Petra Diamonds has deferred expansion projects at two South African mines and pushed back other planned expenses in response to weak trading conditions. The miner is targeting cash savings of up to $75 million by June 2024, aiming to improve short- and medium-term liquidity until the market stabilizes, management announced Wednesday. Measures include pushing off the “C-Cut” extension project at Cullinan and partially delaying the deposit’s “CC1E” expansion, both until the end of June 2024.
Revenue at Lucapa Diamond Corp. slumped in the third quarter as the miner held back seven large stones to sell at a tender earlier this month. Group sales slid 43% year on year to $14.6 million for the period, Lucapa reported last week. Sales volume dropped 24% to 15,493 carats, with production down 20% at 16,588 carats. The slowdown reflected lower sales and output from the Lulo mine in Angola, where revenue plummeted 56% to
Sales of rough diamonds at Debswana Diamond Company fell 21% in the nine months up to September, as Botswana’s central bank data on Tuesday showed, amid global economic uncertainty and slowing demand for gems. Debswana, equally owned by Botswana and Anglo American’s De Beers, sells 75% of its output to De Beers, while the balance is taken up by the state-owned Okavango Diamond Company (ODC). Botswana and De Beers in June agreed to a new
The MIBA, or Bakwanga diamond mining company In the Democratic Republic of Congo, has long been a cornerstone of the country’s economy. After several years of stagnation, it gradually recommenced operations in 2011. However, today, its business is no longer as lucrative as it once was. The company’s recovery plan, estimated at USD 453 million, is set to be implemented over five years, accompanied by an investment plan of USD 161 million to be executed
However, this was offset by rough diamond production decreasing by 23% and steelmaking coal production decreasing by 21%. Moreover, nickel production was down 7% on lower grades and planned plant maintenance at the Minas-Rio iron-ore operation in Brazil put overall iron-ore production at a 4% lower level than the corresponding period of last year. Now, the focus of the London- and Johannesburg-listed company is on delivering full-year production guidance in line with a planned stronger
Botswana’s state-owned Okavango Diamond Company (ODC) has temporarily halted its rough stone sales as part of an industry-wide drive to reduce the glut of inventory caused by lower global demand for jewelry, its managing director Mmetla Masire said on Tuesday 24th of October, 2023. ODC, which reported a record $1.1 billion in revenue in 2022, holds 10 auctions a year to sell its 25% allocation of production from Debswana Diamond Company, a joint venture between
It is no secret that Africa is rich in valuable minerals crucial for economic development, ranging from extensive oil reserves to lush agricultural lands. The continent possesses about 30% of the world’s total mineral reserves, including gold, copper, platinum, cobalt, uranium, lithium, and more, all of which play pivotal roles in diverse industries, from electronics and infrastructure to energy production. What is fascinating is that these mineral riches are not concentrated in one specific region
PETRA Diamonds continued to suffer the effects of declining market prices reporting second tender sales of $40.9m – 49% lower than the first tender sales of its 2024 financial year. However, there are mitigating factors when comparing the two tenders. The previous, the first of the year, was effectively a catch-up as Petra had delayed sales from earlier tenders that occurred in the previous financial year. Carats sold totalled 444,029 carats in the second tender
Zimbabwe’s biggest diamond producer has shifted almost all of its sales to Dubai, targeting cutters, polishers and traders and eliminating middlemen. Zimbabwe Consolidated Diamond Co. has auctioned 4 million carats of stones so far this year in the emirate, up from 850,000 carats for the whole of 2022. The state-owned miner is targeting revenue of $1 billion by 2030, according to Sales and Marketing Manager Enock Moyo. Three auctions held in Dubai have attracted an
The natural diamonds producers should be more aligned in order to improve the management and protection of these resources, said the Minister of Mineral Resources, Oil and Gas. Diamantino Azevedo was speaking in Luanda at the opening of the meeting of the Ad-hoc Committee for the Review and Reform of the Kimberley Process Certification System, where he stressed the need for better organization, from an environmental and management point of view, in order to reduce
