Kimberley Diamonds Limited says the recent negotiations with a subsidiary of global jeweller Tiffany & Co to secure a price increase above the current levels for the supply of premium grade fancy yellow diamonds from the Ellendale Mine have been unsuccessful at this time. KDL has an exclusive off-take agreement with Laurelton Diamonds Inc., the cutting and polishing arm of Tiffany, for the life-of-mine of Kimberley’s Ellendale Mine in Western Australia, the last price increase was negotiated in September 2012. “A price increase above current levels was required to sustain the continued economic development of the Ellendale E9 pit, as…
Author: Editor
Gem Diamonds says its new coarse recovery plant project is on track for the scheduled commissioning in Q2 2015. According to the company, this project will use the latest X-Ray Transmissive (XRT) technology to treat the high value coarse fraction of the ore, to ensure improved recovery of the high value type II diamonds. “The project will also include security improvements and advanced technology diamond accounting of the diamonds recovered. Detailed design has commenced and long lead items have been procured, with construction scheduled to start in Q3 2014,” it said “Work to identify incremental improvements to throughput…
On 1 April 2014 Discovery Metals Limited announced a non-binding, conditional recapitalisation proposal involving Montsant Partners LLC (Montsant) and the company’s lenders. The company now announces that Montsant has not advised the Directors of its intention to proceed with the Recapitalisation Proposal. Therefore, the conditions to the Recapitalisation Proposal have not been satisfied and as a result, the conditional, non-binding term sheet between the Company and Montsant is now at an end. As also noted in the Earlier Announcement, the Company had entered into a conditional, non-binding term sheet with its lenders (Lender Term Sheet), under which the…
African Energy says a Prefeasibility Study for an underground coal mine based on a 200Mt portion of the A‐Seam within the Mmamabula West Indicated Resource has been completed. According to the company, the study evaluated a 4.4Mtpa ROM operation producing up to 3Mtpa of 6,200kcal/kg (26 MJ/kg air dried basis), low ash, low sulphur, export quality thermal coal over a 20‐year mine life. “The mining study evaluated industry standard bord‐and‐pillar extraction of the best quality selection of the A‐Seam using a fleet of up to five continuous miner sections. ROM coal from underground mining will be crushed, screened and processed…
Stanbic Bank Botswana parent, Standard Bank, plans to use its presence in the Ivory Coast (Côte d’Ivoire) to expand its service offering across the rest of Francophone Africa, which the lender believes is poised to experience an investment boom as foreign companies are lured by the region’s mineral wealth and economic growth. Africa’s largest lender opened its Ivory Coast representative office in the capital city of Abidjan in November last year to service its 145 clients with operations in Francophone Africa in sectors ranging from mining, oil and gas, infrastructure, power and energy to fast moving consumer goods. Standard Bank…
Lucara Diamond Corp. says it has renewed its revolving term credit facility with The Bank of Nova Scotia (“Scotiabank”) for a three year term and an increased limit of $50 million. The company revealed that the facility will contain financial and non-financial covenants customary for a facility of this size and nature. The applicable interest rate of any loan under the facility will be determined by the Company’s leverage ratio at any given time. “We are delighted with the continued demonstration of Scotiabank’s support of our business plan and strategy,” said William Lamb, President and CEO of Lucara Diamond Corp.,…
Luxury experiential travel company &Beyond has been named as the winner in the Conservation category of the We Are Africa Innovation Awards. Held at the culmination of the We Are Africa show, hosted by South African Tourism, the inaugural awards were designed to recognise the most imaginative and innovative projects in six categories. Voted for by the key players in African travel, the awards honour the most visionary, inventive and forward-thinking companies in the travel industry. &Beyond received top honours in the Conservation category, which rewards the most innovative project for the protection of wildlife or sustainable travel, for its…
Discovery Metals says April 2014 was a record month for copper production at the Boseto Mine, with 2,011 tonnes of copper produced. This result is 40% higher than the monthly average for Q3 FY14. Costs at $2.86 were 27% reduced compared to Q3 FY14. Mining Mining at the Boseto Mine improved in April 2014 in comparison to the Q3 FY14 results. This improvement was a result of dedication and commitment from the workforce and management to progress the efficiencies in the drilling and haulage areas. Utilisation of drill rigs and haul trucks improved by 15% on average compared to Q3…
Hodges Resources Ltd says the title transfer of the Morupule South project into the majority owned Joint venture company Morupule South Resources has been completed. Hodges owns 75% of Morupule South Rresources while the remaining 25% is held by a private Botswana company. “The successful formation of the stand-alone entity will allow the company to better position the project to attract investment. As a result, the news of the transfer has been welcomed by Directors, and Hodges look forward to moving the project forward with support of industry,” said Mark Major Managing Director . The Morupule South Coal Project…
The Botswana Communications Regulatory Authority (BOCRA) says it is developing guidelines on internet connectivity to be followed by Hospitality Facilities and Internet Service Providers followed a study it conducted in November 2013. As a prelude to the implementation of these guidelines, the regulator has invited the public to comment on the draft documents, which are available on BOCRA website: (www.bocra.org.bw). The authority said by developing these guidelines, it seeks to improve the efficiency of the communications sector in Botswana by standardising internet connectivity in the hospitality industry. It added that a minimum bandwidth capacity will be set for use by…