Stellar Diamonds PLC, mainly West Africa-focused, has now acquired Petra Diamonds’ Kono kimberlite project in diamond-rich Sierra Leone. Stellar CE Karl Smithson is quoted saying: “This is in line with the company’s growth strategy focused on the development of its kimberlite projects in West Africa. We also welcome Petra as a significant shareholder in Stellar [...]
Far West Mining Ltd. (FWM) has reported the results from its twenty diamond drill holes at Santo Domingo. After the new set of holes were drilled they found out that the mineralization extends between sixty and seventy meters further. This is higher than the first interpretation which means that it will add tonnage to a [...]
Botswana has exported a total of $476.9 million worth of diamonds in the Q1 of 2010 which is a 48.4 percent decrease compared to how much were exported in 2008. The press release is quoted as saying: More than half of the quarterly exports, $252.6 million, were in January, according to figures released last week [...]
Major Diamond suppliers like Diamond Trading Company (DTC), bids at BHP Billiton’s spot market, and major rough diamond suppliers, offering Angolan and DRC goods have raised prices. The DTC raised prices by 4-5 percent on average, estimated at $470-$480 million. The press release is quoted as saying: In the case of the DTC, when comparing [...]
Vaaldiam Mining Inc. (‘Vaaldiam’ or ‘the Company’) (CA:VAA 0.30, -0.01, -1.64%) and Base Iron Ltd. (‘BIL’) (ASX: BSE) announce that BIL successfully completed two key ‘conditions precedent’ for the acquisition of the Kwale Mineral Sands Project from Vaaldiam. This was previously announced in February 2010. The Government of Kenya has approved the transaction after seeing [...]
Edgewater Exploration Acquires Red Back Mining’s Enchi Gold Project, Ghana Mr. Edward Farrauto, President and CEO of Edgewater Exploration Ltd. (“Edgewater” or the “Company”)(CA:EDW 0.75, +0.14, +22.95%) announces its option agreement with Red Back Mining Inc. (“Red Back”) (CA:RBI 25.30, +0.48, +1.93%). Edgewater will then get an undivided 51% interest in Red Back’s legal and [...]
Petra Diamonds announces its finalized agreement with Stellar Diamonds plc (“Stellar”) to exchange its interest in the Kono Diamond Project (“Kono”) in Sierra Leone for shares in Stellar, the project’s joint venture partner. As a result, Petra will become a 4.45% shareholder in Stellar and Divestment of Petra’s interest in Kono for £900,000, to be [...]
IGE Resources AB (OSE: IGE) announced that the Company has raised NOK 31.0 million of new equity in a private placement. Earnings will be contributed to expand IGE’s diamonds operations in Southern Africa. The press release is quoted as saying: “The Private Placement was subscribed by a group of investors led by Ulrik Jansson, who [...]
The days of De Beers dominance of the worldwide diamond market may be over as Alrosa, Russia’s diamond giant, is the new King. Anglo-American may be looking to publicly list De Beers in London and Botswana, as well as selling shares of the under-performing company. Healthy sales numbers from world production centers and increasing imports to the US are making for a strong 2010.
Can the diamond market look forward to a complete recovery by end-2010? There are some in the sector who express confidence that the worst is over, and that prices for uncut as well as polished, have bottomed out. 2010 looks good, they say. Yet there are others who differ in opinion.
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