Diamonds – Mining, Lab-Grown and Conflict/Blood – Page 53

NWT Chamber of Commerce News Release: Mine Development an Imperative for the NWT

December 9, 2015

Now is the Time for Public Infrastructure Projects to Move Forward

Yellowknife – December 08, 2015 – Global commodity markets are taking a toll. De Beers Canada’s Snap Lake Mine is the latest project to fall prey to declining prices. Diamond price experts at Roughprices.com reports that average world diamond prices have declined 18% year-over-year.

“This is clearly a blow to our economy,” said Kevin Diebold, President of the NWT Chamber of Commerce. “The diamond mines’ direct and indirect benefits contribute close to 40% of the NWT’s GDP, the largest private sector contributor to the economy. It’s an industry worth protecting and one we have to grow.”

Anglo Australian – by Warren Dick (Mineweb.com – December 8, 2015)

December 9, 2015

http://www.mineweb.com/

Mark Cutifani is stamping his own signature on Anglo – but is it enough?

He’s neither Anglo, nor American. But its taken an Australian, Mark Cutifani – presumably with the assistance of a good old fashioned Kookaburra cricket bat – to to try and beat what was once the world’s premier mining company back into shape.

At the very least, the announcements made at Anglo’s investor day on Tuesday revealed the company – and the executive team driving the change – had realised the cold, hard reality of the situation they found themselves in, and are prepared to do whatever it takes to see out the most brutal of winters in commodity markets.

World’s largest diamond mine set to open in Canadian Arctic – by Levon Sevunts (Radio Canada International – December 7, 2015)

December 8, 2015

http://www.rcinet.ca/en/

The Gahcho Kué diamond mine in the Northwest Territories is more than 80 percent complete and on track to begin production in 2016, Mountain Province Diamonds Inc. announced Monday.

“Key areas of focus over the next six months are commissioning of the primary crusher and diamond plant, as well as preparation for operational readiness,” Patrick Evans, Mountain Province President and CEO said in a statement.

Mountain Province Diamonds is a 49% participant with De Beers Canada in the mine, located approximately 300 kilometres northeast of territorial capital Yellowknife.

Namibia: Diamond Beneficiation in Crisis (All Africa.com – December 4, 2015)

December 4, 2015

http://allafrica.com/

The fortunes of the diamond value chain would be better served through a simpler structure as opposed to the extremely complex approach currently used. Such an re-alignment will be the driving force for polished diamond value growth.

The Chief Executive of Forevermark and the De Beers Group, Stephen Lussier alluded to a simplification of the diamond value chain in his speech before the second International Diamond Conference, titled, Omugongo, held last week in Windhoek.

More than 50 international industry experts, academics, business leaders and manufacturers converged on Windhoek for this landmark two-day conference.

NEWS RELEASE: Snap Lake Mine to be put on care and maintenance

December 4, 2015

Mining to cease immediately

TORONTO, Dec. 4, 2015 /CNW/ – The De Beers Group of Companies today announced it has placed its Snap Lake mine on care and maintenance. The decision follows a review of the mine’s operation, particularly in light of current market conditions.

De Beers will evaluate market conditions over the next year to determine the potential of the ore body as a viable mine.

Work to suspend production at Snap Lake has begun, and is expected to last between one to nine months. During the care and maintenance period, environmental monitoring and work required under the mine’s permits will continue.

De Beers may consider closing N.W.T.’s Snap Lake diamond mine – by Hilary Bird (CBC News North – December 3, 2015)

December 3, 2015

http://www.cbc.ca/news/canada/north/

De Beers Canada says it’s unsure of the future of its Snap Lake diamond mine, given a downturn in diamond prices and a costly water problem that required a licence amendment.

The Snap Lake mine, located 220 kilometres northeast of Yellowknife, was De Beers’ first diamond mine outside of Africa. It opened in 2008 and was projected to have a mine-life of 20 years.

Officials with De Beers told CBC on Wednesday that they’re looking at many options including shutting down the mine.

NEWS RELEASE: Rio Tinto unveils 187.7 carat Canadian diamond

December 2, 2015

Rio Tinto has unveiled one of the largest diamonds ever discovered in Canada.

The 187.7 carat gem-quality rough diamond, known as The Diavik Foxfire, was discovered at the Diavik Diamond Mine in the remote Northwest Territories of Canada, 220km south of the Arctic Circle.

The Diavik Foxfire diamond was showcased during an exclusive preview at Kensington Palace in London.

Rio Tinto Diamonds managing director Jean-Marc Lieberherr said “We are delighted to showcase this exceptional, two billion-year-old Canadian diamond.

A diamond is forever. Demand, not so much: The strange economics behind a rock’s worth – by Claire Brownell (National Post – November 28, 2015)

November 30, 2015

The National Post is Canada’s second largest national paper.

A young couple passes an elderly one on a walking path, as an acoustic guitar plays the melody to “Stand By Me.”

The younger woman turns around and smiles. Her fiancé closes his hand around hers, which sparkles with a whopping diamond ring. They look at each other and smile again. “There are two things in the world that last longer than time,” says a voiceover. “Love is one of them. A diamond is forever.”

Just over a week ago, Canada’s Lucara Diamond Corp. announced that it had discovered an 1,111 carat gem-quality diamond in Botswana, the second-largest ever recovered.

Call for De Beers chief to step aside – by Allan Seccombe (Business Day Live – November 26, 2015)

November 27, 2015

http://www.bdlive.co.za/

A PROMINENT diamond industry player has called for De Beers CEO Philippe Mellier to step down and make way for someone who better understands the business.

Martin Rapaport, chairman of the Rapaport Group, has also demanded that De Beers and others drop prices for rough diamonds by up to 50% to save the ailing industry.

The global diamond sector has run into severe problems after years of poor decisions in financing the purchasing of rough diamonds by banks, pricing and production by mining companies, and the way the industry treated easy and abundant finance.

Taking specific aim at De Beers, Mr Rapaport, who analysts describe as highly regarded and influential in the polished segment, said the company, 85%-owned by Anglo American, was inflicting damage on the industry.

Pope: Blood diamonds fuel terrorism (News 24.com – November 27, 2015)

November 27, 2015

http://www.news24.com/

Nairobi – Pope Francis on Thursday urged global action against illegal trafficking of blood diamonds, ivory and other natural resources, saying it caused political instability and “terrorism”.

“Illegal trade in diamonds and precious stones, rare metals or those of great strategic value, wood, biological material and animal products, such as ivory trafficking and the related killing of elephants, fuels political instability, organised crime and terrorism,” he said in a speech in the Kenyan capital, Nairobi.

“We cannot be silent about forms of illegal trafficking which arise in situations of poverty,” he said, just two weeks before Nairobi hosts a key ministerial meeting of the World Trade Organisation.

Rough diamond bubble bust (Part 2) – by Martin Rapaport (Miningweb.com – November 25, 2015)

November 26, 2015

http://www.mineweb.com/

What can be done to save the diamond trade?

So how do we get out of this mess? While a comprehensive plan detailing all the necessary initiatives is beyond the scope of this article, there is one vital emergency measure that must be taken. The mining companies must urgently inject profitability into the diamond trade, by immediately reducing rough prices by 30 percent to 50 percent.

Discussion issue 1

Many in the trade oppose lower rough prices because they think this will not increase demand. They miss the point that the primary reason for the rough price drop is to rapidly and effectively increase profits and liquidity in the trade. An increase in demand due to a rough price drop is an added benefit.

Rough diamond bubble bust (Part 1) – by Martin Rapaport (Mineweb.com – November 25, 2015)

November 25, 2015

http://www.mineweb.com/

Artificially high rough diamond prices are going to collapse taking companies and banks with them.

The diamond industry is undergoing fundamental structural change as the rough diamond distribution system self-destructs amid collapsing rough prices. Frankly, it’s good news. Unprofitable, unsustainable and unfair rough prices have been the bane of our industry.

For too many years artificially high rough prices have stolen profits from our trade. The hard-working cutters, polished dealers, jewelry manufacturers, designers and retailers who have honestly added value to diamonds have not received their fair share of diamond profits.

Canadian diamond producers best positioned to weather price crunch – by Henry Lazenby (MiningWeekly.com – November 24, 2015)

November 24, 2015

http://www.miningweekly.com/page/americas-hom

TORONTO (miningweekly.com) – As the global diamond industry sobers from a hangover of expected market growth that did not happen, Canadian producers are perhaps best positioned to weather the downturn, given the superiority of the country’s diamond projects.

Since the global economic downturn of 2009 and up to the middle of last year, the midstream segment of the diamond industry – the cutters, manufactures and wholesalers, mainly in India – overspeculated on future demand by aggressively expanding businesses, despite market indications not supporting investment, independent diamond analyst and consultant Paul Zimnisky told Mining Weekly Online in an interview.

Banks accommodated these aspirations by providing the capital.

In Diamond City, slowdown is not forever – by Melvyn Reggie Thomas (The Times of India – November 21, 2015)

November 23, 2015

http://timesofindia.indiatimes.com/

Surat: The world’s biggest diamond polishing center – Surat – can hope for the much-needed recovery from the slowdown it is reeling under since almost 18 months.

The Diamond Producers Association (DPA), a consortium of world’s leading diamond mining companies, is set to launch a $6 million global marketing blitzkrieg to boost the sale of diamonds.

DPA has hired Mother, a leading advertising agency in New York, for the campaign that would mainly target the millennial or ‘young adult’ population across the globe.

Botswana explores a future without sparklers – by Alex Vines (Business Day Live – November 23, 2015)

November 23, 2015

http://www.bdlive.co.za/

BOTSWANA is world-renowned for two things: awe-inspiring game parks and diamonds. But unlike its timeless natural beauty, the diamonds are not forever. Botswana needs to prepare for an economic future without them.

For years, the government has talked about economic diversification, but in practice little has been done. That’s not to say Botswana has mismanaged its diamond inheritance. It is rightly held up as an example of what can be achieved when natural resources are harnessed responsibly.

I feel this keenly because I spent much of the past decade working as a United Nations (UN) sanctions inspector in Sierra Leone, Liberia, Côte d’Ivoire and Angola, trying to stop rebel-controlled “blood diamonds” from contaminating global supply chains.