Money: The World’s Biggest Diamond Mine Is Closing - PressFrom - Canada
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MoneyThe World’s Biggest Diamond Mine Is Closing

11:01  12 july  2019
11:01  12 july  2019 Source:   msn.com

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The Mir mine , also called the Mirny mine , is an open pit diamond mine located in Mirny, Sakha Republic, in the Siberian region of eastern Russia.

(Bloomberg) -- The world’s biggest diamond mine ⁠— famed more for the fistful of coveted pink and red gems it yields each year than being a major producer of lower-quality stones ⁠— is being shuttered by Rio Tinto Group after almost four decades. Rivals from Russia to Canada hope that can help turn around the beleaguered industry.

Rio’s Argyle mine in remote Western Australia has transformed the sector since 1983 when the operation began supplying gems for both ends of the market. RBC Capital Markets and Panmure Gordon are among brokers, banks and competitors forecasting the closure could kick-start prices that have waned since 2011, according to PolishedPrices.com, an industry data provider.

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7. Diavik Diamond Mine This diamond mine , located in Canada’ s remote Northwest Territories is Opened in 1955, this mine was used to get copper out of the Earth. Ironically it closed on Earth day in It' s the biggest copper mine in the world and provides about 25% of the country’ s copper needs.

De Beers is the world ' s largest diamond - mining company. In 2003, it controlled 55 percent of the global diamond supply and operated mines in South Africa, Namibia, and Botswana, among others. The rough, unpolished gems were flown to London, where they were divided and placed in 120

The World’s Biggest Diamond Mine Is Closing© Bloomberg The World’s Biggest Diamond Mine Is Closing

Production at Argyle, about 2,600 kilometers (1,600 miles) northeast of the state capital Perth, is scheduled to end before the end of next year after finally exhausting its supply of economically viable stones, said Arnaud Soirat, Rio’s head of copper and diamonds.

“There is going to be a fair bit of supply which is going to come out of the market,” Soirat said in an interview Friday at the mine site. “In late 2020 we’ll be stopping operations and will start the rehabilitation of the site.”

The World’s Biggest Diamond Mine Is Closing© Bloomberg Diamond Kings

Argyle is best known as the source of about 90% of the world’s prized pink diamonds ⁠— rose-to-magenta hued stones that command among the sector’s highest prices. Sotheby’s auctioned the 59.6 carat “Pink Star”, mined by Rio’s rival De Beers, for $71 million in April 2017, a record auction price for any gem. While they attract most attention, the pink stones account for less than 0.01% of Argyle’s total output.

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Diamond mining is mainly concentrated in Russia, as the country is home to some of the world ' s biggest diamond mines . The mine is located in eastern Botswana, 240km west of Francistown which is the centre of southern Africa’s first gold rush.

More than three-quarters of Argyle’s output is comprised of lower value brown diamonds, and the mine’s overall output sells for an average of between $15-$25 a carat, Canaccord Genuity Group Inc. estimated in 2017. That’s far less than the $171 a carat average price realized last year by De Beers.

The mine also is the biggest diamond producer by volume and that’s what has put the operation at the center of global oversupply. More than three-quarters of Argyle’s output is comprised of lower-value brown diamonds, and the mine’s overall output sells for an average of between $15-$25 a carat, Canaccord Genuity Group Inc. estimated in 2017. That’s far less than the $171 a carat average price realized last year by De Beers.

A glut of cheap and small diamonds has eroded profits for nearly every miner and made it increasingly hard for the industry’s cutters, polishers and traders to make a profit. In December, some of Rio’s customers refused to buy cheaper stones, while De Beers has been forced to cut some prices and offer concessions to buyers.

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The closure of Argyle Diamonds will knock 10% off the annual world diamond output. This is expected to help keep diamond prices higher and Sometime in the next few years Argyle Diamonds , Australia’ s biggest diamond mine and the source of rare and prized fancy pink gems, will come to

Опубликовано: 28 дек. 2016 г. Is it that the world ' s most expensive dish! Some stunning facts. Russia is about to start tapping into a huge source of diamonds that could supply the world market for the next 3,000 years. Следующее. Diamond Hill Mine Documented Crystal Pocket Dec.

The World’s Biggest Diamond Mine Is Closing© Bloomberg

Yet, with consumer appetite for diamonds stable, and major mines including Argyle scheduled to shutter, “the rational offset between supply and demand should lead to price growth,” Stornoway Diamond Corp. Chief Executive Officer Pat Godin said in March. Declining output, led by Argyle’s closure, will help revive prices, Toronto-based producer Mountain Province Diamonds Inc. said in May.

About 21 million carats a year of global diamond production ⁠— including about 14 million a year from Argyle ⁠— are scheduled to exit the market by 2023, a volume that’ll only partially be offset by the addition of new mines, according to Russia’s Alrosa PJSC, the world’s diamond biggest producer. The shortfall between annual demand and supply could be between 11 million and 35 million carats by 2023, the company said in a presentation last month.

“In terms of the pink diamonds, the impact is going to be even more dramatic” from Argyle’s closure, Rio’s Soirat said in the interview. “You can imagine the laws of supply and demand will apply, and you can imagine the impact that will have on those very rare pink, red, blue and purple diamonds.”

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Photos: Inside Africa' s biggest diamond producer. A diamond is prepared for polishing at KGK Diamonds factory in Gaborone, Botswana. Gaborone, Botswana (CNN) Debswana' s Jwaneng mine is a giant cauldron of pale dust, 2 kilometers across at its widest point and patrolled by colossal

The producer estimates Argyle has only about 150 colored diamonds of sufficient quality left to extract and make available for its annual tender, a sale to invited buyers that showcases 50-to-60 of the year’s most valuable gems, he said.

Prices of pink diamonds have already as much as quadrupled over the past 10 years, and buyers are “now just waking up to the potential impact that Argyle’s closure will have” in lifting values further, said Frauke Bolten-Boshammer, proprietor of Kimberley Fine Diamonds, a retailer based in the town of Kununurra, about 200 kilometers north of the mine. She has traded the gems since the 1990s.

The World’s Biggest Diamond Mine Is Closing© Bloomberg The World’s Biggest Diamond Mine Is Closing

Overall, the diamond sector probably also needs a boost to downstream demand, according to Richard Hatch, a London-based analyst at Berenberg. Mine closures that tighten supply “will help, but is it the shot in the arm that the industry really needs? Probably not,” Hatch said.

Buyers have been hit by a shortage of finance and stagnant end markets, while a weaker rupee has made gems more expensive for Indian manufacturers, who cut or polish about 90% of the world’s stones.

The closure of Argyle will remove about 75% of Rio’s diamonds output, yet the impact on the producer’s earnings will be negligible. Diamonds bring in only about 2% of earnings, while iron ore ⁠— the company’s top commodity ⁠— accounts for almost 60%.

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This new and unexpected observation made on the world ’ s most expensive diamonds is important for understanding the chemical reactions between mineral Diamonds , besides being the most valuable gemstones for jewelry, are some of the most scientifically valuable samples of the deep earth.

Venetia Diamond Mine , situated close to the town of Alldays in the Limpopo province and is located within the 360 km² Venetia Limpopo Nature Reserve. The world ' s biggest hole - Mirny Diamond Mine is located in Russia The giant hole is actually a diamond mine in Eastern Siberia near the town

Rio in 2016 shuttered the Bunder development project in India and in 2015 exited the Murowa mine in Zimbabwe. The producer’s only other producing diamond asset, Diavik in Canada, is scheduled to close in 2025, though exploration work is continuing to potentially extend that site’s life, Soirat told reporters Friday at Argyle.

Still, the company aims to retain a presence in the sector. While it could consider acquisitions to add new output, Rio’s main focus is on exploration ⁠— an option that’ll take longer to deliver new output growth. Work is advancing on the Fort a la Corne project in Saskatchewan, a joint venture project that potentially could enter production within five to 10 years, Soirat said.

Diamonds is “not a big business in Rio, however it is a very profitable business,” he told reporters, adding that the company has advantages in the sector that it can look to continue to exploit, including technical expertise and branding. “It’s not a commodity, it is luxury goods, and so the market dynamics are completely different.”

The World’s Biggest Diamond Mine Is Closing© Bloomberg The World’s Biggest Diamond Mine Is Closing

To contact the authors of this story: David Stringer in Melbourne at [email protected] Biesheuvel in London at [email protected]

To contact the editor responsible for this story: Keith Gosman at [email protected], Alexander Kwiatkowski

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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