RAPAPORT... Luk Fook expects a sharp fall in both revenue and profit for the full fiscal year amid a lockdown in all its major markets due to the coronavirus."Based on...data for...January and February, and the preliminary assessment of the operational situation in early March, there will be an acute drop in the revenue for the fourth quarter," the retailer said Wednesday. "It is therefore hi...Read More
JSE-listed Basil Read’s mining arm Basil Read Mining subsidiary Blasting and Excavating (B&E)has entered into a partnership with India- based original-equipment manufacturer (OEM) Revathi Equipment and other local partner Paramount Tracks to acquire several C650 autonomous drills.“We are taking a step forward to introduce specialised technology to limit safety risks for our most im...Read More
RAPAPORT... Prices at Gem Diamonds' latest small-stone tender dropped 18% versus its previous sale in November due to the coronavirus pandemic and subsequent economic crisis, the company said Thursday."The results of the Let??eng small-diamond tender are resilient given the difficult circumstances under which the tender was held, caused by the ongoing COVID-19 situation," said Gem Diamonds CE...Read More
(IDEX Online)- Canadian miner Mountain Province Diamonds has postponed its March sale of rough stones because of coronavirus.Antwerp, where it sells its stones, is today introducing drastic measures to halt the spread of Covid-19, which include the closing buildings and commercial sites.Mountain Province reported an "exceptional year of production" in 2019 at Gahcho Ku?? (C), in Northwest Territor...Read More
London-listed Gem Diamonds has had to cancel its Letšeng large tender, owing to travel and other restrictions imposed by various governments, including in Belgium, where the tender would have been held from March 16 to 25.In its place, Gem has launched a “flexible direct sales process” for these large and high-quality diamonds that had seen significant demand during the tender v...Read More
(IDEX Online) - AGS Laboratories has suspended all diamond grading for a month, because of coronavirus.The facility in Las Vegas, Nevada, has been forced to close in a bid by the state governor to halt the spread of Covid-19.All "non-essential businesses" are included in the closure order, which became effective yesterday and which will remain in place for at least a month.The lab, founded in 1996...Read More
RAPAPORT... Alrosa, Petra Diamonds and Lucara Diamond Corp. are among the companies putting special procedures in place in preparation for a possible coronavirus outbreak, while still continuing operations at their mines.Alrosa, which has not had any cases of infection among workers, is requiring all employees returning from abroad to adhere to a two-week home quarantine, with a commitment to...Read More
RAPAPORT... Indian banks have agreed to offer special concessions to diamond exporters to help them deal with late payments resulting from the coronavirus outbreak.Companies will have extra months to repay loans they take to fund overseas shipments, the Gem & Jewellery Export Promotion Council (GJEPC) said in a note to members on March 13.Exporters' ability to recover payments from custom...Read More
RAPAPORT... Lucapa Diamond Company has recovered a 64-carat, high-quality stone from its Mothae mine in Lesotho, it said Wednesday.The D-color, type IIa diamond is the 12th over 50 carats the miner has unearthed since reaching commercial production in January 2019. The deposit has also yielded three stones over 100 carats, including a 220- and a 127-carat diamond, which were discovered in Nov...Read More
(IDEX Online)- De Beers plans to go ahead with its third sight next month, despite a travel ban to Botswana, where the sales are held.Flights from 18 high-risk countries - including China, India and Belgium - have been banned in a move aimed at limiting the spread of coronavirus.Many of the 80 sight holders will struggle to attend and may send representatives or buy blind at the sight, which...Read More
Artemis all set thanks to unique approachSPONSOREDartemis resourcesThe financing is comprised of unsecured convertible debentures, with the funds to be used to advance ongoing litigation associated with permits for the NorthMet project in Minnesota, USA, as well as to continue engineering and optimisation efforts for the project."These funds provide the financial framework to continue to move the...Read More
While risk-off dominates and even though governments are prepared to throw money at the financial system and into economies and households, the likelihood is that more factories will close, household spending will fall, as will demand for raw materials, but there may be some dead cat bounces along the way.Partial and full lockdowns will hopefully mean the novel coronavirus (2019-nCoV) is brought u...Read More
Artemis all set thanks to unique approachSPONSOREDartemis resources"This is one of the lowest prices for a decade and unfortunately this will last as long as the coronavirus issue exists.Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 72 points in pre-opening trade. The New York Stock Exchange announced a move to start fully electronic trading on Monday. Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for the March Philly Fed Index was 10.0 versus 36.7 in February. Actual was -12.7. Consensus for...Read More
ELKO, Nevada, March 19, 2020 /PRNewswire/ -- U.S. Gold Corp. (NASDAQ: USAU) ("U.S. Gold," or the "Company") today announced a 1-for-10 reverse split of its common stock, effective as of 5:00 pm Eastern Time, March 19, 2020. Beginning on March 20, 2020, the Company's common stock will trade on the NASDAQ Capital Market on a split adjusted basis.At the Company's 2019 annual meeting of stockholder...Read More
Nouveau Monde Graphite (TSXV: NOU) has released updated resources for the West Zone deposit at its Matawinie graphite project, 150 km north of Montreal.Updated measured and indicated resources increased by 25%, to 120.3 million tonnes grading 4.26% carbon graphite for a total of 5.1 million tonnes contained graphite. Additional inferred resources are at 4.5 million tonnes at 4.43% carbon graphite...Read More
As its Pumpkin Hollow underground mine ramps up to commercial production, Nevada Copper (TSX: NCU) has entered into non-binding arrangements for a balance sheet strengthening package. The company is working to reach binding agreements in the next two weeks."This proposed financing package is expected to provide significant balance sheet strength and positions our business to weather this period...Read More
Tanzanian Gold (TSX: TNX; NYSE:TRX) has updated the resource estimate for its Buckreef gold project, about 110 km southwest of the city of Mwanza in north-central Tanzania.The Buckreef shear zone now contains 40.99 million tonnes grading 1.73 grams gold per tonne for 2.27 million oz. contained gold, up from a 2018 estimate of 21.99 million tonnes grading 1.54 grams gold per tonne for 1.09 million...Read More
Rio Tinto (NYSE: RIO; LSE: RIO) evacuated all of its employees from its Kennecott copper mine near Salt Lake City, Utah, after a 5.7 magnitude earthquake hit near the town of Magna.All of its employees have been safely accounted for and removed from potential risk areas, the company said.Rio Tinto reported limited damage to the operation or risk to the surrounding community, and has temporarily ha...Read More
Cardinal heading down familiar gold roadSPONSOREDcardinal resourcesSarama right in the middle of big exploration, corporate build-upSPONSOREDsarama resources Exore excels in Cote d'IvoireSPONSOREDexore resourcesMICROMINE STRENGTHENS DATA MANAGEMENT SOLUTION WITH Geobank 2020SPONSOREDmicromineWell this is certainly getting interesting.Read More