BusinessTech Africa has learned that rough diamond sales for the ninth sales cycle of the year were $450 million for the diamond miner De Beers and the demand is growing.
Mining group, De Beers, claims it has continued to use a more flexible approach to rough diamond sales during this cycle, with the sighting event lasting longer than its customary seven days.
It is reported that this development at De Beers is due to constraints on the movement of persons and goods in various jurisdictions across the world.
In light of this, the tentative rough diamond sales amount provided for Cycle 9 represents the anticipated sales value for the time period from October 31 to November 15 and is still subject to change based on actual completed sales, announced De Beers.
“We saw good demand for our rough diamonds during Cycle 9 with sales reflecting what is traditionally a quieter time for the diamond midstream ahead of polishing factories reopening in India following the Diwali holidays,” comments De Beers CEO Bruce Cleaver.
In other news regarding mining news…it has come to the attention of this website that the Competition Tribunal has given Impala Platinum (Implats) the go-ahead as it plans to acquire all shares in Royal Bafokeng Platinum (RBPlat).
However, the sale is subject to a package of competition and public interest conditions as Mining Weekly reports.
It is also mentioned that the conditions relating to, among others, mining company Implats honouring its current contracts, as well as securing commercial terms for the renewal of contracts.
As per the media report, the terms and conditions additionally look to promote a greater spread of ownership and involve commitments relating to an employee share ownership scheme.
“Both Implats and Northam Platinum have been seeking to acquire all of the RBPlat shares they do not already own, with Northam having made a formal bid to RBPlat just last week,” reports the website.