Diamond Mining News

Record $8.5 billion likely spent in 2011 exploring for gold

Research firm Metals Economics Group reports gold continues to be top exploration target accounting for more than 50% of global exploration of non-ferrous metals for the second consecutive year in 2011. Latin America is set continue to be the industry's favorite regional exploration destination in 2011, while Canada will remain the top overall country. Copper will account for roughly a fifth of 2011 nonferrous exploration budgets that is expected to exceed US$17 billion for expenditures related to precious and base metals, diamonds, uranium, and some industrial minerals. It represents an increase of about 50% from the 2010 total and a new all time high.

Industry must live with tax: Rio Tinto

The Daily Mercury reports Rio Tinto executive director Sam Walsh says the mining industry has to live with the new resources tax as the best deal that could be done with the current government. The final tax rate had been reduced from 40% to an effective 22.5% rate in the minerals resource rent tax (MRRT), he told the meeting organised by the American Chamber of Commerce in Australia. At a breakfast meeting in Perth on Tuesday, Mr Walsh defended his company's role in closing the tax deal, saying junior miners left out of final negotiations now have a chance to have their concerns heard. On top of the MMRT, Australian miners also have to contend with a proposed carbon tax set to kick in mid-2012.

Mbada overtakes Murowa as Zimbabwe's biggest producer

Mbada Mines (Pvt) Ltd, which operates in Zimbabwe's Marange diamond area, is producing more than 150,000 carats a month, surpassing Rio Tinto's Murowa mine as the country's largest diamond producer, according to the firm's chairman, Robert Mhlanga. Rio Tinto's Murowa diamond mine produced 178,000 carats in 2010 and 125,000 in the first half of 2011.

Western Africa sees $36.2 billion mining rush, an Industrial Info News Alert (MRW)

SUGAR LAND, TX -- (MARKET WIRE) -- 09/16/11 -- Researched by Industrial Info Resources (Sugar Land, Texas) -- The international commodities boom, fueled by Asia's growing economies, has caused a mining rush to Western Africa -- a modern-day equivalent of the California gold rush of the 1800s. Many mining companies are looking to Western Africa, where there is still an abundance of undeveloped natural resources, such as gold, uranium, bauxite, iron ore and mineral sands, to obtain exploration and production contracts.

De Beers inks new 10-year deal with Botswana

Diamond producer De Beers said on Friday it had signed a new 10-year contract for the sorting, vaulting and sales of the diamond production of Debswana, its joint venture with the government of Botswana. De Beers, 45 percent-owned by global miner Anglo

Namibia: diamond company supports Orphan Trust

Gemxcel Diamonds, has been donating N$7000 per month to the Christina Swart-Opperman Aids Orphan Foundation Trust since August. The money enables the trust to continue with its projects, according to Dr Christina Swart-Opperman. Some of the funds will be

Beneficiation to be incorporated in new Zimbabwe diamond policy

HARARE (miningweekly.com) Zimbabwe wants 10% of all diamonds mined in the country to be cut and polished locally, Mines Minister Obert Mpofu said in Harare this week. A diamond policy is currently being drafted and will incorporate a beneficiation

MEG calculates $17 billion spent on non-ferrous exploration in 2011

Preliminary estimates from Metals Economics Group’s (MEG) Corporate Exploration Strategies (CES) study indicate that 2011 nonferrous exploration budgets will exceed $17 billion for expenditures related to precious and base metals, diamonds, uranium, and some industrial minerals.

De Beers, Botswana deal agreed

Nine months overdue, the diamond marketing contract between the Government of Botswana and De Beers will finally be signed tomorrow in Gaborone, Mmegi reported on Thursday.

Zimbabwe softens tone on foreign mining companies

A Zimbabwe government official says a law forcing foreign companies to surrender 51 percent stakes to local people was "an aspiration," not a hard target, Reuters is reporting: "This is a negotiated process, it is not an issue that is dictated to companies. It is more to deal with evaluating and negotiating with each company," Prince Mupazviriho, the permanent secretary in the mines ministry, said during a mining conference on Thursday. The new position by the government is a change from the previous hard-line edict suggesting the 51% requirement was set in stone.

400 firms apply for diamond licences as Zimbabwe softens ownership blow

Zimbabwe's mines minister on Thursday told delegates at a conference in the capital Harare that the government has received 400 applications from companies interested in mining diamonds, despite an international ban on the export of gems from the rich Chiadzwa alluvial fields. The news comes as Zimbabwe appears to scale back its ambition to force foreign miners to hand over majority ownership with the minister saying the country would not suspend any mining permits and that exceptions may be made to the so-called indigenization laws.

More Canadian mining CEOs join the millionaires club in 2011

VANCOUVER, Sept. 15, 2011 /CNW/ - In 2011, Canadian mining CEOs are enjoying high salaries on par with 2010's blockbuster year for compensation and there has been a rise in mining CEO millionaires this year, according to the 2011 Mining Industry Salary Survey by Coopers Consulting and PwC. In 2011, the average annual base salary for Canadian mining CEOs was $486,000 in 2011, similar to $480,000 in 2010. Of the 95% of CEOs who were eligible for cash bonuses, 85% reported receiving payouts averaging 76% of their base pay (compared to 88% in 2010 and 61% in 2009) with the highest cash incentive percentage totalling 300% of base pay.

Firestone Diamonds moves only 14% of tender carats at 15-20% lower price

Firestone Diamonds said Wednesday rough diamond prices have fallen about 15% to 20% since the start of August as market uncertainty begin to take a heavier toll. This after prices rose roughly 40% in the first half on the back of robust demand from China and India. The company announced it had sold only 14% of the rough diamonds offered at the tender – the London-listed firm's fourth of the year – held in Gaborone, Botswana that concluded on September 9. Most of the unsold goods were smaller in size. Shares in the company dropped over 7% by the close of trade in London.

CIBJO mourns death of gemstone industry veteran Francesco Roberto

The World Jewellery Confederation, expressed its great regret and sorrow upon the death of Francesco Roberto, who passed away on September 12 after a long illness, at the age of 81.

Stornoway adds to sparkle for investors

Stornoway Diamond Corporation involved in the discovery of over 200 kimberlites in seven Canadian diamond districts will join S&P/TSX SmallCap Index at the end of the week, a move which should increase the appeal of the counter among institutional investors. It's a new milestone for Stornoway which flourished under the leadership of Eira Thomas, the renowned diamond explorer whose spectacular success in the 90s transformed Canadian diamond mining. Thomas left in August following the acquisition of Stornoway's lead asset – the 100%-owned Renard Diamond Project – on track to become Quebec's first diamond mine.

Diamond miners in Zimbabwe to set up independent power line

The companies in question mine diamonds in the Chiadzwa region (illustrative photo) A number of diamond mining companies operating in Zimbabwe intend to set up their own power line after a series of power outages have affected operations, the News 24

Gold falls 1 percent on dollar, jewellers shop around

Gold fell more than 1 percent on Monday after ending at its lowest level since June last week but bargain hunters could cushion the fall, while escalating worries about Europe's debt crisis sent bullion priced in euro to a record high.

Debut diamonds commences airborne geophysical survey over Ontario claim

Canadian development company Debut Diamonds Inc reports that Tundra Airborne Surveys Ltd. has mobilized to commence a high-sensitivity/high-resolution airborne magnetic survey over its 229 square kilometer claim block immediately to the north and west of

WFDB President calls on diamond trade to be positive ahead of Hong Kong show and holiday sales season

"As the pace of polished sales is now set in the major Asian markets, in particular in China and India, we have good reason to be optimistic about significant growth in those markets. We are hearing positive forecasts for the upcoming fairs and I expect

Zim miners forced to build own power

A handful of diamond mining companies affected by crippling power cuts in Zimbabwe have been forced to set up their own dedicated R36m power line, a newspaper reported Sunday.

Gold demand to fortify by year-end

MILAN — Gold demand, which dropped in the second quarter of this year, is expected to strengthen by the end of 2011, driven by robust jewellery buying in India and China and recovery in investment demand, senior World Gold Council, or WGC, officials

Guinea adopts new mining code boosting state share

Guinea's parliament adopted a new mining code that more than doubles the share the West African state can take in mining projects to 35 percent and toughens procedures for acquiring development permits, the government said on Saturday.

Botswana Diamonds gets exploration licence…

BG reporter Botswana Diamonds was awarded a 430 square kilometre exploration licence in Cameroon and it plans to begin a bulk sampling programme in late 2011 to examine diamond potential in the area, the company reported. Positive results from our

Diamond industry in Surat raise security concerns after Delhi blast

Surat, Sep 9(ANI): Members of the diamond industry in Surat, Gujarat, have expressed their concern as no proper measures have been taken by the state government to step up security and increase vigilance in crowded areas after a high intensity blast

DiamondCorp reveals a sharp improvement in grade at Lace as it moves into less diluted kimberlite

DiamondCorp (LON:DCP) this morning revealed a sharp improvement in the grade recovered from the historic Lace Mine in South Africa. Recoveries have improved to around 22 carats per hundred tonnes from 13.76 carats at the time of the last update a little