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Morgan Stanley: "Buy The Dip" Is Dead | Zero Hedge Skip to main content [1]References
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(Excerpt from upcoming article by Alisha Hiyate in Diamonds in Canada magazine, published by The Northern Miner )
In 2013, De Beers Canada turned down a chance to own a majority stake in Peregrine Diamonds’ Chidliak project in Nunavut. Five years later, it now owns the project outright.
So what changed in that time period? De Beers Canada CEO Kim Truter says that the timing just wasn’t quite right the first time around.
“I always say to people that to develop a mining business, you need a few stars to line up and of course the number one star is what’s happening with the global economy, and what’s happening with the diamond business in general, then you get down to the local environment and the quality of the asset. At that time, those various stars just didn’t line up,” Truter told Diamonds in Canada magazine in an October interview.
Now, the situation on all those fronts is different.
“First of all, the project had actually advanced, so credit to the Peregrine team that have done a tremendous advancing of the understanding of the orebodies and the kimberlite pipes up there,” Truter explains. “That, coupled with our portfolio needs and where the economy was sitting meant the stars did line up. So it’s fantastic to have made that acquisition.”
With its Snap Lake mine on care and maintenance since the end of 2015 and its Victor mine to close next year, it was vital for De Beers – which has been operating in Canada for 50 years – to get new projects in its pipeline to complement production from its 51%-owned Gahcho Kué mine.
And whereas its past joint venture option on Chidliak would have given it 50.1% of the asset for a...
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70% Of S&P 500 Stocks Are Already In A Correction | Zero Hedge Skip to main content [1]References
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(IDEX Online) – The 38th World Diamond Congress, the biennial meeting of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), began on Tuesday in Mumbai with the WFDB holding important Committee meetings. <?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /?>
The meetings of the WFDB's Judicial, Trade & Business, Promotion, and Executive Committees heard updates regarding their activities, and discussed future plans. "There have been so many developments in the diamond business since we last met at the 2017 Presidents Meeting that it was vital for us to have the opportunity to hear the views and opinions of our members from across the world," said President Ernie Blom.
"We have been confronted with so many new issues this year that this has become one of the most important Congresses for our organisation. Our committees certainly held very detailed meetings today, particularly in the areas of synthetics, financing, the impact of De Beers' Lightbox jewelry, changes in the functions of tradeshows, social media marketing, our Young Diamantaires group and the results of a special survey of our bourses which raised many important questions about how we operate and we are looking forward to two more days of in-depth discussions," Blom added.
The Bharat Diamond Bourse is hosting the October 23-25 Congress at its premises.
In addition to bourse delegations, the World Diamond Congress is also being attended by representatives from a range of industry bodies....
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Shares in Caterpillar (NYSE:CAT), the world's no.1 heavy machinery maker, more than 7 percent in pre-market trading Tuesday, despite the company beating earnings estimates for the tenth time in a row.
The stock lost as much as $9.76 by 8:48 a.m. ET, to $118.95, after closing at $128.71 on Monday, the lowest so far this year. The drop followed the mining and construction equipment manufacturer's disclosure of cost concerns as a result of the Trump administration’s tariffs.
The Deerfield, Illinois-based firm said the ongoing trade war between Beijing and Washington, which has pushed up steel and aluminum prices and prompted retaliatory action from trading partners, resulted in $40 million in extra costs for materials during the third quarter.
Shares fell even as Caterpillar said 2018 profit per share hit $2.88, a third-quarter record.
Caterpillar, which is considered a reliable bellwether of global economic activity, said those additional costs were more than offset by higher prices for its products and cost cuttings during the period.
As a result, it now expects the impact of tariffs to come at the low end of a previously provided range of $100 to $200 million for the second half of this year.
The company, however, also said it would have to increase some of its prices between 1 and 4 percent worldwide starting in January.
The world’s biggest earthmoving equipment maker is one of the many large American manufacturers trying to keep a lid on expenses to cope with a 36 percent rise in the price of hot rolled steel over the past year and the tariffs impact.
“Manufacturing costs were higher due to increased material and freight costs,” the company said in the statement. “Material costs were higher primarily due to...