RAPAPORT... Gem Diamonds has reduced its sales guidance for the year, asa problem with its high-value satellite pipe has forced it to mine from thelower-value portion of its Let??eng mine in Lesotho. The miner now expects to sell between 111,000 and 113,000carats compared to the 115,000 to 119,000 it had previously stated in March.Although it will increase the amount of ore treated, and has n...Read More
RAPAPORT... Revenue from Angola's national diamond-trading company,Sodiam, rose 12% year on year in the third quarter amid an increase in theaverage price. Prices of Angola's diamonds have continued to increase sincethe implementation of the country's new, more competitive diamond-tradingpolicy last year, the government noted. The program allows miners to offer 60%of their production to clien...Read More
RAPAPORT... The International Gemological Institute (IGI) and industry veteran Peter Meeus have put in rival bids to acquire HRD Antwerp.Meeus, HRD's former managing director, lastweek submitted a proposal to buy at least 51% of the lab in partnership withtwo unnamed individuals, he told Rapaport News Wednesday. IGI also placed a bid for thelab in the past two or three months, sources said."A...Read More
RAPAPORT... Sightholders welcomed De Beers' decision to lower pricesat this week's rough-diamond sale, but noted that further discounts werenecessary to improve profits in the manufacturing sector. The company reduced prices of higher-end goods by 5% to7% at this week's November sight, and offered deeper cuts in cheaper categories,sources reported. The move was a response to uncertain polished dem...Read More
(IDEX Online) - The Israel Diamond Exchange (IDE) has announced that the next edition of the International Diamond Week in Israel (IDWI) will be themed "I Love Natural Diamonds." The IDE said this theme is in keeping with its video campaign produced in cooperation with the World Federation of Diamond Bourses.As well as diamond trading, the boutique event will feature a series of TED-like talk...Read More
(IDEX Online) - The Swiss Gemmological Institute (SSEF) has said its Automated Spectral Diamond Inspection (ASDI) device performed with 100-percent accuracy in an evaluation by the Diamond Producers Association's ASSURE testing project.The ASDI device, which was first released in 2014, can screen 6,500 small diamonds an hour.The testing was carried out by UL Verification Services, Inc., an in...Read More
(IDEX Online) - Kleinfeld Bridal is best known for its starring role on the reality TVs show Say Yes to the Dress. Now the retailer has partnered with Reeds Jewelers to create its first bridal jewelry collection.The collection of engagement rings and wedding bands are inspired by the selection of wedding dresses available at Kleinfeld. An as an homage to Kleinfeld's Manhattan flagship store,...Read More
The stainless steel scrap market in the United States was largely status quo this week, with most scrap dealers and processors indicating that the majority of business for this year had already been concluded and many already buying for 2020 shipments."With only eight weeks remaining in 2019, we need to start to see some indicators that hopes of an increase in mill orders and London...Read More
The Lesotho government has renewed the mining lease for LSE-listed Gem Diamonds’ Letšeng mine, CEO Clifford Elphick confirmed on Tuesday.The terms of the renewed mining lease were agreed with the Lesotho Mining Board following a statutory negotiation process. The lease was renewed for an immediate period of ten years with exclusive rights granted to Letšeng to renew the mining...Read More
The US ferrous scrap export market has improved coast-to-coast with recent cargo deals serving as a testament that prices have rebounded.A new sale reported on Wednesday November 6 continued the upward momentum. An East Coast exporter sold 22,000 tonnes of a 90:10 mix of No1 and No2 heavy melting scrap at $262 per tonne and 9,000 tonnes of shredded scrap at $265 per tonne.HMS 1&2 (90:10) usua...Read More
A Turkish steel mill purchased a cargo of ferrous scrap material from the United States at broadly stable prices on Wednesday November 6, following the trend seen in several other cargoes purchased earlier this week, sources have told Fastmarkets.A steel mill in the Iskenderun region purchased a US-origin cargo comprising 22,000 tonnes of HMS 1&2 (90:10) at $262 per tonne and 9,000 tonnes of shred...Read More
Mid-grade seaborne iron ore prices were rangebound on Wednesday November 6 amid continued uncertainty in the market.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $83.47 per tonne, up $0.17 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $83.29 per tonne, up $0.17 per tonne.62% Fe low-alumina fines, cfr Qingdao: $82.86 per tonne, up $0.17 per tonne.58% Fe fines high-premium, cfr Qi...Read More
Prices for seaborne premium low-vol coking coal weakened on Wednesday November 6 amid deteriorating sentiment.Fastmarkets indicesPremium hard coking coal, fob DBCT: $133.29 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $146.16 per tonne, down by $0.53 per tonneHard coking coal, fob DBCT: $123.21 per tonne, unchangedHard coking coal, cfr Jingtang: $134.34 per tonne, unchangedLow-vol P...Read More
Brazil's national mining agency, ANM, has concluded that Vale failed to report anomalies before a deadly disaster breach occurred at a tailings dam in its C??rrego do Feij??o mine in January.ANM published a technical report on Tuesday November 5 in which it said internal documents from Vale showed that the miner was aware of several defects in the tailings dam but did not inform the agency before...Read More
London Metal Exchange three-month base metals prices were broadly trading down in the morning session on Wednesday November 6, suppressed by low trading volumes despite stocks flowing out across all the metals today. The LME three-month copper price notably abated during the morning session, trading down to around $5,921.50 having hit a high of $5,978 per tonne yesterday while turnover for the day...Read More
Export prices for Chinese hot-rolled coil strengthened further on Wednesday November 6 amid rising domestic prices and higher bids emerging among overseas buyers.DomesticEastern China (Shanghai): 3,540-3,550 yuan ($505-506) per tonne, up 20-30 yuan per tonneNorthern China (Tangshan): 3,540 yuan per tonne, up 20 yuan per tonneSellers in eastern China raised their prices after mills in the northern...Read More
Broader markets were little changed this morning, Wednesday November 6, while participants await further news on the likelihood of a "phase one" trade deal between the United States and China. For now it seems as though the market has priced in as much as it wants to, given how trade rhetoric can flip-flop so easily.Asian equities were mixed, suggesting some consolidation has started to set in.Chi...Read More
Polymetal building with good momentumSPONSOREDpolymetal internationalDuring the results conference call president and chief executive Mark Bristow stressed the need for miners to take heed of social movements if they wanted to continue to exist.Read More
Copper was the lone base metal on the Shanghai Futures Exchange to record a gain during the morning trading session on Wednesday November 6, with growing supply concerns providing support.The most-traded December copper contract on the SHFE stood at 47,310 yuan ($6,746) per tonne as at 10.20am Shanghai time, up by 60 yuan per tonne - or 0.1% - from Tuesday's close of 47,250 yuan per tonne.Despite...Read More
Look beyond market approach to project valuations: van ZylLeadershipNordic Mining prepares for lift-offSPONSOREDnordic miningIronRidge derisks through diverse discoveries SPONSOREDironridge resources Polymetal building with good momentumSPONSOREDpolymetal internationalThe leading independent mining consultancy valued the project in a range of US$108-233 million, with a "preferred" estimate of $173...Read More