RAPAPORT... De Beers is set for a change in leadership as CEO Bruce Cleaver will step down from his role at the beginning of 2023. He will be replaced by Al Cook, who is currently executive vice president of international exploration and production at Norway-based energy company Equinor."Al brings more than 25 years of international leadership experience," said De Beers chairman Duncan Wanblad sai...Read More
(IDEX Online) - RioZim has bought the Sperrgebiet Diamond Mine in Namibia in a deal reportedly worth $58m. Sperrgebiet has two land and two offshore licenses and says it specializes in small and melee diamonds. It describes itself as "a diversified natural resource company that performs land-based exploration, mining and rehabilitation operation and services". RioZim, the Zimbabwe-based diversifi...Read More
(IDEX Online) - The GIA (Gemological Institute of America) says it will launch a digital-only version of its Diamond Dossier in January 2023.It's the first step towards phasing out all printed reports with three years, a move that will save saving 20 tons of paper and 18.5 tons of plastic a year. "Beginning Tuesday, January 2, 2023, GIA Diamond Dossier will be available in a convenient,...Read More
(IDEX Online) - Diamond miners in Zimbabwe will have to pay half of their royalties to the government in rough gems rather than cash.The move, to be implemented immediately, was announced by President Emmerson Mnangagwa (pictured)in a weekly newspaper column for The Sunday Mail (9 October edition).The new royalties rules also include gold, platinum group metals (PGM) and lithium, widely used in re...Read More
RAPAPORT... The Williamson Pink Star diamond has become the second-most valuable jewel ever sold at auction, following a 'bidding frenzy' at Sotheby's Hong Kong.After a 20-minute battle, which included 50 bids, the cushion-cut, 11.15-carat, fancy-vivid pink, internally flawless diamond ring sold for $57.7 million, nearly three times its $21 million high estimate, Sotheby's said following the one-o...Read More
(IDEX Online) - Bruce Cleaver is to step down early next year as CEO of De Beers Group and will be replaced by Al Cook, of the Norwegian energy giant Equinor.Cleaver, who was appointed as CEO in 2016, will become co-chairman of the company.Cook is currently executive vice president of exploration and production international at Equinor, the state-owned petroleum company, with responsibility for op...Read More
RAPAPORT... Debmarine Namibia, De Beers' joint venture with the government in the southern African nation, has promoted chief financial officer Willy Mertens to CEO.Mertens will take over on November 1 from Otto Shikongo, who is retiring from Debmarine Namibia at the end of this year after leading the business since 2014, the company said Thursday. De Beers and the state each own 50% of Debma...Read More
(Recasts with updated prices) By Eric Onstad LONDON, Oct 11 (Reuters) - Aluminium and some other basemetal prices slumped on Tuesday as concern grew that a globaleconomic downturn and rising COVID-19 cases in top consumerChina would curb demand. A reversal that saw the dollar index ease in theEuropean afternoon spurred some metals to pare losses and pushedothers into positive territory. A stronge...Read More
Analysts from the investment bank are bearish on copper, downgrading their three-month forecast price from US$7500 per t (which is around current levels) to just $6200/t or $2.80 per pound.Read More
Volume for major equity markets was significantly lower than average yesterday where markets were open:Chinese equity indices dropped after the U.S. announced restrictions on distribution of semi-conductors chips to China.U.S. equity index futures were lower this morning. S&P 500 dropped 2 points in pre-opening trade.Qualcomm dropped $1.70 to $112.90 after KeyBanc Capital lowered its target pr...Read More
Gold was down again today, but overall it's had a good run lately (for a change).Gold rallied from $1,624 per ounce on Sept. 28 to $1,701 at the close on Oct. 3 for a 4.74% gain after two months of steady losses.It's too soon to applaud or even put the Champagne on ice. Gold is down almost 20% from its March high and is having one of its worst years since 2013. Maybe this is a turning point, maybe...Read More
Canada's largest uranium producer Cameco (TSX: CCO) has announced a significant expansion into the nuclear services sector after agreeing to buy U.S.-based Westinghouse Electric with Brookfield Renewable Partners (NYSE: BEP) in a US$7.9 billion deal, the companies announced on Tuesday.Brookfield Renewable and its institutional partners will own a 51% interest in Westinghouse, while uranium fuel su...Read More
Burkina Faso-focused miners say operations have not been affected following a second coup d'?(C)tat on Sept. 30 that saw the country's president Lt.-Col. Paul Henri Sandaogo Damiba overthrown after only nine months in power.While local mining operators face growing security, logistical and financing issues, they appear to remain bullish on the jurisdiction, with no announcements emerging of reduce...Read More
This week's episode features George Hemingway, Managing Partner Head of Innovation Practice, Stratalis, in conversation with Northern Miner production editor Blair McBride at the Q3 Global Mining Symposium. George discusses how the mining industry needs to take a more personal approach to persuade younger people to have a more positive view of it.All this and more with host Adrian Pocobelli. "R...Read More
The Dow Jones Industrial Average?EUR?rose?EUR?571.28 points or 1.99% to?EUR?29,296.79 and the S&P 500?EUR?gained 55.04 points or 1.51% over the Oct. 3-7 trading week to?EUR?finish at 3,639.66.?EUR? Vale added US$1.10 to US$14.42, though down from the week's high of US$15.19 per share, after the world's largest nickel and iron ore producer said it would reorganize its Brazilian base metals operati...Read More
The S&P/TSX Venture Composite Index gained 13.89 points or 2.3% over the Oct. 3-7 trading session to end at 608.02, after reaching an intra-week high of 623.23 on Oct. 4.Sigma Lithium was this week's top value gainer, adding $1.37 per share to close the week at $38.84. Sigma's share price has surged more than 270% in the past 12 months as lithium prices continue to rise, bolstered by renewed aware...Read More
Stocks rose slightly over the Oct. 3- 7 trading period as the Organization of Petroleum Exporting Countries and 10 other large crude oil producers such as Russia (OPEC+) agreed to limit output, helping energy and gold company shares. Stock markets continued to show volatility while digesting central banks' drive for higher interest rates to quell inflation while the United States dollar eased. Th...Read More
Azimut Exploration (TSXV: AZM; OTC: AZMTF) has received the Discovery of the Year award from the Mineral Exploration Association of Quebec (AEMQ) for the discovery of the Patwon gold zone on the company's 100%-owned Elmer property.The award is granted to highlight the importance of a new discovery that has a ripple effect on exploration activities both on the property and in the surrounding area.T...Read More
Canadians may be a modest bunch, but when it comes to our importance in the global mining industry, we could stand to brag a little. At The Northern Miner's Q3 Global Mining Symposium in late September, Douglas Silver presented data showing Canada leads the world in exploration spending (US$800 million per year vs. US$530 million for runner-up Australia); in capital spending on mining (accounting...Read More
De Beers, the world's top diamond producer by value, has appointed oil and energy industry executive Al Cook as its new chief executive to replace Bruce Cleaver, who leaves the top job after six years at the helm.England-born Cook, with 25 years in the energy industry and currently vice-president of Norwegian oil major Equinor's exploration and production business, will assume leadership of De...Read More