De Beers expects shareholder support for ‘hugely accretive’ deal
DIAMOND contracts are not, it seems, forever — unfortunately for De Beers. By the time the Anglo American firm brings a new marketing deal for shareholder approval, probably at Anglo’s AGM next year,...
View ArticleDe Beers rough diamond sales fall 42% for seventh cycle
DE Beers reported a 42% decline in rough diamond sales for its latest cycle of the year which it put down to macroeconomic and seasonal factors. Seventh cycle sales totalled $370m compared to sales of...
View ArticlePetra Diamonds keeps faith in diamond market deficit as production ramps up
The question hanging over Petra Diamonds’ plans to ramp up output by 1.3 million carats over the next three years is whether this production is going to coincide with a structurally weaker diamond...
View ArticleDe Beers concludes diamond agreement with Botswana Govt.
DE Beers and Botswana’s government finalised a new diamond sales agreement including a new 10-year sales agreement, said Bloomberg News citing an announcement on Sunday. In addition to the sales...
View ArticleDe Beers suspends online tenders as diamond sales fall to $200m
DE BEERS will suspend online rough diamond sales and plough $20m into marketing gems ahead of the critical year-end buying season. The Anglo American-controlled firm also said it had reduced its rough...
View ArticlePetra sales fall as diamond market continues to falter
PETRA Diamonds continued to suffer the effects of declining market prices reporting second tender sales of $40.9m – 49% lower than the first tender sales of its 2024 financial year. However, there are...
View ArticlePetra defers $65m in capex at SA mines as diamond inventories rise
PETRA Diamonds is to defer $65m of its capital extension programmes at the Cullinan and Finsch mines with immediate effect but will not spell out the medium term impact on future production levels at...
View ArticleAre diamonds for Anglo? De Beers’ slump raises questions
IN 2022, Petra Diamonds CEO Richard Duffy said the market for diamonds was undergoing a positive “structural change”. It was not a “bubble or a blip”. Rather, fundamental market forces of declining...
View ArticleDe Beers’ sales fall to $80m as diamond miner waits on destock
ROUGH diamond sales shrank to $80m for De Beers’ penultimate sales cycle for 2023 as the Anglo American company limited supply in response to continued depressed economic conditions. Rough diamond...
View ArticleLucapa ices Merlin feasibility study as diamond market bites
LUCAPA Diamonds has iced its Merlin feasibility study owing to a decline in diamond prices, saying that it was weighing low cost alternatives. The project, acquired in 2021 for A$8.6m, was forecast to...
View ArticleDe Beers signs five year wage deal with NUM
DE BEERS on Thursday announced a five year wage deal with the National Union of Mineworkers (NUM) for employees at its Venetia Mine and De Beers Sightholder Sales South Africa. The agreement followed...
View ArticleGEM ends haulage contract with Lesotho prime minister’s company
GEM Diamonds has chosen to end a long-standing contract with a load and haul company serving its Letšeng mine in Lesotho after the supplier’s owner Sam Matekane was elected prime minister of the...
View ArticlePetra increases credit facility to counter ‘lower-for-longer’ market
PETRA Diamonds has increased its revolving credit facility by R750m to a total of R1.75bn in preparation for a “weaker-for-longer diamond” market, the company said. Richard Duffy, CEO of Petra, said in...
View ArticlePetra says buyer may save SA’s historic Koffiefontein mine
THE historic Koffiefontein diamond mine in South Africa’s Free State province could be granted a new lease on life after owner, the UK-listed Petra Diamonds said it was in negotiations with a potential...
View ArticleDe Beers to spend $1bn on Jwaneng expansion
DE Beers will go ahead with a planned $1bn investment to extend the life of its flagship Jwaneng mine in Botswana, said Reuters citing the diamond firm’s CEO Al Cook. The investment would proceed even...
View ArticleLucara brings Karowe expansion back from brink with new debt deal
LUCARA Diamond said on Wednesday it had secured finance for the completion of the $683m underground expansion of its Karowe diamond mine in Botswana. This was after announcing last year that technical...
View ArticleDiamond imports on the rise in December as mid-stream restocks
INDIA’S rough diamond imports more than tripled in December suggesting a turn in fortunes for the embattled sector. Morgan Stanley said in a report on Monday diamond imports increased 255% last month...
View ArticleCautious Duffy tight-lipped Petra’s capital growth plans
PETRA Diamonds remained “on track” to meet its production guidance of 2.9 million carats to 3.2m carats for the year to end-June 2024, but CEO Richard Duffy provided no update on the group’s longer...
View ArticleDe Beers warns diamond price recovery to take “some time”
A RECOVERY in the diamond market would “take time”, said Al Cook, CEO of De Beers which on Wednesday announced first cycle sales of $370m – 18.5% less than the $420m in first cycle sales last year....
View ArticlePetra capital plans target positive cash flow in 2024/25 financial
PETRA Diamonds would be free cash flow negative in the short-term, especially as the diamond market remained volatile, but a restructure of its capital projects would deliver a smoother capital...
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