Stornoway Diamond Corporation (TSE:SWY) reports that SNC-Lavalin Inc. has been awarded the lead contract for the preparation of the Renard Diamond project feasibility study. SNC-Lavalin is an international engineering and construction firm headquartered in Montréal, Québec. CEO and President of Stornoway Diamond, Matt Manson says: “The award of the lead contract for the Renard Feasibility Study [...]
Stornoway Diamond (TSE:SWY) reports an update on activities within its portfolio of Canadian diamond exploration projects. Currently, Stornoway’s principal focus is the completion of a Feasibility Study at the 50% owned Renard Diamond Project in North Central Quebec, and an associated step-out drill program at Renard (see Stornoway Press releases dated July 22, 2010 and August 26, 2010). [...]
Diamond mining firms looking to cash in on higher prices and increased demand for stones are starting to ramp up production. The one major company that is curtailing operations, De Beers, is cutting production 5 percent per year for 5 years to increase mine life.
As the diamond market slowly returns to pre-crash levels companies looking to increase profitability are calling upon their countries to change tax codes to be more favorable to the diamond market. Other countries that are looking to capitalize on mineral wealth are imposing new tax regulations on mining operations to benefit their nations.
Ahead of the JCK Jewelry Show in Las Vegas, new US sales and demand numbers look promising. Imports of both rough and polished stones rose, as well as increased sales numbers from Tiffany & Co. Also, a wrap up of news from diamond mining companies, including the deal between Petra Diamonds and De Beers.
Petra Diamonds has announced the completion of its transaction with Stellar Diamonds for its Kono Project Divestment located in Sierra Leone. The initial announcement was on May 4 when Stellar issued 4.5-million shares to Petra at £0.20 a share. Click here to access the entire Press Release
Diamond mining company Namdeb has reported a loss before taxes of $74 million (NAD 555 million) for 2009. This was due to the global recession where sales revenue fell 40 percent. Namdeb Managing Director, Inge Zaamwani-Kamwi is quoted saying: “Diamond sales revenue at N$ 3, 37 billion is 40% lower than in 2008 as a [...]
Zimbabwe’s approved rough diamond export to Dubai is raising Jewelers of America’s concern. To prevent any future problems JA President Matthew A. Runci decided to call Kimberley Process (KP) to not authorize any further shipments of goods originating from the Marange until corrective measure have been taken. The news added the information: Following this development, [...]
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 [...]
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 [...]
Thursday, September 30, 2010