Rough Diamond – Page 52

Vast Resources Explores Potential Marange Mine

Mining company Vast Resources gained access to a section of Zimbabwe’s Marange fields with a view to developing joint operations there with a local community group.

The miner reached an agreement with Red Mercury, a subsidiary of the Marange-Zimunya Community Share Ownership Trust, to carry out due diligence over a two-month period at the Heritage Concession – a 15-square-kilometer area in the Marange fields.

If the concession proves viable, the companies will form a joint venture for exploration, mining and marketing diamonds from the site. Such a partnership would see Red Mercury provide the government-issued mining license, and Vast responsible for procuring funding to develop a mine.

The deal would fall in line with Zimbabwe’s indigenization laws, which require 51% ownership by a designated entity or community-share ownership trust. That law is currently under review, and could change in the next few months, Vast Resources noted.

“Having already agreed on the principal terms of the future joint venture with the MZ Community Trust, we have confidence that once the due-diligence period is complete, subject to final results, we can move swiftly in building a valuable diamond arm of our business, which is mutually beneficial for all stakeholders,” added Andrew Prelea, CEO of Vast.

Earlier this year, Vast signed a memorandum of understanding with Botswana Diamonds to develop Zimbabwe’s diamond resources and share information from past exploration of the region.

“I am delighted Vast has been awarded this exclusive access to part of the famous Marange diamond fields, and we look forward [to] working with them to realize the full potential of this area and others as they begin to emerge with Zimbabwe opening for business,” said Botswana Diamonds chairman John Teeling.

Source: Diamonds.net

ALROSA To Hold Auction Of Large Diamonds In Israel

Alrosa the world’s largest diamond miner, will hold an auction for the sale of special size rough diamonds weighing over 10.8 carats in Israel from August 19 to September 6.

The company will auction 202 gem quality rough diamonds with a total weight of 3,165 carats. About 100 companies from Israel, Belgium, India, Hong Kong and Russia were invited to participate in the auction.

“The end of summer is traditionally a good time for auctions the demand for rough diamonds is growing. It is also relevant for Israel where our goods are always in demand and most local companies specialize in large size rough diamonds. According to all these factors we made changes to our plans and increased the number of stones for the sale. Now we look forward to a high demand for our diamonds and good results of the auction,” said Evgeny Agureev, a Member of the Executive committee, Director of the USO ALROSA.

Under Russian law, diamonds of special sizes weighing over 10.8 carats can only be sold at auctions.

ALROSA will hold another auction in Israel in November.

Source: IDEX Online

Gem Diamonds Recovers 101ct. Stone

Gem Diamonds has unearthed a 100.50-carat diamond from its Letšeng mine in Lesotho, it said Friday.

The white, type IIa stone is the 11th over 100 carats the miner has recovered from the asset so far this year.

Gem Diamonds owns 70% of the Letšeng mine, with the state holding the remaining shares. The company also owns the Ghaghoo mine in Botswana, which it plans to sell.

Source: diamonds.net

95 carat diamond is company’s record sale

Mountain Province Diamonds sold the 95 carat rough diamond but declined to release the sale price.

Zimnisky estimates the 95 carat diamond value at US $2.5 to $3 million dollars. He based this estimate on the selling prices for similar diamonds.

The rough diamond sold for three times the previous highest price it’s ever gotten for a single gem.

The 95 carat diamond was recovered at the Gahcho Kue mine in May, which is located 280 kilometres northeast of Yellowknife.

Lucara Sells Two Huge Diamonds at $32M Tender

Lucara Diamonds have sold two exceptional large rough diamonds at the $32.5 million tender.

The tender included a 327 carat rough diamond that sold for over $10 million USD.

Lucara said the 10 stones ranging from 40.4 carats to a 472.37 carat rough stone a combined 1,453.06 carats, sold for an average price of $22,356 per carat.

The top seller was the 327.48 carat white diamond, which earned $30,900 per carat total $10.1 million.

Another exceptional size 472.37 carat light brown stone also sold but the miner has not publish its price.

Botswana Diamonds picks up high potential kimberlite pipe in South Africa

Botswana Diamonds has been awarded the priority 2.5 ha Mooikloof kimberlite pipe concession. Using recently developed exploration techniques it will re-assess this high potential pipe.

The award of the Mooikloof Prospecting Licence is an important development for Botswana Diamonds.

Mooikloof was last prospected in 1986. The adjacent Oaks mine was owned and successfully operated by De Beers. The Oaks mine had a grade of 53 cpht at a value of $156 per carat.

The large flagship Venetia mine, operated by De Beers, is close by and in the same general geology.

Based on Botswana Diamond’s experience elsewhere, it suspects that past explorers may have systematically under estimated the kimberlite pipe size, grade and diamond quality of the Mooikloof kimberlite.

It will deploy state of the art exploration techniques to reassess the Mooikloof kimberlite, and maybe open another by passed kimberlite pipe development.

Botswana Diamonds has now received the Technical Economic Evaluation Report on the Thorny River Project.

The deposit is between 1.2 and 2 Mt, the grade is between 46 and 74 cpht and carat values between US$120 and $220 per carat.

The Technical Economic Evaluation Report indicated positive economics could potentially be achieved using the top end of the grade and value ranges, assuming additional kimberlite volume of similar grade and value can be defined with further exploration.

While not a Scoping Study as Botswana Diamonds had previously envisaged in the announcements dated 15 February 2018 and 21 March 2018, the Technical Economic Evaluation Report has provided the company’s directors with sufficient information to conclude that the Thorny River Project requires further investigation.

Consequently, the directors are considering the company’s various technical and commercial options, which will be studied simultaneously with ongoing exploration.

Drilling at Ontevreden confirmed the existence of a kimberlite pipe, but showed the pipe to be smaller than the previously indicated geophysical anomaly.

Given Botswana Diamond’s attractive priorities elsewhere, it now proposes no further work on Ontevreden.

“Significant progress has been made on our joint venture projects in South Africa,” comments Botswana Diamonds chairman, John Teeling.

“Analysis shows that a mine on the Thorny River deposit could be profitable assuming positive results from additional exploration. Now we must refine the volume, grade and value estimates while working on the mining model.

“But modern mineral exploration technology is not a magic bullet. Modern geophysics indicated a 0.7 ha pipe at Ontevreden. Our drilling confirmed a smaller pipe, which is not currently commercial”.

Source: miningreview

Zimbabwe Forecasts Surge in Diamond Output

Zimbabwe’s rough diamond production will more than triple to 11 million carats in 2025, according to the nation’s state-owned mining operation.

Output will grow at an average of 21% per year from 3 million carats in 2018, a spokesperson for the Zimbabwe Consolidated Diamond Company (ZCDC) told Rapaport News Monday.

“This growth is anchored on investment of around $400 million across the entire diamond value chain in the next five years,” the spokesperson said.

In addition, the ZCDC named Killiam Ukama, an engineer, as the chairman of the ZCDC’s new board.

The ZCDC produced 1.8 million carats in 2017 from the controversial Marange diamond fields, where security forces killed more than 200 illegal workers in 2008. The company suspended sales for nine months last year as it carried out a restructuring, and resumed tenders in the first quarter of this year.

Source: diamonds.net

Lucara Diamond Corp. Finds 327-Carat Top White Gem At Karowe Mine

Lucara Diamond Corporation has recovered a 327 carat top colour gem diamond from its one hundred percent owned Karowe diamond mine in Botswana.

Eight rough diamonds larger than 100 carats have now been recovered at Karowe since the beginning of the year, including a 472 carat rough diamond announced earlier this month.

De Beers to Sell Diamonds from Artisanal Miners

De Beers announced plans to work with artisanal miners in Sierra Leone to ensure their diamonds are ethically sourced and sold at a fair price on its auction platform.

The company has partnered with the Diamond Development Initiative (DDI) on the project, known as GemFair, which is set to launch a pre-pilot phase this month. GemFair will provide tracking technology to artisanal and small-scale miners (ASM), aiming to create a secure and transparent route to market for their diamonds, De Beers said in a statement last week.

“The ASM sector represents a critical income source for many poverty-affected communities,” said De Beers CEO Bruce Cleaver. “However, due to parts of the sector being largely informal and unregulated, it lacks access to established international markets and the ability to derive fair value for participants.”

De Beers hopes the new project will help grow acceptance and prospects for artisanal miners, in addition to creating a new supply source for the company, Cleaver added.

Miners who want to participate in the program need to receive certification from the DDI as well as from GemFair. Participants will then be given a diamond “toolkit,” which includes technology enabling them to digitally track all stones throughout the supply chain.

Once the initiative is operational, GemFair will begin buying stones from participating miners, which will then be sold via De Beers’ Auction Sales channel.

De Beers has not set a date for the pilot’s completion, but hopes to make the first purchase later this year.

Source: Diamonds.net

Third largest diamond ever for Lucara Diamonds

Karowe diamond mine located in Botswana has recovered a 472 carat, top light brown gem diamond.

The Rough Diamond will be sold with other exceptional stones recovered this year as part of the first large stone tender in 2018.

In 2018 The Karowe mine will focus on the high value south lobe area which consistently delivers, large high quality diamonds in excess of 10 carats in size.