Mining Companies in Canada, Gold Mining Stocks & Junior Miners

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URANIUM: Cameco, Orano Canada suspending Sask. operations due to COVID-19

March 24, 2020 / www.canadianminingjournal.com

Cigar Lake mine Credit: CamecoSASKATCHEWAN - Uranium companies Cameco and Orano Canada are suspending mining and processing activities at their operations in the northern part of the province due to the COVID-19 threat.The two companies jointly agreed to suspend production activities: Cameco operates the high-grade underground Cigar Lake mine, with processing of the ore at Orano's McClean Lake mil...Read More

Mountain Province Loss Widens Amid Weak Pricing

March 24, 2020 / www.diamonds.net

RAPAPORT... Mountain Province's losses intensified in 2019 as weaker anticipated diamond prices led to the devaluation of its Gahcho Ku?(C) mine.The miner posted a net loss of CAD 128.8 million ($89 million), compared with a loss of $14.1 million in 2018, it said Monday. The miner was hit by an impairment charge of CAD 115.8 million ($80 million) on the value of Gahcho Ku?(C)'s property, plan...Read More

More Jewelers Close Shop Due to COVID-19

March 24, 2020 / www.diamonds.net

RAPAPORT... A number of jewelers and manufacturers are shutting temporarily following government orders amid the coronavirus outbreak.Stuller has closed its Louisiana headquarters and suspended all on-site operations in accordance with Governor John Bel Edwards's stay-at-home order, it said Monday. The site will remain closed through Sunday."Ultimately, we believe temporarily suspending opera...Read More

Michael Hill to Close Remainder of Global Stores

March 24, 2020 / www.diamonds.net

RAPAPORT... Michael Hill will shut its stores in Australia and New Zealand for an indefinite period in response to the rapid spread of the coronavirus and a slowdown in its store traffic."In Australia, the current 'social distancing' guidelines are not consistent with the day-to-day conduct of our business," the company said Monday. "The drop-off in trade the company has experienced in Austra...Read More

Surat Diamond Manufacturing Shuts Down

March 24, 2020 / www.diamonds.net

RAPAPORT... The entire polishing industry in Surat has shut until March 31 after Indian authorities introduced tight restrictions to slow the spread of the coronavirus.Activities stopped on Tuesday in line with a lockdown enforced by the Gujarat state government. The Bharat Diamond Bourse in Mumbai also closed from Friday until the end of the month following similar measures in Maharashtra st...Read More

Lucapa Nets First Funds from Graff Partnership

March 24, 2020 / www.diamonds.net

RAPAPORT... Lucapa Diamond Company has garnered $4 million in revenue from the first share of proceeds through its manufacturing partnership with Graff unit Safdico, it said Tuesday.Under the partnership, which Lucapa announced in January, Safdico has the rights to buy up to 60% of annual rough production from Lucapa's Lulo mine in Angola. Safdico will then cut and polish those stones, with p...Read More

Signet to Avoid Giving Sales Guidance

March 24, 2020 / www.diamonds.net

RAPAPORT... Signet Jewelers will not issue a forecast for the first quarter of its 2021 fiscal year as it weighs the effects of the coronavirus pandemic on its retail operations."Retailers are already experiencing the severe impact...of COVID-19 on the global economy, and we are anticipating continued reduction in consumer spend," Signet CEO Virginia Drosos said Monday. "We are moving quickly...Read More

IDEX REAL PRICES: What exactly has happened since the start of March 2020?

March 24, 2020 / www.idexonline.com

The overall price of polished diamonds has dropped two per cent since 1 March, according to the IDEX Diamond Index. The most dramatic downward movement came last Thursday (20 March) when Indian exports were halted and the reality of coronavirus lockdowns worldwide hit home. The market-driven IDEX Diamond Index for stones of all sizes shows prices levelling slightly on Sunday and Monday (...Read More

Lucapa reports polishing revenue

March 24, 2020 / www.miningweekly.com

PERTH (miningweekly.com) – Diamond miner Lucapa is set to receive its first A$7-million in revenue from its cutting and polishing partnership at the Lulo mine, in Angola.The company on Tuesday said that the first A$2.6-million payment will make up Lulo’s share of cutting and polishing profits from diamond manufacturer Safdico International with a further A$4.4-million from the sale of...Read More