Diamond News Archives

(IDEX Online) - The CEO of Kareevlei, the South African mine owned and operated by BlueRock Diamonds, is reportedly stepping down after output was badly hit by rain.

It hampered access to high-quality kimberlite, forcing the mine to use lower grade ore and delaying roll-out of its mining development plan.

Processing production was down by 36 per cent - or 400,000 tonnes - on forecasts for April and May, the worst-hit months. Rainfall for January to May was 22 inches - double the average for an entire year.

Teichmann Group, the construction, mining and agriculture conglomerate that is a major shareholder in UK-based BlueRock, is taking a more direct management role, according to a Mining weekly report.

As a result of its intervention, current Kareevlei CEO Meiring Burger will step down on July 31.

"While it is of course disappointing to report the problems caused by the continuing wet weather at a time when we expected to be operating at near capacity, the safety of our personnel and equipment is our foremost obligation," BlueRock executive chairman Mike Houston said last month.

"As we finally move into drier weather, I am pleased to report operations are improving rapidly, which will enable us to take advantage of the buoyant market."

Pic shows processing plant at Kareevlei, in drier times....

(IDEX Online) - Mountain Province Diamonds says total revenue for the last quarter were $76m - the second highest in the company's 36-year history.

The Canadian diamond miner, which operates Gahcho Kue (pictured), in Northwest Territories, in a joint venture with De Beers, said the market remained strong and it was on track with its refinancing and strategic objectives.

It sold 586,763 carats in Q2 2022, a 16 per cent increase on the previous quarter. Revenue was up 14 per cent on the quarter.

Average price per carat was US$130 reflected unprecedented price growth during the Q1/22, the company said.

"The rough diamond market continues to experience strong demand supported by solid US retail results," it said in a statement.

"Further support to the market is anticipated from jewellery retail in China as Covid restrictions ease in that country."

The ramp up following Covid-19 had been slower than planned, it said, but things were improving....