RAPAPORT... Gem Diamonds' sales of high-value rough from its Let??eng mine in Lesotho fell in the first half amid a decline in the average price.Rough sales for the six months that ended June 30 slipped 4.2% year on year to $99.6 million, even as sales volume rose 3.5% to 57,075 carats. The average price fell 7.5% to $1,745 per carat, the miner reported Wednesday.During the period, a total of 15 d...Read More
RAPAPORT... US retail revenues for July remained stronger than a year ago as consumers continued to shop despite soaring inflation. Sales were flat compared with the previous month, versus a 0.8% increase in June, according to data the US Census Bureau released on Wednesday. July sales were up 10% year on year. Declines in gas prices supported spending. However, consumers are continuing to focus o...Read More
(IDEX Online) - A man has appeared in court in the US accused of posing as a government official and persuading a woman to buy gold bars worth $330,000.Gaurang Contractor, 38, from New Jersey, is accused of attempted larceny from a person over 60.Police say he claimed to be a government official investigating an identity fraud ring and told the woman to buy the gold from a jewelry store, to "avoid...Read More
(IDEX Online) - Pandora reported its "third straight quarter with record revenue," in spite of lockdowns in China and a year-on-year comparison with post-Covid stimulus checks in the US.The Danish jewelry giant said sales in the three months to 30 June were $771m, three per cent up on the same period last year.Key European markets delivered double digit organic growth vs 2021, but the US was down...Read More
Pandora has named Mary Carmen Gasco-Buisson as its new chief marketing officer to help the brand achieve growth.Gasco-Buisson has extensive consumer brand experience in several categories, including fragrances, beauty and women's health. She is currently global vice president of Unilever, where her achievements include heading the turnaround of men's personal-care brand Axe. She previously held le...Read More
(IDEX Online) - The USA's only active diamond mine is celebrating its 50th anniversary with limited edition replicas of its most valuable find - a $1m-plus gem.The Crater of Diamonds State Park, near Murfreesboro, in Arkansas, charges day trippers $10 a day to sift the soil - and lets them keep any gems they find.In 2015, Bobbie Oskarson, from Colorado, found a rough, icicle-shaped 8.52-cts s...Read More
RAPAPORT... The International Gemological Institute (IGI) will perform valuation services for the pieces listed on Luxus, a precious-gem and high-jewelry investment platform. Through this partnership, IGI's evaluation team will generate appraisal reports for each piece of jewelry on the Luxus platform, the parties announced Tuesday. The institute will include the item's retail replacement val...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.Index futures were virtually unchanged following release of the August Philly Fed report at 8:30 AM EDT. Consensus was a drop of 5.0 versus a decline of 12.3 in July. Actual was an increase of 6.2%Cisco advanced $1.55 to $48.16 after reporting higher than consensus fiscal fourth quarter re...Read More
Copper scarcity may emerge as a key destabilizing threat to international security in the 21st Century an analysis by S&P Global found this week."Projected annual shortfalls will place unprecedented strain on supply chains. The challenges this poses are reminiscent of the 20th-century scramble for oil but may be accentuated by an even higher geographic concentration for copper resources and the do...Read More
Analysts at S&P Global Market Intelligence have pointed the finger at a worsening global economic outlook and softer metals prices for dragging down global mining activity in the three months through June.In its quarterly 'State of the Market: Mining Q2' report released this week, senior analyst Sean DeCoff said metals and mining companies' valuations had been significantly impacted by these marke...Read More
Moneta Gold (TSX: ME; OTC: MEAUF) has closed its previously announced and upsized bought deal private placement for aggregate gross proceeds of $15.4 million. The offering, which was oversubscribed, consists of 6 million flow-through common shares at an issue price of $2.40 per share and 608,000 shares at $1.64 per share.The financing was led by Stifel GMP, on behalf of itself and a syndicate of u...Read More
A rash of permit rejections for mining projects by the new left-wing government has rattled nerves in Chile's mining industry. First came the rejection of Anglo American's (LSE: AAL) US$3-billion expansion of its Los Bronces mine in May this year. Since then, authorities have also scrapped Rio2's (TSXV: RIO) US$200 million Fenix gold project and investments at Anglo's El Soldado operation, as wel...Read More
Lumina Gold (TSX-V: LUM) has concluded its drilling program at the Cangrejos gold-copper project in Ecuador, delivering what are likely the penultimate batch of results before the conclusion on a pre-feasibility study, expected mid-2022. The Vancouver-based company said resource estimate work has now started following the completion of drilling at both Gran Bestia and Cangrejos, one of the world'...Read More
Chile's President Gabriel Boric and the chief executive of Teck Resources (TSX: TECK.A | TECK.B) (NYSE: TECK), Don Lindsay, met in the capital Santiago to discuss the Canadian miner's projects in the country, including its biggest ever: the Quebrada Blanca phase 2 (QB2) expansion.The US$5.2 billion QB2 expansion project has the objective of extending the open pit mine's life by 28 years, boosting...Read More
The results from a second set of assays from NorthWest Copper's (TSXV: NWST; US-OTCQX: NWCCF) ongoing 2022 Kwanika drill program in north-central British Columbia highlights the discovery of additional very high-grade copper and gold mineralization within a previously undrilled shallow area of the deposit.The company reported on Wednesday it had intersected several near-surface intervals of 'chalc...Read More
Metal Energy (TSXV: MERG) has officially acquired a 70% interest in the Manibridge nickel-copper project in Manitoba. The company expects to continue exploration on the property and shortly complete the milestones required for 100% ownership.As part of the Manibridge earn-in agreement, Metal Energy has issued a total of 5 million common shares to the optioner of the project, CanAlaska Uranium (TSX...Read More
Avalon Advanced Materials (TSX: AVL; OTC: AVLNF) has started road work and site preparations for the installation and commissioning of its demonstration dense media separation (DMS) plant for the Separation Rapids lithium project located 70 km north of Kenora, Ont.The work is happening at the Avalon quarry site along the Avalon road leading to the Separation Rapids project. The quarry is a permitt...Read More
Frontier Lithium (TSXV: FL; US-OTC: LITOF) continues to cut long intervals of high-grade lithium in infill drilling on the Spark pegmatite at its PAK project near Red Lake, in northern Ontario. The current drill campaign is focused on upgrading inferred open-pittable resources at Spark as the company works towards a prefeasibility study later this year. Highlights from the latest four holes repo...Read More
Canada Nickel Co. (TSXV: CNC; OTC: CNIKF) has confirmed a second significant discovery through new assay results from its Deloro property in Ontario, acquired by the miner less than one year ago.Deloro is located 9 km southeast of Timmins and contains an ultramafic target that measures 1.4 km north-south by 450 metres east-west based on the total magnetic intensity (TMI). Ultramafic lithologies an...Read More
This week's episode features the Canadian Mining Journal's 'Investment Protection in Mining' panel with Dentons partners Rachel A. Howie, James Langley and John J. Hay on the risks investors and companies face when operating in another country. The panel was moderated by Canadian Mining Journal editor-in-chief Tamer Elbokl with information on the importance of learning trade agreements beforehand...Read More