Loucas Pouroulis bows out 15-year stint at Tharisa
THARISA founder Loucas Pouroulis is stepping down from the board after more than 15 years as chair, handing the role to lead independent director Carol Bell. Pouroulis, who has…
Gemfields takes $125m hit at Montepuez ruby mine
GEMFIELDS expects to report a $73.5m loss for the six months to June after taking a $125.2m impairment against its Montepuez ruby mine in Mozambique, where it recovered fewer…
Botswana rules out reckless De Beers spending
BOTSWANA will not compromise its financial stability to increase its stake in De Beers, said Bloomberg News citing the country’s vice president Ndaba Gaolathe. The country, whose…
Rare gemstones gain favour as supplies tighten
A SHRINKING supply of natural gemstones is pushing collectors and jewellers beyond the traditional favourites that have dominated the market since the Second World War, driving…
Can this lowly priced uranium project make big bucks?
A largely unknown mining junior listed on the London Stock Exchange – Neo Energy Metals, whose current share price is less than 1 pence – is on the point of finalising a deal…
How Anglo American squandered De Beers’ brand power
QUESTION: What would you call a company valued at $18bn in 2001, $12.75bn in 2011, that is now finding no buyers at $1bn? Something to ponder. Allow me to take a step back.…
Can De Beers make diamonds forever again?
So … diamonds are forever, you say. Are we sure about that? The diamond market has, over the past few years, seen a cataclysmic shift that threatens its foundations to the core…
Diamonds to stay in Anglo Teck until anti-trust approval
IT was goodbye. As chair Stuart Chambers opened the interim results presentation recently for Anglo American, which is due to merge with Canada’s Teck Resources, he said: “I have…
SA power pricing shake-up set for public comment
SOUTH Africa is proposing its biggest overhaul of electricity pricing policy in almost two decades, with reforms designed to give commercial and industrial customers greater…
SA’s illegal miners face R100m fines, 30 years jail
ILLEGAL miners could be fined up to R100m and jailed for up to 30 years under legislative changes designed to tackle South Africa’s illicit mining crisis, said News24 on Tuesday.…
Petra to sell Finsch after failing to save diamond mine
PETRA Diamonds is to close Finsch mine in South Africa’s Northern Cape after business rescue practitioners found there was no way to save the business. As part of a five-point…
Anglo boss admits diamond industry misread lab-grown threat
ANGLO American CEO Duncan Wanblad acknowledged De Beers and the wider diamond industry underestimated the disruption caused by laboratory-grown gems, the Financial Times reported…
Anglo not exclusive with any buyer for De Beers, says CEO
ANGLO American had not entered into an exclusive agreement with any of the bidding consortiums for De Beers, said the group’s CEO, Duncan Wanblad. “We are not exclusive with any…
Petra Diamonds secures R300m loan amid Finsch rescue
PETRA Diamonds said it had secured R300m from a senior lender for working capital while it finalised business rescue for its currently suspended Finsch mine. Commenting in the…
Anglo’s diamond pain deepens as prices sink 32%
THE crisis in the diamond market appears unrelenting, with Anglo American disclosing in a production report on Thursday that average prices for uncut gems plummeted 32% during…
Botswana weighs options as Anglo picks De Beers bidder
ANGLO American has identified a preferred bidder for its 85% stake in De Beers, leaving Botswana to decide how it will exercise its right of first refusal, Reuters quoted a…
Why De Beers opted to shut Venetia diamond mine
DE Beers is preparing to shutter South Africa’s largest diamond mine for two years, threatening thousands of jobs and removing roughly two-fifths of the country’s diamond…
Anglo knocked as key De Beers bidder pulls interest
ANGLO American’s auction of its storied diamond division De Beers has turned out to be a bit of a dog show, with many of the potential bidders apparently dropping out amid…
De Beers to halt Venetia mine for two years
DE BEERS plans to suspend production at its Venetia mine in South Africa for two years, as the diamond producer battles one of the toughest downturns in the industry’s history,…
Amid the gloom, De Beers sees glimmer of hope
SHOPPING for platinum jewellery, especially of the bridal variety, has become more expensive in the past year thanks to the 35% improvement in the metal’s price. But for a good…