Diamond Mining News

Is commodities boom nearing its end?

The commodity bull has shown little sign of running out of steam - until now. Prices began to stumble as soon as a note from Goldman Sachs, the American banking giant, whizzed around trading desks across the globe last week. The broker advised clients to close its profitable "CCCP" play, which involved investing in a basket of crude oil, copper, cotton, platinum and soybeans. The commodities team, led by Jeffrey Currie, argued that after gaining 25pc since December, the risks to the trade had changed.

Novel call for Jewelers to assist Japan's earthquake and tsunami victims

An organisation operating out of Dillon in Nevada has been formed as "Jewelers for Japan" to raise funds for the thousands of victims in Japan and it is asking jewelers and consumers to donate scrap gold and silver jewellery in lieu of cash. The refiner Rio Grande in Albuquerque, New Mexico will refine the gold and silver scrap without a fee with all proceeds going directly to the American Red Cross.

Sudden death of Freddy Hager shocks diamond industry: IDEX Online

IDEX Online reports on the sudden death of diamond industry icon Freddy Hager: London Diamond Bourse President Freddy Hager collapsed this morning (Thursday) at his home and died. Hager, a well respected and loved figure in the […]

Botswana’s diamond exports cool in February

Diamond exports from Botswana totaled $202.2 million (1,367 million pula) in February. Year over year, the exports are a small 0.6% increase in dollar values. Compared to January, exports dropped by 42.9%, based on figures […]

Basel show good for diamonds, but not great

Diamond traders collected goods and left for the Baselworld show with high hopes, fueled by a fantastic Hong Kong show earlier this month. However, as the show closes today, traders are reporting solid sales, but […]

Chidliak Joint Venture approves $17.7 million exploration program

Peregrine Diamonds Ltd. announced that the Chidliak Joint Venture (Peregrine 49% and BHP Billiton 51%) has approved a $17.7 million 2011 exploration program on the 8,580 square kilometre Chidliak project on Baffin Island, Nunavut, Canada. Since 2008, 50 kimberlites have been discovered on the project, with seven of these having characteristics consistent with economic potential in Arctic settings. Peregrine is the operator of the 2011 program and field work has commenced. Image by Peregrine Diamonds

Lucara’s first diamond tender yields gross proceeds of $8.18 million

Lucara Diamond Corp. ("Lucara" or the "Company") (TSX VENTURE:LUC) is very pleased to report outstanding results from its first tender of rough diamonds recovered from the Mothae mine in Lesotho. A total of 42 sales lots, totaling 9,381.35 carats were sold on tender in Antwerp for an average of US$871.70/ carat. Gross proceeds from the sale, which closed today, March 28, 2011, totaled $8,177,714 million. The three stones with the highest per carat value were a 13.87 carat diamond which sold for $43,000/ct, a 24.57 carat diamond which sold for $32,351/ct, and a 20.13 carat diamond which sold for $27,995/ct.

Kinross sells Harry Winston shares

Kinross Gold Corporation (TSX:K)(NYSE:KGC) announced today that it has sold its approximate 8.5% equity interest in Harry Winston Diamond Corporation ("Harry Winston"), consisting of approximately 7.1 million Harry Winston common shares, on an underwritten block trade basis, for gross proceeds of CDN$100 million. On August 25, 2010, Kinross announced that it had completed the sale of its former 22.5% interest in the partnership holding Harry Winston's 40% interest in the Diavik Diamond Mines joint venture to Harry Winston for US$50 million cash, 7.1 million Harry Winston common shares, and a note payable in the amount of US$70 million maturing 12 months from the date of the sale.

Indicator Minerals options Barrow project to Diamonds North Resources

Indicator Minerals Inc. (TSX VENTURE:IME) today announced that it has entered into an option agreement with Diamonds North Resources (TSX VENTURE:DDN) on the Barrow Diamond Project in Nunavut Territory, Canada. Under the terms of the […]

Australian Junior unearths large zinc anomaly in Botswana

Mt. Burgess has identified a large zinc soil geochemical anomaly on its Kihabe-Nzuu base metals prospect in Botswana. Mt Burgess Mining NL (ASX: MTB), which has been actively exploring Botswana and Namibia for more than a decade -- initially for diamonds

Gem Diamonds in talks with Lucara

Gem Diamonds says it is in very early stage talks with Canadian-listed Lucara Diamond Corp over a possible merger. "These discussions are at a very early stage and there can be no certainty the contemplated merger will occur or of the timing or terms of any such transaction," Gem Diamonds said in a statement on Monday.

Gem Diamonds: one tough day for results

With Japan the third biggest buyer of global jewellery, Tuesday was a tough day for London-listed Gem Diamonds to announce results.

Two 0.72-carat diamonds pulled from James Bay lowlands

Metalex Ventures (TSX:MTX) recovered a 0.72 carat white diamond from its James Bay lowlands project in Quebec — a joint venture between Metalex and Arctic Star Diamond Corp. (TSX:ADD). The B.C.-based company made the announcement on Friday among its latest drill results from the 9.3-hectare U2 kimberlite pipe. The discovery was made on the third of 11 drill holes, and Metalex indicated another 0.72-carat stone has been recovered from the fourth hole.

Zimbabwe lashes out at diamond industry

Around 30 percent of Zimbabwe’s economy comes from minerals but the country’s Mining Minister says domination by one of the industry’s biggest players – and compliance issues – are preventing the African nation from fulfilling its potential.

Stornoway announces new microdiamond results from the Aviat project, Nunavut

Stornoway Diamond Corporation and Hunter Exploration Group have provided new microdiamond results from the AV9 kimberlite and the related Eastern Sheet Complex at the Aviat Project, located on the Melville Peninsula of Nunavut. The 90% […]

Spirit Resources SARL advises of intention to acquire additional Diamond Fields shares

Diamond Fields International Ltd. has been advised by Spirit Resources Sarl that it intends to acquire additional shares of the Company through an ordinary course purchase program for up to additional 5% share of DFI from time to time, over the next twelve months

Vaaldiam Agrees to Acquire 51% of Brauna Property

Vaaldiam must pay US$6.5 million to the existing joint venture partners. The property area is 5,000 hectares, located in Bahia State, Brazil, contains 22 known kimberlite occurrences, including the Brauna 3 ('B3') kimberlite pipe.

Peregrine completes Can$8.4 million private placement

Peregrine Diamonds completed a non-brokered private placement of 3,000,000 common shares at a price of $2.80 per share for proceeds of $8.4 million. Proceeds will be used for mineral exploration projects in Canada.

Rio's Zimbabwe diamond unit output up 43% in 2010

Rio Tinto's Zimbabwe diamond unit  is showing a 43 percent increase in output, Reuters Africa is reporting: Diamond output from global miner Rio Tinto's Zimbabwe subsidiary rose by 43 percent in 2010, and the firm […]

Ekati diamond fetches record price

CBC News is reporting that a huge diamond from the Ekati mine in northern Canada was auctioned off in Belgium for $6 million: The 78-carat diamond from BHP Billiton's Ekati mine in the Northwest Territories […]

Shear Diamonds signs agreement with Nunavut Resources Corp.

Edmonton-based Shear Diamonds Ltd. has signed a mutual cooperation agreement with Nunavut Resources Corp. for development of the Jericho Diamond Mine in Nunavut, northern Canada. Shear Diamonds, formerly Shear Minerals,  acquired Jericho — Nunavut's first […]

De Beers could spend US$1.4 billion to go underground at Venetia

Diamond mining giant De Beers may spend up to US$1.4 billion to extend the life of South Africa's biggest diamond mine, Bloomberg Businessweek is reporting. The article says the company has approved a feasibility study […]

BRC forms JV with Rio Tinto to explore for diamonds in DRC

Mining Weekly reports: TSX- and JSE-listed BRC DiamondCore has formed a joint venture (JV) with diversified mining group Rio Tinto to resume diamond exploration in the Democratic Republic of Congo (DRC).

Stellar Diamonds: encouraging initial diamond results from Droujba Kimberlite pipe in Guinea

Stellar Diamonds plc, the London listed (AIM:STEL) diamond mining and exploration company focused on West Africa, is pleased to report encouraging initial diamond recoveries from drill core samples of the Company's 100% owned Droujba kimberlite pipe in

Diamond Deficit To Fuel Global Market Within Three Years

The whole issue of blood diamonds refuses to go away, even though Zimbabwe’s deputy mines minister, gift Chimanikire, rather wishes it would. He told Diamond Investing News this week that the country will hold two auctions, after getting written permission from the Kimberley Process, the international body set up to monitor the distribution of conflict diamonds.