In 2023, Angola secured the fourth position on the list of the world’s top ten diamond producers, generating $1.55 billion from the sale of 9.8 million carats. According to the Ministry of Mineral Resources, Oil and Gas, Angola trailed only Russia, Botswana, and Canada, based on information from the Kimberley Process. Notably, eight of the ten countries in the ranking are African, including Botswana, Angola, South Africa, Namibia, Zimbabwe, Lesotho, Sierra Leone, and the Democratic
Petra Diamonds’ sales rose 13% for the full fiscal year as the miner recovered a higher proportion of rough and sold goods it had held over from the previous period due to low demand. Revenue increased to $366 million for the 12 months that ended June 30, the company reported Tuesday. Sales volume grew 36% to 3.2 million carats. The company, which operates the Cullinan and Finsch mines in South Africa as well as the
Botswana’s mineral sector is expected to experience slower growth in 2024 compared to the previous year, primarily due to a decline in diamond production. On July 13, the International Monetary Fund (IMF) revised Botswana’s growth forecast for 2024 from 3.6% to 1%, as reported by Mines.cd. This decline is anticipated to lead to a budget deficit increase from 3.45% to 6%, attributed to reduced revenue from mineral resources. In response to these challenges, the IMF
Anglo American (LON: AAL) announced last week that it is considering additional cuts to diamond production due to ongoing market challenges, complicating its plans to sell its De Beers unit as part of a significant business overhaul. The restructuring plan was announced in May following the successful rebuttal of a $49 billion takeover approach from BHP (ASX: BHP), the world’s largest miner. The plan includes the sale or divestment of its 85% stake in De
Namibia’s historic Elizabeth Bay Mine, surviving through wars and economic downturns since the early 1900s, faces new challenges amid ownership disputes between local entity Sperrgebiet Diamond Mining and Zimbabwean investor RioZim. Initially commissioned by Deutsche Kolonialgesellschaft Sudwestafrika in 1909, the mine has seen multiple operational halts, most recently in 2018 when Namdeb Holdings ceased operations due to strategic misalignment. Acquired by Lewcor Group in 2020, hopes were high for its revival, but financial woes and
Lucapa has intensified its search for the primary source of rough diamonds that supply the Lulo mine in Angola by sampling kimberlites from the nearby Cacuilo River. The miner has identified the area beneath and near the Cacuilo River as a key priority for sampling, believing that the water body carried diamonds from a nearby “mother lode” into Lulo’s alluvial pit. However, severe flooding of the river has previously limited access to this area for
De Beers is expanding its flexibility for this month’s sight as the miner responds to the market downturn by limiting supply rather than lowering prices. The company informed clients last week that sightholders could remove certain goods from their allocations of rough diamonds and request larger buybacks than usual. The July sight, beginning next Monday, occurs amid rising inventories and falling prices in the polished diamond sector, particularly in India. De Beers’ customers expect the
Angola secured fourth place among the world’s ten largest diamond producers in 2023, generating $1.55 billion from the sale of 9.8 million carats, according to JA Online. This ranking places Angola behind only Russia, Botswana, and Canada, as reported by the Ministry of Mineral Resources, Oil, Gas, and Biofuels on Facebook, citing data from the Kimberley Process. Notably, eight of the top ten diamond-producing countries are African, including Botswana, Angola, South Africa, Namibia, Zimbabwe, Lesotho,
London-listed Petra Diamonds has generated $38 million in revenue from its seventh tender cycle of the year, selling 337,064 carats. This brings the company’s total revenue for the 2024 financial year to $366 million, with 3.15 million carats sold, up from $324 million and 2.32 million carats sold in the prior year. Despite a 13% increase in revenue compared to the previous financial year, average prices were lower at $116 per carat for the reporting
Diamond producer Diamcor Mining has successfully closed the second and final tranche of its non-brokered private placement, raising an additional C$600,300 and bringing the total proceeds to approximately C$2 million. The company had previously announced the closing of the first tranche on June 4, which raised about C$1.4 million. Insiders, management, directors, and significant shareholders collectively subscribed for around C$1.37 million of the offering. In total, Diamcor will issue approximately 40 million units at a
