The miner said it was not possible to raise the funding needed to move ahead with the Woodsmith project.

New study outlines 32-year gold price outperformance of stocks during financial market crises – dotcom bubble is the exception that proves the rule.

The Canadian miner will retain a major stake in the new company while leveraging the capital markets to provide the funding required for ongoing exploration and underground development.

Miner said the diamond market was in its worst state since the financial crisis that began in 2008.