The board of directors at Stellar Diamonds (LON:STEL) recommended Monday a merger with Australia's Newfield Resources (ASX: NWF), which also operates in Sierra Leone.The all-share takeover by the Sydney-listed company offers 0.76 Newfield shares for each Stellar one, valuing the diamond miner at ?7.74 million (about $10.8 million).Under the deal, Newfield will lend Stellar $3 million to help it...Read More
SHANGHAI, Mar 12 (SMM) – This is a roundup of global macro-economic news last weekend and what is expected today.Last Friday nightBase metals rose across the board as the US dollar slipped. SHFE nickel jumped over 4% and copper and zinc rose over 1%. LME metals, except tin, rebounded from touching a low at one point. Nickel saw the biggest growth since February. Copper, zinc and lead rose ab...Read More
(IDEX Online) - The World Federation of Diamond Bourses' (WFDB) Executive Committee Meeting takes place in Idar-Oberstein today, with the meeting tackling a full agenda of issues ahead of the 38th World Diamond Congress in Tel Aviv in June. The meeting is being hosted by the Diamant-und Edelsteinborse Idar Oberstein. "We have a very full agenda of issues to discuss since the last ExCo...Read More
JOHANNESBURG (miningweekly.com) – Australian exploration company Newfield Resources (NWF) and Africa-focused miner Stellar Diamonds have reached an agreement regarding NWF’s proposed acquisition of Stellar’s entire issued and to be issued share capital for £7.74-million.The ASX-listed company owns an advanced diamond project in Sierra Leone, comprising four exploration lice...Read More
RAPAPORT... Sterling Jewelers has responded toAlex and Ani's countersuit against the retailer, claiming its sparring partner breached a contract between the companies. The jewelry retail giant has highlighted nine points itbelieves makes Alex and Ani's countersuit invalid, including Alex and Ani notperforming its obligations under the contract, and filing thecounterclaim in bad faith.The companies...Read More
Global Ports Holdings PLC (LON:GPH) shares jumped 10.2% higher to 435p in late afternoon trading as the world's latest cruise ports operator reported a loss in 2017, but said it expects single-digit growth in revenue and adjusted earnings in 2018.The company - which listed in London last May - swung to a pre-tax loss of US$10.5mln for 2017, from a profit of US$5.3mln in the prior year,...Read More
SHANGHAI, Mar 12 (SMM) –Copper: As the US dollar weakened and the US' February nonfarm payrolls performed well, nonferrous metals rebounded across the board and SHFE copper stood above 52,000 yuan/mt. But the pickup was limited by the anticipated trade war. We see it trading at 51,800-52,300 yuan/mt and LME copper trading at $6,950-7,000/mt today. In the physical market, spot discounts a...Read More
(IDEX Online) - World Diamond Council (WDC) Acting President Stephane Fischler joined a group of executives and dignitaries at a United Nations General Assembly (UNGA) side event, discussing the Kimberley Process (KP) and strategies to advance its ongoing contributions toward peace, security and sustainable development in diamond mining communities. This year marks the beginning of a pivot...Read More
Base metals prices on the London Metal Exchange were lower across the board at the close on Monday March 12, with overhead selling pressure weakening prices.Lead plummeted 2.7% today as it hit a fresh 2018-low of $2,311 per tonne - the metal failed to hold onto the gains it registered on Friday and lacks significant support. "[Lead] has struggled ever since the 2018-high at $2,685 per tonne due to...Read More
JOHANNESBURG (miningweekly.com) – Shareholders of TSX- and Nasdaq-listed diamond producer Mountain Province Diamonds and exploration group Kennady Diamonds will, on April 9, take a vote on whether to approve the merger of the companies.Mountain Province in January signed an arrangement agreement to acquire Kennady in an all-scrip deal worth about C$176-million.AdvertisementMountain Province...Read More
RAPAPORT... The State Bank of India (SBI) has introduced stricter lending conditions for certain gem and jewelry companies in the wake of the Nirav Modi scandal, The Economic Times reported. India's largest bank will require existing borrowers with inadequate safeguards either to raise their collateral to 40% to 50% of the loan value from the current 10% to 15%, or to repay at least half...Read More
(IDEX Online) - The Diamond Producers Association (DPA) launched a story-telling series about the role women play in the business to celebrate International Women's Day. "Stories Behind The Brilliance Of Diamonds," is a series that features articles from and about women who represent different stages in the diamond's evolution from mine to market. Among the women featured were Stefa...Read More
Spot prices for ammonium paratungstate (APT) and tungsten concentrates continued to rise last week when sellers raised their offers or declined to offer at all while Chinese raw materials are in tight supply. APT and oxide supplies continue to tighten while Chinese output slows Sellers decline to offer intermediates due to concerns over replacement cost, availability Profit-taking prompts fall in...Read More
No real surprises are expected from the UK's first-ever Spring Statement, with the Budget now pushed back to the autumn, after the Chancellor of the Exchequer, Philip Hammond announced changes to the age-old economic tradition last November.As he trailed in interviews last weekend, Hammond is expected to keep austerity alive in the statement amid an uncertain UK economic outlook.The statement is,...Read More
RAPAPORT... Dominion Diamond Mines will integrate the Sarine DiamondJourney into its CanadaMark website, enabling consumers to track thedevelopment of their diamonds from mine to retail, Sarine Technologies saidrecently.The system was launched on the miner's website atthe Hong Kong International Jewellery Show earlier in March, providing imagesof the diamond through its journey along the supply ch...Read More
RAPAPORT... The Diamond Empowerment Fund (DEF) has received a $100,000grant for its "Diamonds Do Good" initiative, the group said last week. The JCK Industry Fund - which helped launch theprogram three years ago - has again provided funding for the campaign, aimed atinforming consumers about the industry's contributions to society. "Putting forward a positive narrative surrounding diamondsis esse...Read More
Steel producers in Russia have increased their offers to the domestic markets for April-production hot-rolled (HR) and cold-rolled (CR) sheet, Metal Bulletin has been told.Metal Bulletin's weekly assessment of the price for Russian 4mm HR sheet was 43,000-45,000 roubles ($759-794) per tonne cpt Moscow, including VAT, on Monday March 12, widening upward from 43,000 roubles per tonne a week earlier....Read More
Exporters of hot-rolled coil (HRC) and cold-rolled coil (CRC) from the Commonwealth of Independent States continued to be in bullish mood in the week ended Monday March 12, despite a rapid price decline for China-origin material.Metal Bulletin's weekly price assessment for CIS-origin HRC exports was $610-625 per tonne fob Black Sea on March 12, narrowing upward from $590-625 per tonne fob Black Se...Read More
Selling pressure in gold, as well as a strong U.S. dollar, have canceled each other out to leave gold unchanged on the day. As of 3:30 PM Eastern standard time, April gold futures are currently unchanged and trading at $1,324 per ounce.Spot gold is currently fixed at $1,322.90, which is a net loss of $0.20 on the day. According to the Kitco Gold Index, a weakening U.S. dollar is adding $3.40 value...Read More
The latest news and price moves to start the Asian day on Tuesday March 13.Base metals prices on the London Metal Exchange were lower across the board at the close on Monday March 12, with overhead selling pressure weakening prices. Read more in our live futures report.Here are how LME prices looked at Monday's close:Copper industry participants from throughout the value chain gathered at Met...Read More