Latest News, in the loop

The Spark of Confidence

News

  • rss feed
  • Show All News
  • Monday 12 June, 2017 Gem Diamonds finds two large rocks at flagship mine in Lesotho
  • Tuesday 6 June, 2017 Kimberley Diamonds closes its last mine
  • Monday 5 June, 2017 DE BEERS GOES TO COURT OVER SOUTH AFRICA EXPORT LEVY

Gem Diamonds finds two large rocks at flagship mine in Lesotho

These are the two stones unearthed at the Letšeng mine in Lesotho: a high-quality 104.73 carat, D-co

Africa focused Gem Diamonds has discovered two diamonds bigger than 100 carats at its Letšeng mine in Lesotho, which should help the company boost revenue and investors confidence.

The two massive diamonds are a 151.52-carat Type I yellow rock and a high quality 104.73-carat, D colour Type IIa stone, the London-based miner said in a statement. "The last time Gem Diamonds had made a significant discovery at its Letšeng mine before April this year was in 2015." The findings come on the heels of other key discoveries at the mine. In April, the company announced the recovery of a 114 carat diamond and last month it found one of the highest quality diamonds to come out of the Letšeng mine an 80 carat, D colour Type II diamond.

The last time Gem Diamonds had found a significant diamond in Lesotho was in 2015, when it unearthed an “exceptional” 357 carat rock, later sold for $19.3 million. Investors reacted positively to the news, with the stock was trading at 1.64% higher at 93 pence around 2:00PM GMT.

Since acquiring Letšeng in 2006, the company has found four of the 20 largest white gem quality diamonds ever recovered, which makes of the Lesotho mine the world’s highest dollar per carat kimberlite diamond operation. At an average elevation of 3,100 metres above sea level, Letšeng is also one of the world’s highest diamond mines.

Source:mining.com

Monday 12 June, 2017

Kimberley Diamonds closes its last mine

Kimberley Diamonds

Controversial Australia-based miner Kimberley Diamonds has put its last remaining diamond mine into administration after it failed to secure fresh funding.

Kimberley, which avoided an estimated $40 million clean-up bill after it walked away from its Ellendale mine in Western Australia’s north, shut its Lerala operation in Botswana last week and placed the subsidiary responsible for the project into administration.

Kimberley said in a statement on its website that its subsidiary Lerala Diamond Mines had “no choice” but to place itself into administration after the parent company was unable to strike a new financing deal.

It had earlier stopped day to day operations at Lerala pending an overhaul of the mine’s diamond processing plant. “The successful completion of this performance improvement plant required further funds to be provided by investors and despite considerable progress being made on implementing these improvements, all of the required funds have not been forthcoming,” Kimberley said. “Kimberley has been in discussions with investors regarding further funds for some time, however to date no agreement for further and sufficient funding has been reached and KDL has been forced to cease providing financial support to Lerala.” But the collapse of Lerala won’t kill off the parent. Kimberley said it remained in discussions with investors for further funding and was “exploring corporate restructuring options”.

Kimberley delisted from the ASX earlier this year after a chequered history. The stock enjoyed a charmed run early on, surging from 11c in 2012 to $1.30 in 2013, but fell spectacularly in 2014 when it revealed it had failed to secure a price increase from global jeweller Tiffany & Co that it had already factored into its profit forecasts. Its shares never recovered, and last traded at just 0.7c prior to its delisting.

The company, chaired by former stockbroker Alexandre Alexander, also came under fire for its handling of the closure of Ellendale. The liquidators appointed to the Kimberley subsidiary that held Ellendale used a legal loophole to shift responsibility for the clean-up to the state government’s industry-funded mining rehabilitation fund.

The rehabilitation costs at Ellendale have been estimated at between $28m and $40m. WA’s new Mines and Petroleum Minister Bill Johnston has flagged an overhaul to prevent “rogue elements” taking advantage of the MRF.

Source: TheAustralian.com.au

Tuesday 6 June, 2017

DE BEERS GOES TO COURT OVER SOUTH AFRICA EXPORT LEVY

DeBeers Diamonds

De Beers Consolidated Mines (DBCM) is reportedly appealing to the Pretoria High Court in South Africa to set aside a decision by the South African Minister of Minerals Mosebenzi Zwane requiring DBCM to pay a levy on diamonds exported from South Africa to Botswana for the purpose of aggregation.

Although DBCM is apparently eligible for an exemption from this levy, even exceeding the required criteria, and has received such exemption every year since it was enacted in 2008, Mining Weekly reports that the Minister has made a decision to deny them the exemption for the 2017/18 period.

DBCM is now therefore taking the matter before the Pretoria High Court, asking them to set aside the Minister's decision, reports the news source.

Monday 5 June, 2017

latest news

Monday 12 June, 2017

GEM DIAMONDS FINDS TWO LARGE ROCKS AT FLAGSHIP MINE IN LESOTHO

Africa focused Gem Diamonds has discovered two diamonds bigger than 100 carats at its Letšeng mine in Lesotho, which should help the company boost revenue and investors confidence.

Tuesday 6 June, 2017

KIMBERLEY DIAMONDS CLOSES ITS LAST MINE

Controversial Australia-based miner Kimberley Diamonds has put its last remaining diamond mine into administration after it failed to secure fresh funding.

Monday 5 June, 2017

DE BEERS GOES TO COURT OVER SOUTH AFRICA EXPORT LEVY

De Beers Consolidated Mines (DBCM) is reportedly appealing to the Pretoria High Court in South Africa to set aside a decision by the South African Minister of Minerals Mosebenzi Zwane requiring DBCM to pay a levy on diamonds exported from South Africa to Botswana for the purpose of aggregation.

Thursday 18 May, 2017

DE BEERS TAPS INTO POLISHED DIAMONDS MARKET WITH FIRST-TIME AUCTION

Anglo American’s De Beers, the world’s largest rough diamond producer by value, has decided to begin selling its own polished diamonds in auctions for the first time in its history.

Wednesday 17 May, 2017

SOTHEBY'S SELLS THE APOLLO AND ARTEMIS DIAMONDS FOR £44.9 MILLION

Wednesday 10 May, 2017

US WOBBLE TAKES SHINE OFF PANDORA SALES

Pandora reported strong growth in the first quarter, but US store closures and sluggish mall traffic dented its performance stateside.

Sunday 7 May, 2017

IMPORTANT ADVICE ON HOW TO SELL YOUR DIAMONDS

If you are you considering selling your diamond, but feel as though you have no idea how or where to begin with the process?