Moody’s Investors Service has changed the outlook to stable on the Ba3 corporate family rating of Alrosa Co Ltd. (“Alrosa” or “the company”) and Ba3 / LGD 4 (50) ratings on the senior unsecured guaranteed notes of Alrosa Finance S.A. The change in the outlook is driven by the improvement in the diamond market reflected [...]
Pangea DiamondFields plc has entered into a legally binding conditional sale and purchase agreement with International Gold Exploration AB (IGE) whereby Pangea will merge its diamond interests with those of IGE by the disposal to IGE of the entire issued share capital of Efidium Limited (Efidium), which is the holding company for all operational activities [...]
Diamond producer and exploration company Pangea DiamondFields plc (AIM: PDF) says that recent prices realised for sale of its diamond production in Angola have continued to exhibit an upward trend. The sale of 2,813 carats, which took place last week in Luanda, yielded an average price of US$160.00 per carat before sales taxes. This represents [...]
Joaquim Duarte da Costa David has been sworn in as Angola’s new Minister of Geology and Mines and Industry, while former Minister Mankenda Ambroise has been appointed as Secretary of State for Geology and Mining by Jose Eduardo dos Santos, President of Angola. A new chief executive consisting of 85 members was appointed last week [...]
Namakwa Diamonds Limited has signed a co-operation agreement with B.L.I.D International, the operating company of the Andre Messika Group, a leading diamantiare based in Paris and Tel Aviv. Andre Messika is a preferred wholesale diamond supplier to internationally recognised jewellery houses, as well as being a wholesale jewellery manufacturer and retailer with numerous outlets in [...]
The lack of a coherent and committed international approach to tackling the role of natural resources in conflict is costing lives in Democratic Republic of Congo (DRC) and heightening the risk of further unrest in other fragile states such as C?te d’Ivoire and Guinea, according to a new report from Global Witness. Drawing on Global [...]
(Diamond news – mining, Angola): International Gold Exploration IGE AB’s (OSE: IGE) diamond project in Luxinge, Angola, has reached a major milestone. Endiama has announced that IGE has fulfilled the requirements set out in the executive decree 49/2008 in the joint venture Luxinge. This statement enables IGE to move a step closer to the commercialisation [...]
Diamond producer and exploration company Pangea DiamondFields plc (AIM: PDF) has signed, through its wholly owned subsidiary Efidium Limited (Efidium), an unsecured short term bridging loan agreement with a substantial shareholder (Agreement). Under the Agreement, Efidium is able to borrow £370,000 (approximately US$0.6m) repayable on or before 30 June 2010 together with interest at a [...]
To mark ten years since discussions about a certification system for rough diamonds began and prior to the Seventh Annual Plenary Meeting of the Kimberley Process in Namibia, in November, NGO Partnership Africa Canada has highlighted 7 unresolved issues in the Kimberley Process in Other Facets, a periodic newsletter about the international effort to end [...]
The Kimberley Process Certification Scheme (KPCS), which regulates the world trade in rough diamonds, is the only thing standing between the industry and a return to blood diamonds, warns Canadian NGO Partnership Africa Canada. And it is failing, according to the 2009 edition of PAC’s Diamonds and Human Security Annual Review. The failure of the [...]
The adoption of the new Mining Code of Angola, currently in the process of both technical and general consultation, is expected in 2010, says Mankenda Ambroise, Angola’s minister of Geology and Mining. The new Mining Code, which defines rules compatible with the international markets and has been adapted to the context of Angola, renews existing [...]
Several countries, namely Angola, Central African Republic, the Democratic Republic of Congo, Côte d’Ivoire, Ghana, Guinea, Liberia, Sierra Leone and Zimbabwe, appear in the recently released United States Department of Labor report on Child Labor. Angola The report explains that some children in rural areas work in artisanal diamond mining, noting that “Congolese children are [...]