- Write by:
-
Friday, September 7, 2018 - 10:46:46 PM
-
1028 Visit
-
Print
Mining News Pro - LONDON – This summer’s crash in commodity prices is turning it into a year to forget for miners. Unless you dig the world’s biggest diamonds.
According to Mining News Pro - Gem Diamonds has been the standout performer in the FTSE All-Share Mining Index, gaining almost 70% this year. In comparison, almost every other miner is in negative territory – with the second-best performer BHP Billiton little changed – as growing concerns about trade and collapsing metal prices reversed an industry rally earlier in the year.
Gem Diamonds, which has struggled for years with failed growth plans and problems recovering big diamonds without breaking them, has had a resurgence this year as it successfully unearthed a record number of 100-ct-plus stones. That helped the company report an 81% jump in first-half revenue, with operating profit climbing fivefold.
The company operates the Letseng mine in the mountainous kingdom of Lesotho in southern Africa. It’s famous for producing the world’s most valuable stones, with an average price of $2 742/ct, more than triple the next closest major mine. De Beers, the world’s biggest producer, has an average price of $162/ct.
This year has also been Gem Diamond’s best ever for size: the 910-ct Lesotho Legend found in January was the fifth-biggest in history and sold for $40-million at a tender in Antwerp.
Short Link:
https://www.miningnews.ir/En/News/255737
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
A new report by IDTechEx states that investing in e-haul trucks could result in major savings for miners due to the ...
Chile’s state copper company Codelco defended its proposed lithium production tie-up with SQM in response to criticism ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
No comments have been posted yet ...