Diamond stocks Articles

Petra Diamonds results beat expectations on strong sales, production

Jul. 25, 2016, 4:45 AM / Cecilia Jamasmie

Africa-focused Petra Diamonds (LON:PDL) said Monday revenue for the year ending in June was slightly up despite weak diamond prices for the period, thanks to strong sales.The miner, known for major recent findings, said revenue climbed 1% to $430.9 million, beating market expectations of $408.9 million, at a time when rough diamond prices fell 6%.Output rose 16% to 3.7 million carats, which puts P...Read More

Snap Lake diamond mine is for sale

Jul. 22, 2016, 2:55 PM / Frik Els

World number two diamond producer De Beers has put its shuttered Snap Lake diamond mine in Canada's arctic up for sale according to a new report.Reuters reports De Beers, a division of Anglo American has engaged Bank of Montreal to market the underground mine which has been on care and maintenance since December, according to spokesman Tom Ormsby:"De Beers Canada spent C$2.2 billion ($1.67 billion...Read More

Fresh wave of Chinese firms to go after Congo's riches - report

Jul. 22, 2016, 8:00 AM / Cecilia Jamasmie

First was Latin America, now Africa. No matter where the projects are located, if they are promising copper or gold assets, Chinese investors are coming for it.The imminent acquisition of Freeport-McMoRan's Tenke Fungurume mine in the Democratic Republic of Congo is just the latest sign of a growing trend, as analysts expect the Asian nation to continue its quest for a steady supply of metals, mai...Read More

Dominion Diamond stock apathetic amid significant production ramp

Jul. 20, 2016, 10:00 AM / Paul Zimnisky

2016 has been a highly anticipated year for Dominion Diamond Corp (TSX/NYSE: DDC) with diamond production volume projected to increase significantly year-over-year with the commencement of mining at the company's rich Misery Main pipe at its Ekati mine. Dominion is a pure-play diamond miner with an 88.9%* stake in Ekati, and a 40% stake in the Diavik mine (60% owned and operated by Rio Tinto, LSE:...Read More

Heavy snowfall in Chile forces Anglo to cut annual copper target

Jul. 20, 2016, 3:41 AM / Cecilia Jamasmie

Shares in Anglo American (LON:AAL) collapsed Wednesday after the miner cut its annual target for copper due to heavy snow at its Los Bronces operation in Chile, and also revealed output declines in almost all the commodities it mines.The stock was under pressure on Wednesday, trading 10.31% down to 729.7p at 1:40 pm GMT, the most it has fallen in more than three weeks, following Anglo's announceme...Read More

Lucara announces special dividend of $172m

Jul. 20, 2016, 12:22 AM / Business in Vancouver

Shares of Vancouver's Lucara Diamond Corp. (TSX:LUC) were halted July 19 following the company's announcement that it would pay shareholders an unusually large one-time dividend.The special $0.45 dividend works out to be a 13% gift, based on the company's current $3.46 share price.The payment is to be paid on September 15 to shareholders of record on September 2.Lucara also pays regular $0.015 qua...Read More

Mick Davis to overhaul X2 Resources as fund fails to close any mining deal

Jul. 19, 2016, 4:26 AM / Cecilia Jamasmie

Mick Davis' X2 Resources, the mining fund once touted as the driver of much-needed investment into the mining industry during the worst of the commodities price rout, is set to go under major changes after failing to close a single deal since launched in 2013.Rumours circulated early this year that X2 had lost backers and was facing a looming overhaul. But it wasn't until the WSJ.com reported Frid...Read More

Botswana to keep unprofitable copper miner alive just to save jobs

Jul. 18, 2016, 7:45 AM / Cecilia Jamasmie

Botswana's state-owned BCL, the country's biggest copper and nickel miner, will continue to receive about $130 million (1.4 billion pula) a year, even if the company has to stop mining, the country's vice president said.Speaking to Bloomberg News, Mokgweetsi Masisi said the copper and nickel producer, which employs as many as 5,000 people, noted the country will sell its stake in BCL as soon as it...Read More

Peregrine Diamonds to focus on $95 million all-weather road before moving ahead with Nunavut mine

Jul. 14, 2016, 9:39 AM / Cecilia Jamasmie

Peregrine Diamonds (TSE:PGD), the company behind the Chidliak mine in the Canadian territory of Nunavut, recently revealed promising results for its 10-year open pit project, which is set to produce around 12 million carats during its forecast lifespan.Peregrine Diamonds estimates that a winter road from the mine to Iqaluit, the closest town, would last six to eight weeks, so a more permanent solu...Read More

Diamond giant Alrosa unearths massive 214.65-carat rock

Jul. 13, 2016, 10:38 AM / Cecilia Jamasmie

Russia's Alrosa (MCX:ALRS), the world's top diamond producer by output in carats, said Wednesday it has recovered a 214.65-carat rough diamond from its Nyurbinskoye placer deposit.The crystal measures 42.11 by 34.26 by 16.07 mm, and is translucent with a grey hue, Alrosa said.Traces of dissolution - tetragonal cavities, etching channels and caverns - are observed on the surface.The Nyurbinskoye de...Read More

Million-dollar coin unveiled

Jul. 11, 2016, 8:59 PM / Government of Western Australia

Premier Colin Barnett today unveiled the world's first coin to feature a significant red diamond from Rio Tinto's Argyle pink diamond mine.The exclusive $1 million Kimberley Treasure coin was struck by The Perth Mint from one kilogram of 99.99 per cent pure gold, and features an image of a red kangaroo holding a radiant 0.54 carat red gemstone between its front paws.The unique collectable also dis...Read More

Gold price rally helps producers climb world's top 25 mining companies list

Jul. 11, 2016, 7:54 AM / Cecilia Jamasmie

Gold has consolidated its post-Brexit gains this month and continues to be the best-performing commodity so far this year, filling the pockets of most producers of the precious metal, a new study shows.According to SNL Metals & Mining, gold-focused companies have climbed the most in the ranking of the world's top 25 mining companies by market capitalization from April to June this year, helped by...Read More

Russia gets $813m for stake in diamond company Alrosa

Jul. 11, 2016, 3:34 AM / Cecilia Jamasmie

Russia's government has completed the sale of a 10.9% stake in state-controlled miner Alrosa (MCX:ALRS), the world's top diamond producer by output in carats, in what is the first of a series of planned partial privatizations to cover a budget deficit.Deal is the first of many major state-asset sales aimed at shoring up the country's budget, suffering from weak prices for oil, Russia's main export...Read More

De Beers Canada moves from Toronto to Calgary

Jul. 7, 2016, 3:31 AM / Cecilia Jamasmie

De Beers Canada - which is set to begin production at its new diamond mine, Gahcho Ku, in the Northwest Territories later this year - has moved its Canadian headquarters from Toronto to Calgary, bringing some much-needed job openings to a region severely hit by a collapse in oil prices.The new office is right next to the Calgary International Airport, which gives De Beers convenient connections to...Read More

Dominion Diamond to go ahead with Ekati mine expansion

Jul. 6, 2016, 7:57 AM / Cecilia Jamasmie

Canada's Dominion Diamond (TSX, NYSE:DDC) has decided to proceed with a key expansion for its Northwest Territories-based Ekati mine, which would help keep the iconic operation in production until 2033.The decision of moving forward with the development of the Jay pipe, located near Ekati's existing Misery pit, was based on positive feasibility study results, the company said in a statement.Domini...Read More

Illegal gold trade in Congo still benefiting armed groups, foreign companies

Jul. 5, 2016, 4:00 AM / Cecilia Jamasmie

International regulations have failed to prevent foreign firms and armed groups from profiting from illegal gold mining in mineral-rich eastern Democratic Republic of Congo, a new report by Global Witness shows.Illegally acquired and exported gold from the mineral-rich eastern Congo keeps filling the pockets of some foreign companies as well as armed groups.According to the UK-based organization,...Read More

More than 300 workers at risk of temporary layoffs at Ekati diamond mine

Jul. 4, 2016, 7:57 PM / CBC News

More than 300 Dominion Diamond employees and contract workers are at risk of being laid off at the Ekati diamond mine after a fire at the mine's processing plant on June 23.Operations at some of the open pits are expected to be temporarily shut down to cut costs while the processing plant is being repaired.Read moreRead More

Petra sells 121.2- carat diamond for $6 million

Jul. 1, 2016, 6:05 AM / Cecilia Jamasmie

London-listed Petra Diamonds (LON:PDL) has sold its recently found 121-carat white diamond for $6 million as part of its June sales process in Johannesburg.The diamond was found at Petra's Cullinan mine in South Africa, which has yielded several massive gems, including the largest rough gem diamond ever discovered.The stone, a Type II unearthed from the company's Cullinan mine in South Africa, was...Read More

Botswana's economy needs more than diamonds to shine

Jul. 1, 2016, 12:15 AM / National Public Radio (NPR)

Sotheby's attempted Wednesday to auction the largest diamond discovered in over a century - a hunk of transparent rock the size of a tennis ball. It was found last November at an open-pit mine in the southern African country of Botswana. At 1,109 carats it's second in size only to the storied "Cullinan" diamond found in South Africa in 1905 and cut down into nine of the gems in the United Kingdom'...Read More

Alrosa gets own security force

Jun. 30, 2016, 3:11 PM / Frik Els

Diamond giant PJSC Alrosa announced this week that the Russian government has authorized it to establish a departmental security service to protect the company's production facilities in the country.Alrosa, together with energy giants including Rosneft and Gazprom, is on a list of strategic enterprises under the Decree of the President of the Russian Federation. According to Rinat Gizatulin, Alro...Read More