News
Tharisa meets FY2026 guidance, Karo Platinum fully funded as net debt swings to $51m
Tharisa has reported full-year production in line with guidance for both platinum group metals (PGMs) and chrome concentrates, while confirming its Karo Platinum project in Zimbabwe is now fully funded following a $300 million bond issue.
Yesterday
Israel’s diamond sector poised for revival following tax reforms and De Beers comeback
De Beers, one of the world's major diamond market players, has announced the resumption of its operations in Israel after a nine-year absence, which became the latest sign of revival of the diamond industry in the country.
Yesterday
Kefi Gold and Copper restarts Tulu Kapi development after safety review
Kefi Gold and Copper has resumed development at its Tulu Kapi gold project in Ethiopia following a suspension that began on September 7 after a serious safety incident three days earlier.
Yesterday
Nornickel implements smart melt monitoring system
Norilsk Nickel has installed a smart melt monitoring system at its metallurgical plant in Norilsk in collaboration with Reksoft. The system uses computer vision to assist the converter operator in identifying phases during the tapping process.
Yesterday
ALROSA to help amplify Arctic agenda at UN
In preparation for the 31st UN Climate Change Conference (COP31), ALROSA experts and other stakeholders from Russia discussed a unified approach to strengthening the country’s position and the Arctic agenda at UN climate conferences.
Yesterday
Nornickel Harjavalta Unveils Nickel Expansion Project at Public Event
16 june 2022
(finlandtoday.fi) - The recent event, held in Harjavalta Hall, was part of the environmental impact assessment process. In practice, the company is increasing its production in two parts. Over the next year, nickel production is expected to increase from 60,000 tons to just under 75,000 tons per year. Under the company’s current environmental permit, the annual nickel production is limited to 90,000 tons. The company aims to increase annual nickel production to more than 100,000 tons by 2026. This will require a new environmental permit from the authorities. By expanding production, Nornickel Harjavalta will meet the raw material needs of the growing battery industry. Locally, the company’s most important customer in the battery industry is planned to be BASF Battery Materials Finland Oy. The battery industry in particular needs nickel sulfate and cobalt sulfate produced by Nornickel Harjavalta, says Joni Hautojärvi, the company’s CEO. The expansion will bring 10–20 new jobs to the area.
Rough Scarcities to Lead to Polished Premiums
15 june 2022
(diamonds.net) - The diamond industry is being driven by expectations. While this is not a rare occurrence, it is worth noting, given the unusual dynamic currently shaping the market. While there is a lot of polished inventory available today — as the number of stones listed on RapNet attests — manufacturers and dealers anticipate scarcities later in the third quarter once demand starts to ramp up for the holiday season. The projected drop is due to a slump in supply rather than an uptick in present-day demand, because production from Russia has been off the market for the past three months. However, several factors could influence the eventual outcome, as we outline in the June issue of the Rapaport Research Report.
Inside the research on fly-in, fly-out work
13 june 2022
(cabinradio.ca) - While many people get to head home after a long day of work, some of those employed at NWT mines have to spend long stretches of time at remote work sites. Researchers and workers say that unique lifestyle – known as fly-in, fly-out, or sometimes drive-in, drive-out work, and common in the territory – comes with both benefits and challenges. This rotational type of employment has been prevalent since the NWT’s first diamond mine began production in 1998. Thousands of residents have been employed directly or as contractors at mines. Several people currently working at the NWT’s diamond mines – who spoke to Cabin Radio on the condition of anonymity to protect their employment – said some of the advantages include high income, good benefits and long periods of time off between rotations. But they said it can be hard being away from home for weeks at a time.
Brace Yourself, The Decline is Here
10 june 2022
(edahngolan.com) - After two very buoyant years, the decline everyone knew would hit has finally arrived. It’s not just the slowdown in China, the second largest consumer market, but the US is feeling it as well. In May, according to the latest US data by Tenoris, diamond unit sales dropped 24% year over year. In May, there is usually a rise in diamond jewelry retail sales, thanks to Mother’s Day. But contrary to the typical cyclical trend, diamond sales declined compared to April. The good news is that while the number of sold diamonds fell, the average expenditure on diamonds soared 18.7% year over year to $10,242, or more than $8,000 per carat. The drop in unit sales explains the decline in wholesale trade in the past month. Israel’s net polished diamond exports, for example, dropped 64% in May compared to April. US specialty jewelers’ inventories, which were high compared to past years, declined in May. Their diamond purchases were slashed nearly by half.
Stronger diamond market sets the scene for a potential re-rating of smaller miners like Karelian, BlueRock, Gem and Lucara
10 june 2022
(proactiveinvestors.co.uk) - Around one-third of the world’s diamonds are produced by Russian mining behemoth Alrosa. In particular, Alrosa specialises in the small stones that go around a larger one in the centre of a ring. The world’s foremost diamond producer, De Beers, doesn’t produce much in the way of these smaller stones, and according to data cited recently by Bloomberg, prices of these have gone up by around 20% this year. In the old days, in times of market imbalance, De Beers would just have released more stones from its fabled stockpile and a correction would have occurred forthwith. But after the collapse of the Soviet Union and in the face of Alrosa’s rise to prominence, De Beers recognised that it could no longer control the diamond market in the way it used to, and that tying up capital in a stockpile was no longer a good use of shareholders’ funds. Or at least, that’s what they said at the time. Now, though, even with De Beers mines producing at full tilt, there’s no chance that the company will be able to make up the shortfall caused by the ostracising of Alrosa from world markets.
