RAPAPORT... BlueRock Diamonds has sold a parcel of rough for $700,000 in a private sale, noting that the average realized price was approximately 15% below pre-pandemic levels.The miner sold 2,400 carats from its Kareevlei mine in South Africa at an average price of $290 per carat, the miner said Monday. In the fourth quarter of 2019, the company's rough garnered an average price of $410 per...Read More
RAPAPORT... Signet Jewelers' net loss increased to $190.4 million in the first fiscal quarter as the company closed all its stores for most of the period due to the coronavirus pandemic.That figure compares with a loss of $10 million during the same period a year ago, the retailer, which owns Kay, Jared and Zales, reported Tuesday. The company began closing locations in late March.Revenue dec...Read More
RAPAPORT... Tiffany & Co. reported a strong rebound in its operations in mainland China during April and May, after Covid-19 lockdowns resulted in heavy first-quarter losses for the jeweler. "While sales in key markets like the US and Japan were down significantly during the first quarter, our business performance in mainland China, which was the first market impacted by the virus, is ind...Read More
RAPAPORT... Angola plans to create a diamond hub and exchange to help streamline sales and marketing of the rough the country produces.The hub will include an Angolan Diamond Bourse (ADB), a gemological academy and a technological research center. It will be located within a free-trade zone, Angola's Ministry of Mineral Resources and Petroleum (MIREMPET) said Monday. Angola is one of the worl...Read More
RAPAPORT... Mountain Province plans to sell $50 million worth of rough diamonds to an entity owned by one of its major shareholders, generating liquidity amid weak prices.The first sale of $22 million in diamonds to Dunebridge Worldwide will take place on June 11, Mountain Province said Monday. The deal will enable the miner to sell its run-of-mine goods - under 10.8 carats - at the current m...Read More
(IDEX Online) - Angola is to establish a national bourse and diamond hub as it seeks to consolidate its position as a player on the world market.It's currently the sixth biggest diamond producer but has yet to explore 60 per cent of its potential kimberlite reserves.The government believes it could actually increase its rough production as other countries see theirs decline."The main ambition...Read More
(IDEX Online) - British miner BlueRock says COVID-19 knocked 15 per cent off the price of rough diamonds sold from its Kareevlei mine, in South Africa.The company yesterday announced the private sale of 2,400 carats for a total of $700,000, averaging $290 a carat."The parcel sold did not contain any notable high value diamonds and therefore the price achieved is approximately 15% below what we wou...Read More
(IDEX Online) - A court in India has approved the confiscation of assets owned by billionaire diamantaire Nirav Modi.It's the first time new powers to seize have been exercised since the country's Fugitive Economic Offenders Act came in to force two years ago.Modi, 49, (pictured) is currently in prison in London, fighting extradition to India, where he is accused of defrauding the Punjab...Read More
Artemis all set thanks to unique approachSPONSOREDartemis resources"We are building modern, mechanised, underground mines that will supply critical metals for clean energy technologies, while also being global leaders in water security, low carbon emissions andRead More
Despite a mixed picture this morning, Tuesday June 9, generally strong uptrends are underway in most of the base metals. The exception is the infrastructure heavy-weight zinc, although the galvanizing metal is also widely used in the auto industry, which may be why it is lagging behind. Asian-Pacific equities are for the most part stronger this morning, led by a 2.53% gain in the Australian ASX 20...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 28 points in pre-opening trade. Macy's added $0.97 to $10.52 after reporting a less than consensus first quarter loss. Signet Jewelers dropped $0.87 to $16.00 after reporting lower than consensus first quarter revenues. The company also suspended its dividend. EquityClock's Daily Market CommentFollowing is a link...Read More
The Marshall Precious Metals Fund, managed and led by chairman and CEO David Garofalo, with funds from Chinese state-owned Zhaojin Mining, has taken a 3.8% interest in Radisson Mining Resources (TSXV: RDS; US-OTC: RMRDF) through a non-brokered private placement.The precious metals fund that is focused on investing in early-stage exploration juniors is acquiring 2.5 million common class A shares of...Read More
The Northern Miner presents the top-10, Canada-headquartered mining companies by market capitalization as of late-June, 2020.1. Barrick GoldMarket cap: US$46.56 billionBarrick Gold's Cortez gold mine in Nevada. Credit: Barrick Gold.Barrick Gold (TSX: ABX; NYSE: GOLD) has gold and copper mining operations and projects in 13 countries in North and South America, Africa, Papua New Guinea and Saudi Ar...Read More
The Electrum Strategic Opportunities Fund has increased its interest in Nickel Creek Platinum (TSX: NPC; US-OTC: NCPCF) to 33.88% following the closure of the second tranche of a private placement.The mining-focussed private equity fund based in New York is part of the Electrum Group founded by billionaire Thomas Kaplan.The fund purchased nearly 21 million units at a price of 5 ? per unit, raising...Read More
Drilling at Talisker Resources' (CNSX: TSK; US-OTC: TSKFF) 42-sq.-km Bralorne gold project in British Columbia has returned high-grade gold from new veins as well as from existing structures.Of the three holes for which results were released, two returned high-grade intercepts. Hole 2020-004 was drilled around the past-producing Pioneer mine and returned 0.5 metre of 27.6 grams gold per tonne star...Read More
An updated preliminary economic assessment (PEA) for Lumina Gold's (TSXV: LUM; US-OTC: LMGDF) Cangrejos gold-copper project in southern Ecuador has added nine years to the mine life and improved economics while increasing the initial capex to US$1 billion from US$831 million.The extended mine life for the open pit project, in Ecuador's El Oro province, comes from increased resources at Cangrejos a...Read More
New Gold (TSX: NGD; NYSE-AM: NGD) is selling its Blackwater project in central B.C. to Artemis Gold (TSXV: ARTG) for $190 million in cash.Under the deal, New Gold will be paid $140 million upon closing and $50 million in 12 months. It will also receive a stream on 8% of the gold produced at Blackwater and $20 million in Artemis shares for a 9.9% stake in the company. The gold stream falls to 4% on...Read More
This week features Pierre Lassonde's final shareholder meeting as chair of Franco-Nevada, which took place on May 6, 2020. Lassonde discusses the founding of the company, the dramatic appreciation of the stock price since the IPO, and answers questions from shareholders. He remains chair emeritus at the company.All this and more with online editor Adrian Pocobelli.This week's Mining Minute feature...Read More
Drilling along the LP fault at Great Bear Resources' (TSXV: GBR) wholly owned Dixie gold project in Red Lake continues to return long intervals of high-grade gold mineralization.The most recent results include hole BR-133, which intersected 25 metres of 15.5 grams gold per tonne, and includes a higher-grade interval of 12 metres grading 30.51 grams gold per tonne. This is the widest, highest-grade...Read More
Maritime Resources (TSXV: MAE) has started a 10,000-metre diamond drill program at its 98-sq.-km Hammerdown gold project in Newfoundland and Labrador. This program will focus on testing prospective areas for new gold discoveries, growing the existing resource inventory and optimizing the mine plan outlined in a preliminary economic assessment (PEA) earlier this year."Our Hammerdown and Orion gold...Read More