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De Beers’ 2017 core earnings up 2pct despite drop in revenue

De Beers, which is 85 percent-owned by Anglo American, said its underlying adjusted earnings before interest, tax, depreciation and amortization (EBITDA) leaped 2 percent to $1.435 billion compared to $1.406 billion a year earlier despite lower...

Yesterday

Lucapa Diamond CEO perceives good start for rough diamond market in 2018

The rough diamond market has this year started off “very well” as high demand has seen prices go up in January, according to Lucapa Diamond chief executive Stephen Wetherall.

Yesterday

GJEPC and MIDC sign MoU for Jewellery Park in Mumbai

The Gem & Jewellery Export Promotion Council (GJEPC) of India and the Maharashtra Industrial Development Corporation (MIDC) signed a MoU for the setting up India’s largest Jewellery Park in Mumbai.

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Stellar starts front end engineering, design for Tongo-Tonguma

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Yesterday

DTCB plans to sort and value non-De Beers stones

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Yesterday

De Beers suspends exploration budget

11 october 2017

(The Business Day) - De Beers, which will be down to a single mine in South Africa from 2020, has 54 exploration applications stuck with the Department of Mineral Resources, some for two years, and has suspended its R40m annual exploration budget in the country. The focus of De Beers Consolidated Mines (DBCM), the South African subsidiary of De Beers, the world’s largest producer of rough diamonds by value, is on bringing its $2bn Venetia mine into production and managing the transition from opencast mining to underground mining, minimising the anticipated dip in production at that time, said DBCM CEO Philip Barton. While De Beers has patiently pushed for the exploration licences to be approved having exhausted all its other exploration permits but it is now coming to a point where taking the Department of Mineral Resources to court is being considered as an option if talks with Mineral Resources Minister Mosebenzi Zwane yielded no progress, Barton said on the sidelines of the Joburg Indaba mining conference.

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