De Beers Group
De Beers Group
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De Beers (51%) and partner Mountain Province Diamonds (49%) have signed the last of the impact benefit agreements with First Nation groups for their Gahcho Kué openpit diamond mine in Canada’s Northwest Territories. They cover employment, training and business opportunities within strong environmental and cultural programs.
The companies plan first production in 2016 from the world’s largest new diamond project, with forecast output 4.5Mct pa over 12 years from a 55.5Mct reserve.
De Beers signed a three-year wage deal with South Africa's National Union of Mineworkers, narrowly avoiding strikes that have plagued the rest of the mining industry.
The 1,700 workers gain pay package increases of about 9% plus a housing subsidy for employees owning homes near De Beers' four operations.
CE Phillip Barton says negotiations were conducted in “peaceful fashion” despite an initial deadlock that brought in the government labour mediator. Reuters
Anglo American chief executive Mark Cutifani remains confident he can deliver promised improvement of the business in the next two years despite weak commodity prices. Silvia Antonioli reports
Anglo American posted a sharp drop in platinum output due to the five month South African strike that overshadowed higher copper and iron ore production in the June quarter.Karen Rebelo reports
Ambitious Australian producer Kimberley Diamonds is targeting production of around 400,000ct pa from its first overseas production asset, the Lerala diamond mine in NE Botswana.
De Beers Canada and Mountain Province Diamonds have received Canadian government approval for development of the Gahcho Kue diamond mine, the country's sixth diamond mine.
Gahcho Kue, 280km NW of Yellowknife in the Northwest Territories, is forecast to produce 4.5Mctpa over 11 years of mine life.
Construction is expected to take two years.
The development approval means Gahcho Kue's land use permit and water licence can now be processed.
Russia has pushed ahead with its drive to raise cash from state-owned assets, agreeing to cut its stake in diamond miner Alrosa as part of a more than $US1.6B share sale that is the gem industry's largest in over a century.
Alrosa, whose roots date back to the first Russian diamond mine discovered in the 1950s, overtook Anglo American-owned De Beers in 2009 as the world's biggest diamond producer by volume, though yet to catch it in value terms.
A $1.6B chunk of the world’s biggest volume diamond producer is the latest Russian state-owned asset being prepared for sale as part of a $50B disposal drive launched in 2010. Polina Devitt and Clara Ferreira-Marques report
Russian state-owned diamond mining group Alrosa, preparing to sell 14% of its shares within weeks, has more than doubled quarterly net profit on lower currency losses.
Alrosa is the world’s top diamond producer by output, competing with Anglo American's De Beers, the world's No 1 diamond producer by revenue.
Its Q2 2013 net profit was RUB8.4B, up from RUB3.5B for the same period a year ago, on revenue that rose 9% to RUB42.8B.
Firestone Diamonds has turned to former De Beers executive Stuart Brown to strengthen its management team in readiness for development of the 1Mtpa-plus main treatment plant at its flagship Liqhobong diamond mine in Lesotho.
Brown, a 20-year De Beers employee who has been chief financial officer and joint acting CEO of the world’s leading diamond company, will join Firestone in September and take over as CEO on December 1.
Current CEO Tim Wilkes will remain with Firestone as an executive director.