The failed plan was to find an operator with a lower cost structure or a different mining approach that would be able to take over and extend Voorspoed’s life.
De Beers Mining News
Anglo American unit De Beers expects its purchase of Canada's Peregrine Diamonds, its first upstream diamond acquisition since 2000, to be completed in a month to six weeks' time.
Canadian firm is the sole owner of the Chidliak diamond project in Nunavut.
The $575-million figure represents a 6% increase from the $541m obtained in the same period last year and 3.7% higher than the $554m it sold last month.
The Rapaport Group says the world's largest diamond miner does not allow clients to disclose the source of their gemstones, except with De Beers' prior written consent.
The white octahedron of "top clarity" is the largest gem quality diamond and fourth largest stone ever recovered at the company's Gahcho Kué mine, located in Canada’s Northwest Territories.
After vowing for over a century it would never sell stones made in laboratories, De Beers will start doing so in September.
Signet Jewelers is the first diamond ornaments maker to join De Beers-led blockchain pilot program, Tracr.
An increase in self-purchase of diamond jewellery helped drive demand, representing 33% of total US diamond jewellery pieces acquired in 2017.
Stuart Brown has over 25 years of experience in the diamond industry and is the outgoing Firestone Diamonds chief executive officer.
The world’s largest rough diamond producer by value will launch the tracking platform later this year, making it available to the whole industry.
Russia's Kristall cuts around 300,000 carats annually and generates revenue of around $200 million.
The announcement is the last of a string of difficulties Anglo has faced with the iron ore mine, which was expected to produce 16 million tonnes this year, but that will now generate just 3 million tonnes.
The world’s top diamond miner will train artisanal and small-scale miners and provide them with tablets as well as a diamond “toolkit” to digitally track their stones throughout the supply chain.
The company raised prices a similar amount in its previous sale at the end of February.
The partners in Canada's Gahcho Kué mine, Mountain Province, said the planned acquisition opens up some potential new options for the operation’s future.
Paul Zimnisky, an independent diamond industry analyst, estimates supply will fall 3.4% to 147 million carats.
Together with naming new top execs. the Canadian miner is acquiring Clara Diamond Solutions, which uses blockchain technology to trace diamonds as they move through the supply chain.
The unit of Anglo American intends to mine as much as 36 million carats this year, up from 33.5 million in 2017.
Namdeb, a 50/50 joint venture between the Namibian government and Anglo American’s diamond unit De Beers, has put its Elizabeth Bay Mine up for sale.
The 102.34-carat white diamond is thought to be worth considerably more than previous auction records for similar pieces.
The Anglo American unit is also said to be eying exploration licences in Zimbabwe and Congo.
Move seeks to ensure the sustainability of Namdeb land-based operations.
Firm is developing open platform that traces diamonds from mine to buyer.
Chief executive Bruce Cleaver said the changes were necessary to sustain De Beers' success as a business.