CHART: Mining rally continues into 2017

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Rough diamond demand growth to hit record this year

Diamond producer De Beers expects global demand growth for rough diamonds to set a new record this year on the exceptionally strong performance of its key US market and robust demand in China and India, the head of the company’s distribution arm said. Despite global volatility and concerns that the global economy is sliding towards another financial crisis, demand for diamonds was unlikely to be badly impacted because of its safe-haven appeal, Diamond Trading Co (DTC) Chief Executive Varda Shine told Reuters in an interview on Monday.

China’s gold investment to top record

Gold investment demand in China is likely to top a record 200 metric tons this year, the World Gold Council said. The country’s investment demand surged 70 percent in 2010 to an all-time high of 187 tons, said Albert Cheng, the Far East managing director at the World Gold Council. China’s “investment demand has picked up exponentially,” Cheng said yesterday in an interview in Montreal. “The financial crisis has triggered people to be cautious of anything they don’t understand,” boosting demand for bullion as an alternative asset.

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Indian state may equip mining trucks with RFID tags to tackle illegal mining

The Indian state of Goa is looking to technology as a way to prevent the illegal transport of iron ore. The Times of India reports that the Goa government is examining the possibility of installing radio frequency identification (RFID) tags on mining trucks to track the vehicle's movement carrying iron ore, as a part of the measures to curb transportation of illegal iron ore in the state.

BHP facing more work stoppages at Queensland coal mines

Reuters reports BHP Billiton will face work stoppages at all its Queensland, Australia coal mine operations next week ahead of an employee vote on a contract, a workers union said on Monday. The world's largest miner has reached an impasse with the Construction Forestry Mining and Energy Union (CFMEU) over wages and job security provisions; the union approved work stoppages at mines operated by the BHP Billiton- Mitsubishi Alliance (BMA) in June.