Botswana mining industry players speak on speculative exploration licences

Speculative mineral exploration licences was a recurring theme from presentations made by three players in Botswana mining industry at a conference convened in Gaborone. The country has issued thousands of exploration licences, across the mining industry...

Today

Design is the key to all markets

Besides being an astute businessman, Mumbai-born Laksh Pahuja is a designer par excellence known globally for his awe-inspiring unusual jewellery pieces. Trained at the Gemological Institute of India and Harrow College of Art England, Laksh combines...

10 june 2019

Mutual mass destruction will not serve anybody’s purposes

The recent moves by the U.S. Federal Trade Commission (FTC), including its letters urging some companies to abide to the revised edition of FTC Jewelry Guides and the explanations from FTC attorney Robert Frisby posted on the FTC website were...

03 june 2019

Pavel Sokolov: Every stone has its beauty

THE ‘GEMSTONES BY SOKOLOV’ brand has been popular for over 25 years. The aim of this company is to supply any kind of gem studs to the Russian market including the unique ones except diamonds of any cut. The product range by the SOKOLOV Company is very...

27 may 2019

“We are building a new state-of-the-art tender facility,” says Ahmed Bin Sulayem, Executive Chairman, DMCC

Ahmed Bin Sulayem certainly needs no introduction being widely popular globally as one of the leaders of modern Dubai. As the Executive Chairman of DMCC, Ahmed Bin Sulayem has played and continues to play a key role in establishing and positioning DMCC...

20 may 2019

Petra Diamonds chairperson survives vote of no confidence

22 march 2019

news_22032019_adonis_pouroulis.jpgPetra Diamonds said its board and nomination committee received a 22.12% vote against the re-election of Adonis Pouroulis as the company’s chairperson.
It said the appointment of a new chairperson was not considered appropriate at the moment in order to ensure continuity and stability of leadership and management.
Petra, however, said it had considered concerns raised by shareholders.  
“The Board has reaffirmed its assessment that the Chairman continues to demonstrate the independence of thought and challenge required for his role, notwithstanding the number of years he has served as a Director,” it said in a statement.
Pouroulis had been Petra’s chairperson since 2007 when he founded the company, which has diamond mines in South Africa and Tanzania.
The company recently said it would take between five and 10 years from the opening of the new section at Cullinan to clear debts related to the South African mine. 
Debts from the mine were said to be around 65 percent of its overall $650 million in borrowing, which would represent about $420 million.  
The miner borrowed heavily to revamp the facility and began mining a new section of ore last July.  
It was, however, expected to generate free cash flow this year and start reducing its debts.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished