DE Beers will go ahead with a planned $1bn investment to extend the life of its flagship Jwaneng mine in Botswana, said Reuters citing the diamond firm’s CEO Al Cook. The investment would proceed even as the 2023 downturn in gem demand persisted, the newswire added. The Anglo American unit and the Botswana government, which jointly own Debswana Diamond Company, have approved the spending that will convert the Jwaneng pit into an underground operation, said
De Beers made big cuts to its diamond prices as the world’s top producer tries to revive gem sales after the market ground to a halt last year. The industry almost came to a complete standstill in the second half of 2023 as the two biggest miners all but stopped supplies in a desperate attempt to stem a collapse in prices. While those efforts helped the market to pick up a bit, it’s unclear how
Diamond mining company Lucara Diamond has executed amended documentation related to its senior secured project financing debt package, initially established in July 2021 at a value of $220-million. While the total amount of the facilities remains unchanged, Lucara has extended the repayment profile in accordance with the rebase schedule released on July 17 last year. This adjustment aligns with the company’s aim to continue the development of the Karowe underground expansion project (UGP). The funding
Debswana Diamond Company, the mining joint venture between the Government of the Republic of Botswana and De Beers Group, last week announced that its Board has approved the commencement of the Jwaneng Underground Project’s crucial phase, which is the Exploration Access Development. The Jwaneng Underground Project is implemented in four phases; being, Early Works (which started in 2022); Exploration Access Development, Phase 1 Mining and Phase 2 Mining. The Board’s approval for the second phase
The National Diamond Company of Angola (Endiama) is quantifying the assets, heritage and reserves of all companies and concessions linked to the group, with part of the process for the dispersion of its capital on the stock exchange, starting in 2027. The information was provided by the chairman of the company’s Board of Directors, Ganga Júnior, in an interview given to the publication “The Energy Year”, in which he presented an overview of the company’s
De Beers has recorded the lowest rough diamond sales in two years, with the company’s CEO Al Cook attributing the poor sales to macroeconomic challenges.The Anglo-American company says it sold US$80m worth of rough diamonds for circle 9, which covers the period 4 October to 3 November 2023.In cycle 8, from 18 September to 3 October 2023, the rough diamond sales were US$200m, while in cycle 7, between 14 and 29 August 2023, the sales
The Minister of Mineral Resources, Oil and Gas (MIREMPET) stated, last week, in Luanda, that the Executive will continue to prioritize the carrying out of geological research, aiming to maximize profits in the various subsectors of the Extractive Industry. Diamantino Azevedo, who was speaking during the New Year’s greetings ceremony, highlighted that the research had a significant impact on the efficiency of prospecting and exploration projects carried out in 2023, especially in the diamond sector. “This important
De Beers has released its sales schedule for this year, with plans to hold the usual 10 sights across the 12-month period. The miner sells most of its rough to sightholders through a contract system under which clients make certain purchasing commitments in return for consistent supply. Over the last few cycles, the company has allowed sight holders to buy fewer goods amid oversupply issues and weak demand, aiming to rebalance the market. De Beers
Sociedade Mineira Yetwene, situated in Lucapa, Lunda-Norte, has unveiled plans to significantly boost its diamond production, aiming to escalate its monthly output from three thousand to an impressive 19 thousand carats starting in the first half of 2024. The acting general director of the company, Bento Augusto, revealed the strategic move, facilitated by the introduction of new processing units. Augusto disclosed that this production expansion has been made feasible through substantial investments in acquiring cutting-edge
Diamond miner Petra Diamonds is implementing a series of changes to streamline and enhance the efficiency of its board in 2024. Upon the implementation of these changes, Petra’s board will shrink from eight to seven directors, down from ten directors just before the company’s annual general meeting in November. Petra emphasizes that these adjustments, though modest, are integral to the ongoing cost-saving initiatives being executed across the group. They aim to provide increased flexibility in
