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Archive for the ‘DIAMONDS’ Category

BOTSWANA: AFRICAN DIAMONDS TAKES OVER DE BEERS EXPLORATION JVS

Posted by Gilmour Poincaree on December 19, 2008

18 December 2008

by Wanetsha Mosinyi

PUBLISHED BY ‘ALL AFRICA’ (Mauritius)

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PUBLISHED BY ‘ALL AFRICA’ (Mauritius)

Posted in BOTSWANA, COMMODITIES MARKET, DIAMONDS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, RECESSION | Leave a Comment »

ETVIPR INDUSTRIES CLOSES ON AGREEMENT TO ACQUIRE UP TO 50% OWNERSHIP OF THE MWAMAGUNGULI DIAMOND MINE, LOCATED SOUTH OF THE WORLD FAMOUS WILLIAMSON DIAMOND MINE, TANZANIA

Posted by Gilmour Poincaree on December 16, 2008

Dec 15, 2008 08:01

by Sophie Goodchild – Health Editor

PUBLISHED BY ‘THE MARKET WIRE’

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PUBLISHED BY ‘THE MARKET WIRE’

Posted in AFRICA, COMMODITIES MARKET, DIAMONDS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, RECESSION | Leave a Comment »

FINANCE WELL RUNS DRY FOR DIAMOND MINERS

Posted by Gilmour Poincaree on December 2, 2008

December 1, 2008

by Melanie Lee PUBLISHED BY ‘BUSINESS REPORT’ (South Africa)

Singapore – Ructions in financial markets and a slowdown in economies threaten to cut output of rough diamonds by up to 40 percent by top miners, as banks slow lending and demand weakens, an industry official said on Monday.

Freddy Hanard, chief executive of Antwerp World Diamond Centre, an organisation representing the Belgian diamond industry, said the cut in financing would lead to the world’s top miners, De Beers and Russia’s Alrosa, slashing production of rough diamonds by up to 40 percent.

“The diamond business is a very capital intensive business, that means they rely on a very high level on external funding,” Hanard told Reuters in an interview in Singapore.

“The banks usually finance two parts of a diamond business balance sheet, the receivables and purchases – in these present circumstances, it is extremely difficult for them to finance both,” he said.

Antwerp, the world’s diamond trading capital, handles around 80 percent of the world’s rough diamonds and half of all polished diamonds each year.

ABN Amro, the world’s biggest diamond financier, came under the Belgian government in October after its parent company Fortis Bank had to be bailed out.

Another big diamond financier Antwerp Diamond Bank said last month the company was already seeing a recessionary impact on consumer spending and the capacity to service debt could come under strain.

De Beers, which accounts for around 40 percent of global rough diamond supply and is 45 percent owned by mining group Anglo American, said last month it will cut output at two of its new Canadian mines by 10 to 20 percent.

Hanard however said reduced supplies will not cause a big change in polished diamond prices because consumer demand from the United States, which accounts for nearly 50 percent of the world’s diamond consumption, was set to slow.

Polished diamond prices have fallen by almost 11 percent since August, according to Polishedprices.com . – Reuters

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PUBLISHED BY ‘BUSINESS REPORT’ (South Africa)

Posted in BELGIUM, CANADA, COMMERCE, COMMODITIES MARKET, DIAMONDS, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, MINING INDUSTRIES, RECESSION, RUSSIA, SOUTH AFRICA, THE FLOW OF INVESTMENTS, USA | 1 Comment »