Trade union Uasa has signed a five-year wage agreement with the management of the Cullinan mine, owned by London-listed Petra Diamonds. The agreement, effective from July 1, 2023, to July 1, 2028, stipulates a 5.5% or consumer price inflation (CPI) increase for entry-level (C Lower) employees for the first three years and a 6% increase in years four and five. C Upper employees will receive a 5% or CPI increase annually for the first three
De Beers has lowered its production plan for 2024 by 3 million carats in response to the diamond market’s ongoing downturn and following a decline in first-half sales and profit. The miner expects to recover 23 million to 26 million carats of rough this year, compared with an earlier forecast of 26 million to 29 million carats, parent company Anglo American said Thursday in its interim results. Production was 31.9 million carats in 2023. The
De Beers has sold an iron-ore interest in Australia as part of its efforts to streamline the business and offload noncore units. The company has entered into a definitive agreement to sell a royalty right related to the Onslow Iron project in West Pilbara, it said Monday. Taurus Funds Management will acquire the subsidiary company, De Beers Exploration Australia, for $125 million in cash up-front and up to $25 million at a later stage. De
Diamond miner De Beers’ new rough diamond sorting, valuation, and sales building, Sky Park, in Johannesburg, has received multiple prestigious green ratings from the Green Building Council of South Africa (GBCSA). The building has earned a five-star interior green rating and two four-star green building ratings. These ratings were awarded for sustainable design elements proposed and approved by the GBCSA, as well as the ‘As-Built’ rating, which evaluates the use of green and sustainable materials
ASX-listed Lucapa Diamond Company has successfully sold six diamonds from the Lulo mine in Angola for $12.4 million in a special tender. The diamonds, totaling 447 carats, included five white Type IIa diamonds and one pink diamond. The average price per carat was approximately $27,700. Managing Director and CEO Nick Selby expressed satisfaction with the tender results, stating, “Our alluvial project in Angola consistently delivers exceptional diamonds that remain in high demand across all market
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
