Diamond - Copperbelt Katanga Mining

DRC Minister of Mines Reports on Framework Agreement Negotiation with Africa Diamonds Exchange 1

During the Council of Ministers on Friday, July 19, Minister of Mines Kizito Kapinga Mulume provided an update on the negotiation of the Framework Collaboration Agreement between the Mining Fund for Future Generations (FOMIN) and the Africa Diamonds Exchange (ADEX), a Swiss-incorporated company. A delegation from the Ministry of Mines, including representatives from FOMIN, CEEC, and CTCPM, visited Zurich from May 26 to June 2, 2024. They reached an agreement on establishing ADEX RDC SA, a new collaboration framework between FOMIN and ADEX to negotiate the Framework Collaboration Agreement in… Read More Here

International Diamond

De Beers Group Reports 21% Revenue Decline Amid Challenging Market Conditions

July 31, 2024July 31, 2024 Constance

De Beers Group has announced a 21% decrease in revenue for the first half of 2024, highlighting the impact of a global decline in diamond demand and increased competition in the industry. According to the financial report, total revenue dropped from $2.8 billion in H1 2023 to $2.2 billion in H1 2024. The company also experienced a 22% year-on-year decrease in total rough diamond sales. While the global realized price for diamonds remained stable, adverse market conditions significantly affected the company’s performance. Economic challenges in China have resulted in low… Read More Here

Mining in DRC Diamond Drilling

Mobilisation of Diamond Core Drill Rigs to the Bisie North Projects

July 30, 2024July 30, 2024 Constance

Rome Resources Plc (AIM: RMR) provides an update on drilling operations at the Company’s flagship project located in the North Kivu province in the Democratic Republic of Congo which comprises the Kalayi prospect, the Mont Agoma prospect and the Mont Agoma Northwest prospect (together the “Bisie North Projects”) The Company is pleased to announce that it has commenced the mobilisation of the first of three diamond core drill rigs to be used in the first week of August 2024 at sites identified and prepared by the Company at the Bisie… Read More Here

International Diamond

Botswana Proposes New Law Requiring Local Stake in Mining Operations

July 26, 2024July 26, 2024 Constance

Botswana is proposing a new law that mandates mining companies to sell a 24% stake in their operations to local citizens or citizen-owned companies once a license is granted, should the government choose not to exercise its option to acquire the shareholding. Botswana, renowned for its rich natural resources, particularly diamonds, saw its diamond production valued at $3.28 billion in 2023, making it the leading diamond producer in Africa and the second globally, only behind Russia, which had a production value of $3.60 billion. The proposed amendment to the existing… Read More Here

Mining in DRC Diamond Economy

DRC to Establish Joint Company for Local Diamond Processing and Jewelry Manufacturing

July 21, 2024July 21, 2024 Constance

The Democratic Republic of Congo (DRC) is set to establish a joint company dedicated to the local cutting and polishing of diamonds and colored stones, as well as jewelry manufacturing. This initiative was announced on Tuesday, July 16, following a meeting between Kizito Pakaboma, head of the Congolese mining sector, and Teit Ritzau, Managing Director of the Swiss firm Adex Platform, an international consortium specializing in diamonds and precious stones. According to the Ministry of Mines’ communications unit, the Adex Platform AG delegation presented a report detailing the progress of… Read More Here

International Diamond

Anglo American Contemplates Further Diamond Production Cuts Amid Market Challenges

July 20, 2024July 20, 2024 Constance

Anglo American (LON: AAL) announced last week that it is considering additional cuts to diamond production due to ongoing market challenges, complicating its plans to sell its De Beers unit as part of a significant business overhaul. The restructuring plan was announced in May following the successful rebuttal of a $49 billion takeover approach from BHP (ASX: BHP), the world’s largest miner. The plan includes the sale or divestment of its 85% stake in De Beers, the world’s largest diamond producer by value, to focus on copper, iron ore, and… Read More Here

Mining in DRC Diamond

DRC: Former Kasai Governor Accused of Diamond Smuggling

July 14, 2024July 14, 2024 Constance

Former Kasai Governor Dieudonné Pieme Tutkot is embroiled in a mining smuggling scandal, facing accusations of illicit diamond trafficking, as reported by MINES.CD from a reliable source. The former provincial executive allegedly engaged in this illegal mineral exploitation for several years. Reports indicate he purchased a dredge using taxpayer funds, stored in a safe. “We worked for several months without knowing the number of diamonds involved. The ex-governor’s associate, with whom we collaborate, has a safe. It was only at the end of his term that he opened it to… Read More Here

Mining in DRC Artisanal mining Diamond

Mayor of Mbuji-Mayi Cracks Down on Illegal Diamond Mining in Residential Areas

May 31, 2024May 31, 2024 Constance

In Mbuji-Mayi, the capital of the Kasaï-Orientale province in the Democratic Republic of Congo (DRC), an old practice has resurfaced: artisanal miners are digging for diamonds in residential plots. The consequences of such mining have prompted the town’s mayor to issue a stern warning to those involved. After conducting a raid, Jean-Marie Lutumba, Mayor of Mbuji-Mayi, condemned the illicit exploitation, which is reportedly occurring with the complicity of certain members of the FARDC (Armed Forces of the DRC) and the police. “I have invited the head of the hydro mine… Read More Here

Mining in DRC Diamond

Diamond Market Crisis Hits Mbuji-Mayi – Prices Plummet

May 20, 2024May 20, 2024 Constance

The diamond market is experiencing a dramatic downturn In Mbuji-Mayi, the capital of the Kasai-Oriental province. Recently, the price of a carat of diamond has dropped from $2 to less than $1. This significant price fluctuation in the Democratic Republic of Congo’s diamond capital is driven by the forces of supply and demand. “Prices rise with demand and the quality of the merchandise,” noted Dieudonné Kalala, president of the provincial diamond council, as reported by UN radio in the DRC. He explained that international market demands directly impact local buyers… Read More Here

International Diamond

Lucapa to sell majority stake in Lesotho diamond mine

May 17, 2024May 17, 2024 Constance

Australia’s Lucapa Diamond (ASX: LOM) has put its 70% stake in the Mothae mine in Lesotho up for sale to focus on its core assets and is discussing options for the 30% held by the country’s government. The diamond miner’s board said it was “considering all options for the divestment” and finalizing a data room for interested parties. “On review, it is clear the company should streamline the portfolio to focus on our core assets in Africa and Australia,” chairman Stuart Brown said in the statement. “The company’s collaboration with… Read More Here