Mining Weekly reported the transfer of ownership of Namaqualand diamond mines to Trans Hex (JSE:TSX) is imminent.
De Beers is set to cut jobs in Botswana, which might send a shiver down the diamond industry's spine, but India has made clear its intention to source diamonds directly from Botswana. Better sense has prevailed, and Botswana has recognized that it would be wise to diversify the sellers of its famed diamonds, rather than just go through De Beers.
De Beers Group declared that it was going to keep Namaqualand Mines open, though at a reduced level, and would try to sell it when market conditions improved. For full story, click here
Mining Weekly reported that Trans Hex had entered into exclusive discussions with De Beers Consolidated Mines (DBCM) to “explore options” for the latter’s Namaqualand diamond operation. For full story, click here For Trans Hex’s website, click here
Wednesday, October 26, 2011