Diamond News Archives
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Australia’s Lucapa Diamond (ASX:LOM) has found an 89-carat yellow diamond at its 70%-owned Mothae mine in Lesotho during the current bulk sampling program.
The company’s managing director, Stephen Wetherall, said the recovery of such a large diamond so early in the bulk sampling program provided further proof that, just like the neighbouring Letšeng mine, Mothae is another source of large diamonds.
Lucapa believes recovering such a large gemstone early in the bulk sampling program proves Mothae is a source of big diamonds.
“Having recently recovered a 25-carat yellow diamond from the previously untested neck zone in our bulk sampling program, we are tremendously encouraged that this 89-carat diamond was recovered from the south-east zone, an area of the Mothae kimberlite pipe where there has been very limited historical testing,” Wetherall said in the statement.
The ongoing bulk sampling programme, Lucapa said, is designed to expand and improve the current Mothae resource by processing areas of the kimberlite pipe either not included in the resource or where the company believes there has been significant historical sampling.
It also noted that construction of a new 150 tonne-per-hour commercial diamond plant continues on schedule for commissioning in the second half of 2018.
It’s been a good year for Lucapa so far, with the company fetching $1.7 million in March from selling findings from its prolific Lulo mine in Angola, which recently yielded a 46-carat pink stone, the largest coloured gem-quality rock ever recovered in that country.
The Mothae project is located within 5 km of Gem Diamonds' (LON:GEMD) Letšeng mine, the world’s highest dollar per carat kimberlite diamond operation, which in January yielded a 910-carat rock. It was the fifth biggest gem-quality diamond ever found.
The post Lucapa digs up another large...
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What goes up, must come down. Two wrongs don’t make a right. You can’t spend more than you earn forever.
Some truths are self-evident. Some consequences are inevitable. Even if the status quo allows us to indulge in a seeming alternative reality where basic rules of mathematics seem to no longer apply.
In the end, no person, household, company, or government can successfully survive if it requires a never-ending flow of borrowed money. Which seems downright unfair, given they are all encouraged to fully embrace hyper-indebtedness over the short, medium, and long-terms.
Finance your lifestyle on credit cards[1], because you can barely keep up on your student loans[2], which is hard to do because of your mortgage payment[3].
Take on [4]as much corporate ZIRP debt as you possibly can[5], because all anyone cares about is your performance over the last 90 days anyway[6], and by the time that massive debt hoard becomes an issue[7], you'll be gone as CEO anyway.
Replace 'corporate ZIRP debt' with 'runaway deficit spending' and 'CEO' with 'president' and that essentially sums up the federal government, too.
Everyone likes the guy who pays the bar tab with an open credit card. How many friends stick around once the card stops working, once the bank cuts him off?
For the 29th week in a row, Americans rate of spending has increased at a higher rate than their incomes. So long as credit is easy and plentiful, no big deal. What happens when the next crisis locks up the credit markets, as each of the past two crises have[8]? What do you do when your income...
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US personal income, consumer prices, inflation, may 2018U.S. consumer prices accelerated in the year to May, with a measure of underlying inflation hitting the Federal Reserve's 2 percent target for the first time in six years.
Consumer prices as measured by the personal consumption expenditures (PCE) price index rose 0.2 percent after a similar gain in April, the Commerce Department said on Friday. In the 12 months through May, the PCE price index surged 2.3 percent.
That was the biggest gain since March 2012 and followed a 2.0 percent rise in April. The PCE price index excluding the volatile food and energy components increased 0.2 percent for a sixth straight month.
That pushed the year-on-year increase in the so-called core PCE price index to 2.0 percent, the biggest gain since April 2012. The annual core PCE price index rose 1.8 percent in April. The core PCE index is the Fed's preferred inflation measure.
The U.S. central bank raised interest rates early this month for a second time this year and forecast two more rate hikes by the end of 2018.
Last month's acceleration in inflation came despite a moderation in consumer spending. The government said consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.2 percent last month. Data for April was revised down to show spending rising 0.5 percent instead of the previously reported 0.6 percent jump....
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BEIJING, June 29 (Reuters) - China’s central bank on Friday revised up the value of its end-May gold reserves to $77.323 billion, from $73.739 billion stated earlier this month.
The central bank did not provide an explanation for the changed figure. The total amount of gold it held at end-May remained unchanged at 59.240 million fine troy ounces in the central bank’s revised statement on Friday.
Reporting by Beijing Monitoring Desk; Editing by Sunil Nair...
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Argentina’s debut century bond is celebrating its first anniversary with record-high yields as a slump in the peso threatens to push the economy into recession. Still, just another 99 years to go.
The government sold $2.75 billion of 100-year bonds in June of last year, trumpeting[1] that the arrival of President Mauricio Macri’s administration had put the serial defaulter in a new era of financial certainty.
Those claims ring hollow after a tumultuous year. The yield on the bonds reached as high as 9.31 percent on Thursday, up 143 basis points since it was sold at a discount as the peso lost 40 percent of its value, forcing the central bank to boost interest rates and fueling already high inflation. Economic activity posted its largest decline in April since Macri took office in December 2015, even as the International Monetary Fund granted a record $50 billion credit line.
“The government may celebrate, investors can’t,” said Guido Chamorro, senior investment manager of Pictet Asset Management Limited in London. "From a fundamental perspective, the big drop in GDP earlier this week is a bit of a nail in the coffin. Argentina needs growth.”
Even the lifeline from the IMF[2] is “bittersweet,” Chamorro said. Bondholders are now second in line behind the multi-lateral lender should Argentina default.
“The IMF never takes a haircut, thus reducing recovery values for ‘regular’ bondholders," he said.
Global Backdrop
Economic activity fell 2.7 percent in April from the month before, and dropped on an annual basis for the first time in 14 months, the nation’s statistics agency reported Tuesday. That economic weakness will potentially complicate Macri’s plans to further cut government spending as agreed with the IMF.
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