The De Beers Group released its production results for the second quarter earlier this month, reporting that its rough diamond production was down 14 percent to 7,7 million carats recovered. Mine closures, lower grades and planned maintenance schedules affected many of De Beers mines.
Production at the Debswana mine in Botswana fell 9 percent to 5.7 million carats due to a planned plant shut down. De Beers reported that its Namibia production dropped 35 percent to 0.3 million carats, due to the Elizabeth Bay transitioning onto care and maintenance in the fourth quarter of 2018 and planned maintenance for the Mafuta crawler vessel.
In Canada, De Beers said production was down 9 percent to 1.1 million carats due to planned lower grades at Gahcho Kué. Production at the Victor mine, which closed earlier this year, decreased to 0.2 million carats.
South Africa (DBCM) production decreased by 44 percent to 0.6 million carats due to lower mined volumes at Venetia as it approaches the transition from open pit to underground. In addition, the Voorspoed mine's production came to an end as it was placed onto care and maintenance in the fourth quarter of 2018, in preparation for its closure.
De Beers revised its production guidance down to 31 million carats, quoting a soft market. "Demand for rough diamonds remains subdued as a result of challenges in the midstream with higher polished inventories, and caution due to macro-economic uncertainty, including the US - China trade tensions," the company reported.
Rough diamond sales were 9.0 million carats (8.3 million carats on a consolidated basis) from three sales cycles compared with 10.0 million carats (9.4 million carats on a consolidated basis) from the same number...
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Major gold bull markets are rare, but some investors bet one is here
Join Greg Hunter as he goes One-on-One with James Rickards
Rickards covers a lot of ground in this in-depth interview that is more than one hour in length. Rickards talks about the new gold (and silver) bull market, what everybody, especially the small investors, needs to buy now, and talks about a gold price that is exponentially higher than today’s price. Rickards discusses the world’s massive debt, probability of big defaults and huge inflation all coming in the “Aftermath” of the coming crisis. Rickards also tells people what they can do to protect themselves.”...
Lucara Diamond Corp.announced that the winning submission for the naming of the 1,758 carat diamond. [1]
Meaning "rare find" in Setswana, the name Sewelo was selected from over 22,000 submissions in a contest open to all citizens of Botswana. The announcement was made during a gala event hosted by Lucara Botswana in the presence of His Excellency Dr. Mokgweetsi Eric Keabetswe Masisi, President of the Republic of Botswana.
The unbroken 1,758 carat stone was mined from the EM/PK(S) unit of the South Lobe of the Karowe diamond mine and was recovered through Lucara's XRT circuit in April 2019. Lucara has completed its analysis of the Sewelo Diamond and is considering next steps toward selling the diamond. Lucara is committed to ensuring that the Sewelo Diamond has a lasting and positive impact for Botswana and is proud to have once again invited and engaged with the people of Botswana to choose the name of such an iconic diamond recovered at the Karowe Mine.
Eira Thomas CEO commented: "The largest diamond recovered in Botswana's history was named by the people of Botswana this evening in a celebration of Botswana's success. Lucara is proud to share our achievements with all stakeholders in Karowe and the people of Botswana. We are in the process of completing an analysis of the Sewelo and we look forward to sharing the results of this rare find."...