IRON ORE
Can De Beers make diamonds forever again?
- Tim Cohen and Ruby Delahunt
ANGLO AMERICAN
Angola targets 7% diamond output rise amid price slump
ANGOLA is targeting a 7% increase in diamond production this year, betting that higher volumes will offset a prolonged weakness in global prices, said Bloomberg News. Africa’s largest diamond producer is…
BOTSWANA
Botswana president visits Oman to advance De Beers bid
BOTSWANA’S President Duma Boko has travelled to Oman to sign cooperation agreements and advance his country’s efforts to acquire a controlling stake in diamond giant De Beers, said Bloomberg News. Boko will…
DE BEERS
Rio Tinto exits diamonds after half a century
RIO Tinto has closed its last diamond mine, ending more than 50 years in the business as the world’s second-largest miner sharpens its focus on copper, iron ore, aluminium and lithium, said Bloomberg News.…
ANGLO AMERICAN
Diamond industry faces its deepest crisis
THE global diamond industry is in its deepest crisis in modern history, battered by collapsing Chinese demand, the rapid rise of lab-grown stones, US tariffs and record gold prices that are diverting luxury…
DIAMONDS
A crisis forever? How diamond miners are digging in
THE impending liquidation of Ekapa Mining following a deadly mudslide last month brings the curtain down on roughly 150 years of diamond mining in Kimberley, where the junior miner was based. As a historic…
DIAMONDS
S&P cuts Botswana rating on diamond market woes
S&P Global Ratings has downgraded Botswana’s long-term sovereign credit rating to BBB- from BBB, citing structural weakness in the global diamond market that will weigh on the minerals-dependent economy…
BOTSWANA
Lucara Diamond secures balance of funds for $779m Karowe
THE future of one of the world’s richest diamond mines has finally been secured three years after its botched expansion threatened to bankrupt owner Lucara Diamond Corp. The Toronto-listed miner said on…
ANGLO AMERICAN PLATINUM
De Beers sale gets cheaper, though not easier
ANGLO American has massively downgraded the value of De Beers on its balance sheet, suggesting a bargain might be in the offing for its many bidders. Which might make the sale easier and quicker, right? Not…
SOUTH AFRICA
Petra Diamonds warns rand strength a “major headwind”
PETRA Diamonds continues to leak cash as “subdued” market prices were made worse by a strengthening of the rand against the dollar – identified by the miner as a fresh headwind. The company reported a $6m…
BOTSWANA
Anglo takes $2.6bn hit on De Beers as gem destock continues
ANGLO American battled during the year to end-December reporting a 66% drop in basic underlying earnings per share on all operations (continuing and discontinued) as De Beers weighed heavily on the results…
SAFETY
Five miners missing after South Africa diamond mine mudslide
FIVE miners remained missing on Wednesday, more than 24 hours after a mudslide at Ekapa Mining’s diamond mine in South Africa, said Reuters. The Minerals Council South Africa said it had deployed a senior…
BOTSWANA
Consortium likely buyer for De Beers, says Anglo CEO
ANGLO American CEO Duncan Wanblad said the sale of the firm’s 85% in De Beers will almost certainly result in a public-private consortium taking ownership of the diamond group, with the Botswana government…
BOTSWANA
Botswana to focus on exploration as diamonds struggle
BOTSWANA is accelerating mining exploration across 70% of its territory that has never been surveyed, as it seeks to reduce dependence on diamonds and capitalise on growing global demand for critical…
METALLURGICAL COAL
Low diamond prices make De Beers sale more complex
STUBBORNLY low diamond prices had made the sale of De Beers “complex”, said Duncan Wanblad, CEO of Anglo American, its 85% shareholder. “It’s complex mainly because of the state of the markets at this…
BOTSWANA
Angola targets up to 30% of De Beers
ANGOLA has revised its approach to acquiring part of Anglo American’s De Beers diamond business, now seeking a 20-30% stake rather than the majority holding it initially pursued, said Reuters citing Paulo…