter as a new joint venture partner, and they say that negotiations with this potential partner are at an advanced stage. The potential partner is said to be a large diamond producer with new ideas and keen to find new kimberlites in Botswana.
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.
CEO of Australia’s Lucapa Diamond Company, Stephen Wetherall, paid a visit to Antwerp recently, where The Diamond Loupe caught up with him. We encountered an optimistic CEO that is clearly excited about the future of Lucapa, and justifiably so. The growing miner operates, together with its partners in Angola, the highest-value and most promising alluvial diamond project in the world - the Lulo Diamond Project.
Sales at Botswana's state-owned Okavango Diamond Company (ODC) fell by 16 percent in the first half of 2018 to $260 million, said managing director Marcus ter Haar, citing a high comparison base against last year's record growth, as Reuters reports. The company sold 1.778 million carats in the first half of 2018 compared with 1.808 million carats in the same period last year.
Lucara Diamond Corp.'s Q2 results are a mixed parcel of sorts, as production and the recovery of 'specials' (+10.8 carats) increased while the company achieved softer prices, sold fewer exceptional stones and consequently achieved lower revenues than during the same period a year earlier.
De Beers rough diamond production increased three percent to 9.0 million carats during the second quarter of 2018, "reflecting production increases to meet stronger demand as well as the contribution from the ramp-up at Gahcho Kué", the company today announced.
Botswana Diamonds (BOD) on Wednesday released an update on the company's Sunland Minerals exploration projects in the Kalahari Desert in Botswana - Sunland Minerals is a JV with ALROSA - noting they were encouraged with the latest results. The exploration company has completed its mineral sampling over the 8 previously discovered and announced high contrast geophysical anomalies in the Gope Region of the Kalahari Desert, with all 8 anomalies turning up kimberlitic indicator minerals ("KIMs") - 267 in total. Analysis of the KIMs concluded that the sources were likely to be local.
Lucara Diamond yesterday published the results of its Mineral Resource Update for its Karowe Mine in Botswana, which showed it would continue to yield a high grade of high quality diamonds for the remainder of its open pit life, and that underground mining was likely to continue until 2036. The remaining Indicated Mineral Resource for Karowe's AK06 kimberlite includes 7.9 million carats hosted in 57.85 million tons of ore at an average grade of 13.7 carats per hundred tons (cpht), with an average modelled diamond value of US$ 673 per carat.
Lucara Diamond Corp. has announced the appointment of Ayesha Hira as their new Vice President of Corporate Development and Strategy, and has already prompted speculation among analysts in stating her primary responsibilities will be, "investigating strategic growth opportunities including mergers and acquisitions." It is unclear whether the M&A in mind are looking upstream to mines and exploration projects, or downstream to something else entirely.
Lucara Diamond Corp. will be holding its first Exceptional Stone Tender of 2018, faciliated by tender house Bonas, on June 19. Viewings will take place starting June 10 in Gabarone, Botswana. The tender consists of 10 single stones ranging from 40.40 carats to 472.37 carats in size, including a 327 carat diamond, alongside other qualifying diamonds that have been recovered since the start of the year. Click through to view the catalogue of superior stones.
The Lerala Diamond Mine in central Botswana has been sold via an online auction for $8.1 million, a year after it was placed under provisional liquidation, according to a report from Reuters. The liquidator of the mine - which was held by Australian mining company Kimberley Diamonds and has been on judiciary management for the past year after it shut down due to a lack of funding and "weak market conditions" - put the entire operation up for sale in an online auction after its liquidators failed to secure viable offers.
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.
Lucara Diamond Corp recorded a loss of $7 million in the first quarter of 2018 amid a slight decline in revenues (-3%) and higher administrative costs. The Toronto-listed company operating in Botswana achieved revenues of $25.4 million compared to $26.1 million in the same period a year ago. They achieved $401 per carat, just under the $405 per carat from Q1 2017, at its first regular tender, yielding an operating margin1 of $170 per carat or 42% during the three months ended March 31, 2018.
Pangolin Diamonds Corp.,a diamond exploration company in Botswana, has recovered two diamonds and 100 positive kimberlite indicators from a 4 hectare soil sampling grid at the MAL 001 drill target located in the company's wholly-owned Malatswae Project. The recovery is the second positive result the junior miner has announced in the past two weeks, following the companies first diamond at the Jwaneng South Diamond Project, Botswana.
The liquidator of Kimberley Diamonds' Lerala Diamond Mine in Botswana, which has been on judiciary management for the past year after it shut down due to a lack of funding and "weak market conditions", will put the entire operation up for sale in an online auction after its liquidators failed to secure viable offers. It is a complete diamond mine, includuing the entire processing plant with its various crushers, 200tph conventional fines and course DMS plant, as well as it final integrated x-ray recovery house, hand recovery and grading unit.
Lucara Diamond Corp. has recovered a 327 carat, top white gem diamond from its 100% owned Karowe Diamond Mine located in Botswana. Eight diamonds greater than 100 carats have now been recovered at Karowe since the beginning of the year, including the 472 carat diamond announced earlier this month.
Lucara Diamond Corp. today announced the recovery of a 472 carat, top light brown gem diamond, the third largest diamond ever recovered from its 100% owned Karowe Diamond Mine located in Botswana. CEO, Eira Thomas comments, “In 2018, mining at Karowe is focused in the high value south lobe, which consistently delivers large, high quality diamonds in excess of 10.8 carats in size.
Pangolin Diamonds Corp. has signed an option agreement to earn up to a 75% interest in the diamondiferous AK10 diamond project located in Botswana, situated just 4 km from the now famous AK06/Karowe mine. “I am extremely pleased with this transaction", said Dr. Leon Daniels, President and CEO of Pangolin.
Debswana, the joint venture between the Botswana government and Anglo American’s De Beers unit, intends to expand its Jwaneng Mine extending its lifespan by eleven years, to 2035, to extract an additional 50 million carats.
Eira Thomas was recently appointed as the new CEO of Lucara Diamond Corp., replacing William Lamb, who oversaw the successful creation of the world-class Karowe mine in Botswana. Thomas brings more than 25 years’ experience in the mining industry to Lucara, including 16 years with Aber Diamond Corporation (now Dominion Diamond), where she played an integral role as a geologist at its initial discovery and ultimately became Director of the Board.
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.
The Zimbabwe Consolidated Diamond Company (ZCDC) has disputed reports from a month ago that it is exporting diamonds to Botswana, now saying rather it is merely learning lessons from the neighbouring country's mining and processing sectors. ZCDC CEO Morris Mpofu said the government had facilitated engagement with entities in Botswana involved in the diamond industry, but the aim is to draw from Botswana's experience rather than having them process Zimbabwe's diamonds.
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.
Lucara Diamond achieved revenues of $220.8 million over the course of the full year 2017 (2016: $295.5 million) including the sale of the 1,109 carat Lesedi La Rona (LLR) for $53.0 million ($47,777 per carat). Including the sale of the LLR, the miner's 2017 average sales price was $847 per carat compared to 2016 average sales price of $824 per carat (including the sale of 813 carat Constellation diamond for $63.1 million).
Zimbabwe is on the brink of clinching a deal with Botswana to start processing its diamonds at the world renowned Diamond Trading Company (DTC), writes The Herald - Zimbabwe. Following Zimbabwe's new President Mnangagwa's two-day official visit to Botswana, where he continued to emphasise his theme that Zimbabwe is 'Open for Business', it was announced that the arrangement will see Zimbabwe shipping its diamonds to Botswana for processing, cleaning and polishing before the gems are placed on the market. It is anticipated that taking advantage of Botswana’s expertise will benefit Zi
To celebrate the one-year anniversary of its bijoux boutique on Bond Street in London, Sotheby's Diamonds revealed its most exceptional gem to date: a 102.34-carat, D-Flawless, Type IIa round brilliant diamond, which the auction house describes as “the rarest and most valuable white diamond ever to come to market”. The stone bears the highest possible ratings in terms of color (a D grade representing the purest, whitest hue), clarity (Flawless, meaning there are no internal or external blemishes even when viewed under a microscope) and has excellent cut, polish and symmetry, making it the l
According to statistics from the Bank of Botswana, Botswana’s rough diamond exports fell by 13 percent in 2017 to $3.48 billion compared to $4.02 billion a year ago due to weak prices comparative to 2016, and weaker demand particularly in the second half of the year. While Botswana’s Okavango Diamond Company (ODC) - which sells 15% of Debswana's production - posted a 4 percent jump in sales to $567 million in 2017, De Beers’ rough diamond sales fell 5% to an estimated $5.31 billion last year.
Botswana’s Okavango Diamond Company (ODC) posted a 4 percent jump in sales to $567 million in 2017, reports Reuters, making this year's sales the highest annual sales since its formation in 2013, the company said on Thursday. The state-owned company sold 3.41 million carats of diamonds in 2017, managing director Marcus ter Haar told Reuters, adding that the year was characterised by healthy demand and prices in the first half, weakening from July through to November. The company says it generally has total sales in the region of $500 million annually.
In Gem Diamonds’ Half Year 2017 results, announced on 17 August 2017, shareholders were notified that an offer to acquire 100% of the Ghaghoo asset ("Ghaghoo") had been received and was being considered by the Board.
Discussions have not resulted in agreement between parties and this offer has been withdrawn, the company announced this morning.
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.
De Beers Group and United Nations (UN) Women, in collaboration with Botswana’s Ministry of Nationality, Immigration and Gender Affairs, today announced a $758,000 (BWP8 million), three-year investment in capacity-building programmes to support women micro-entrepreneurs in select villages in the Okavango Delta and Kweneng District, the company stated in press release. The announcement was made at today’s W Summit in Gaborone, convened by De Beers, which focuses on the advancement of women business leaders in Botswana and southern Africa.
Vancouver-based Lucara Diamond with operations in Botswana made several announcements yesterday (Nov. 2), starting with news of its positive Preliminary Economic Assessment for taking its Karowe Mine underground, which would extend the life of the mine another ten years to approximately 2036.
According to a De Beers spokesperson, the diamond miner is set to bring the Damtshaa Mine in Botswana - closed since 2015 - back into operation during the fourth quarter, reports Rapaport News. Opened in 2003, Damtshaa Mine was placed into care and maintenance in December 2015. De Beers is now set to recommision the mine and expects to be back at full production by January. Just over 300,000 carats were recoverd there during its last full year of operation in 2014, making it one of De Beers smaller mines, and more than 31 million have been produced since the mine opened.
With De Beers leading the charge by increasing rough production 46% in Q3 and 29% for the first nine months of the year, as ALROSA increased production 6% thus far in 2017, the two diamond mining giants together have churned out 54.8 million carats in the first nine months of 2017, a 15% increase over the 47.5 million carats during the same time frame last year.
GIA senior industry analyst Russel Shor, in his recent article, "Diamond Producers Aim for Lower Qualities in Today’s Market", explains how sophisticated mining techniques enable major diamond miners to target their drilling to meet polished diamond demand.
In response to a recent Reuters article (based on an Mmegi Online article) mentioned yesterday, Lucara Diamond Corp. - whose mining assets are located in Botswana - has issued a statement to "provide clarity" after the miner was mentioned specifically as a catalyst for a government decision to establish first rights to diamonds of "unusual" size or quality unearthed in the country.
The government of Botswana is amending the law to give the state the first option to buy ‘unusual’ diamond finds such as the historic Lesedi La Rona recovered at Karowe Mine two years ago, writes Botwanan news outlet Mmegi Online. A recently filed draft bill to amend the Precious and Semi-Precious Stones Act contains a new clause that compels any producer that comes into possession of an unusual rough or uncut diamond to notify the minister of mines within 30 days, following which the government shall have the right of first refusal to the stone.
The Russian government wants Alrosa to offer more favorable terms to local cutters so they are able to compete in a market that’s dominated by Indian manufacturers.
Alrosa has chosen to focus on mining, where it can get bigger margins, leaving Kristall Production Corp. and other cutters to buy stones at similar terms as overseas competitors. They are struggling to compete with centers like India, the largest polishing center, due to manufacturing being cheaper - it manufactures 90% of the world’s diamonds - and a workforce of 1 million.