Diamond Mining News

Namibia chamber warns over new tax

Namibia's Chamber of Mines wants the government to reconsider plans to impose a further 17% tax on exploration and mining firms in the southern African producer of diamonds and uranium, saying it would discourage investors.

Anglo American CEO interviewed on half-year results

Anglo American, one of the world's largest miners, today reported strong first half growth with operating profit ahead 40% to $6bn. Chief Executive Cynthia Carroll said that investments made during the downturn would stand them in good stead in the near-term future. "We believe that the fundamentals for the mining industry are very, very strong, and therefore the longer-term outlook is extremely positive." Image by shizhao

Africa: 'Blood Diamond' regulation system broken

The recent regulatory approval of Zimbabwean diamonds for sale reveals deep flaws in the system, writes Khadija Sharife.

Mumbai diamond broker succumbs to blast injuries

Vallabhai Gadhia, a 48-year-old diamond broker, died at Mumbai’s Saifee Hospital as a result of complications arising from injuries he sustained in the bomb blast on July 13 at the city’s diamond Opera House area.

Fairfax Market Report including Medusa Mining, Frontier Mining and Firestone Diamonds

Economic News Japan – Retail sales rose in June beating all forecasts adding to signs that the economy is recovering from the dip on the back of the earthquake. Figures released by the Trade Ministry this morning show that sales rose 1.1% from

Fear beginning to replace greed as mining boom gets long in the tooth

Despite a flurry of mergers and acquisitions and a robust IPO market reports out on Wednesday suggest that fear is slowly replacing greed in the mining finance business. The Financial Post reports for investment bankers, the low-hanging fruit is long gone and the biggest financings are now high-risk: gold juniors in Africa, coal in Colombia and an infamous Quebec lithium play that overstated its resource. Global Mining Finance's July round-up says untrustworthy financial and resource reporting, threats of new royalty regimes, "super-profit" and carbon taxes, political turmoil, strikes and government takeovers are worrying resource investors all around the world.

De Beers 'a little fish'

The National Union of Mineworkers (Num) vowed on Wednesday to "cut De Beers to size" for refusing to accede to its 15 percent salary increase demand. "De Beers is a little fish in a very large pond," said Peter Bailey, the union's chief negotiator

Surat diamond traders campaign for more flights to the city

Surat diamond trading houses and safe deposit vaults will closed for one day on Friday (July 29) in a campaign to increase air travel to the city, the Surat Diamond Association (SDA) stated. “Air connectivity is very important for us and we

Zimbabwes 1H Diamond Production Exceeds 2M Cts

Zimbabwe’s diamond production reached 2.329 million carats in the first half of 2011 with the bulk coming from the controversial Marange fields, Finance Minister Tendai Biti reported to Parliament on Tuesday. The Treasury expects production to ramp up in the second half to reach 8.2 million carats for the full year, which would be slightly lower than the 8.435 million carats mined in 2010.

De Beers plans to expand in China

De Beers, the world's largest diamond producer, announced Tuesday that it will further expand its retail outlets in China, the Wall Street Journal reported.

Namibia's mining body says new tax will curb investment

Namibia's Chamber of Mines wants the government to reconsider plans to impose a further 17 percent tax on exploration and mining firms in the southern African producer of diamonds and uranium, saying it would discourage investors.

De Beers exec: best six months since going private, strong US growth surprises

In an interview with Moneyweb on Tuesday, De Beers Chief Commercial Officer said the company had experienced its best six months since it went private in a $19 billion deal with parent Anglo-American in 2001. Bruce Cleaver said the stellar results that saw net income tripling had been driven not only by "enormously strong" consumer demand in China, Hong Kong, Macau, India and the Gulf states but "surprisingly" strong growth in America, where sales had been anaemic over the last few years.

Diamond firm De Beers sees net earnings soar

Diamond mining group De Beers said on Tuesday that "exceptional" sales had nearly tripled net earnings in the first half to £423 million ($694 million), up from £155 million ($255 million) in the first half of 2010. The world's top diamond producer said it had registered total sales of £2.4 billion ($3.9 billion) in the six months to June 30, up from £1.8 billion ($3.0 billion) the year before.

Namibia proposes mining tax hike

Nambia?s ministry of finance said that Nambia plans to raise its mining tax by 17% to boost revenue, but the hike will not apply to the diamond sector. As per report the ministry of finance wants the mining tax to be raised to 44% from 37.5%.

Can Goldman, Morgan Stanley recover commodities moxie?

At the once-feared commodity trading arms of Goldman Sachs and Morgan Stanley, the pressure to do better in the second half of this year has never been more intense.

CDE announce distribution agreement for Africa with Pilot Crushtec

CDE have announced the addition of Pilot Crushtec to their global distributor network with responsibility for South Africaand sub-SaharanAfrica. Pilot Crushtec will promote the full range of CDE washing equipment including the Evowash sand washing plant, Prograde screens, M2500 mobile washing plant, Rotomax logwashers and Aquacycle thickeners.

Journal of Commerce: Prince Albert, Saskatchewan diamond mine may go ahead

Shore Gold Inc. could be one step closer to opening Canada's next diamond mine, according to a story published in the Journal of Commerce.

CNBC: Zimbabwe state media says diamonds will pay raises

Zimbabwe's state media has reported that the state mining corporation says it is paying government employee raises this month with revenues from controversy-mired diamond fields in eastern Zimbabwe.

Canada makes a deal a day as mining M&A head towards $200 billion

The value of mergers and acquisitions in the mining sector more than doubled to $96.3 billion in the first six months of the year and could top $200 billion for the whole of 2011 says a new research report. Canadian companies – both as acquirers and as the targets of buyers – dominated corporate finance activity in the first half shaking on more than a deal a day and at 325 deals accounting for almost two-thirds of all the metals and minerals transactions carried out around the world.

Strikes hit BHP, Anglo, De Beers and Xstrata across three continents

Bloomberg reports BHP workers in Chile voted Sunday to extend their strike at the world’s largest copper mine. Stoppages at BHP’s Australian coal operations may resume this week. Thirty thousand South African coal mine workers including Anglo American and Xstrata employees walked off the job Sunday and may be joined by 160,000 gold industry workers. Strikes that started over the weekend are impacting output from mines of diamond giant De Beers. Workers are seeking a larger slice as global producers report record earnings: Melbourne-based BHP, the world’s biggest mining company, is expected to report full-year profits of $22.5 billion next month, almost double 2010’s net income. Xstrata may report record 2011 profit of $7.3 billion and Anglo American $7.4 billion, estimates show.

Namibia's diamond sector exempt from planned mining tax hike

Namibia's Ministry of Finance has announced plans to raise its mining tax by 17 percent, though the increase will not apply to the diamond sector. The ministry said in a statement that the mining tax will be raised from 37.4 percent to 44 percent

Zimbabwe government rejects all 175 foreign miners' empowerment plans

The government of Zimbabwe has rejected all 175 of the empowerment proposals submitted by foreign-owned mining companies operating in the country, threatening to "kick them out" if the don't revise the plans, according to SW Radio Africa. The

DBCM faces workers' strike over wage disputes

Members of South Africa's National Union of Mineworkers (NUM) employed by De Beers Consolidated Mines (DBCM) began striking on Friday evening after wage talks between the two parties failed earlier in the week. Eighty percent of the company's workers are

Sea Diamonds Keep Hytec Busy

HYTEC Cape Town has recently been awarded a large contract by De Beers Marine Namibia for the refurbishment of the mining system hydraulics on one of the mining giant’s offshore mining vessels.

Rio Tinto diamond project in India wins social awareness award

Rio Tinto has received an award for its significant work in building social capacity in communities surrounding its developing Bunder diamond project in India. The 2010-2011 Sitaram Rungta Social Awareness Award is conferred by the Federation of Indian