Diamond – Mining Weekly reported that Stornoway Diamonds (TSX:SWY) found a 9.78 ct diamond in north-central Quebec, at its Renard Project. The diamond, which has obtained a preliminary valuation of $7000/ct, has been regarded as one of the most valuable discoveries obtained at the project.
Diamond – De Beers Chief Gareth Penny has been vocal about supply shortfalls, and a lack of prospects to keep up with increasing demand for diamonds. With the Chinese diamond market exploding and decreasing output from some of the largest mining operations in the world, is the market heading towards “Peak Diamond.”
Following the upward trend of vanadium prices, the price for iron ore fines has also improved. Despite a depressed steel market, a notable recovery is evident in the vanadium market since the year end, with prices reacting to positive market demand.
Molybdenum producers have had a busy week, with multiple mergers and new mining operations announced as demand rises.
Diamond – New pressures are being put on the Kimberley Process Scheme to deal with human rights violations from the Marange and Chiadzwa diamond fields. Zimbabwe’s refusal to deal with the issues and work with Kimberley Process officials may threaten to derail the organization.
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