Over the last five years, Angola’s National Diamond Company has invested a total of six million US dollars in the Lucrécia Paím maternity hospital, to improve maternal and neonatal care in that unit, which is dedicated to the medical monitoring of pregnant women until the end of their pregnancy, as well as the care of parturients. The financial support is part of its social responsibility and is the result of a memorandum signed in May
When the world’s most important diamond buyers arrived at De Beers’ offices in Botswana late last month, they were presented with a rare offer by their host: the option to buy nothing at all. De Beers markets its rough diamonds in a series of tightly scripted sales, where handpicked buyers are normally expected to take all their contracted allocations at a price set by De Beers, or face potential penalties in the future. But with
The ASX-listed Lucapa Diamond Company and its partners, Endiama and Rosas & Petalas, have recovered a 235 ct diamond at their Lulo mine in Angola. Not only is it the second-largest diamond to be recovered at the mine since operations started in 2015, but it follows only a week after the recovery of a 208 ct diamond at the mine. The 235 ct diamond was recovered from Mining Block 550, which is immediately south of
Botswana is conducting due diligence on HB Antwerp, as the world’s top diamond-producing country by value seeks to finalize a deal to acquire a 24% shareholding in the Belgian gem trader, President Mokgweetsi Masisi said on Monday. At the height of talks for a new sales contract with De Beers in March, Botswana announced a deal to become a shareholder in HB Antwerp and to supply the trader with 10% of the rough diamond output
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
