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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

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    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

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    Manufacture of petroleum products push PPI to 31.2% in April

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

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    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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S.A:De Beers to hold diamond exploration budget steady in 2017

bycitibusinessnews
February 8, 2017
in Africa, Southern Africa
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Anglo American’s diamond unit De Beers will keep its diamond exploration budget steady at $35 million in 2017, the company said, although it has turned to new technology to try to improve the rate of discoveries.

Many mining companies cut exploration spending because of a slump in commodity prices in 2015, as well as a widening gap between expenditure and the value of resources found as the best quality ores are depleted.

“Our exploration spend this year is likely to be in line with last year’s, around $35 million,” De Beers said in an email.

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De Beers, however, is employing a high-tech detection method that measures the tiny magnetic field shifts that indicate the presence of a kimberlite pipe, where diamonds are found, well below the surface of the earth.

The industry as a whole invested around $7 billion on exploration between 2000 and 2013, De Beers figures show.

The results of this spending have been meagre. De Beers says only one diamond deposit of significant size has been discovered – Bunder in India, which Rio Tinto found in 2004.

Last year De Beers also brought on a new mine in Canada, saying it was the world’s largest new diamond mine but would not result in a supply surge because it was only helping to replace diamonds that have been sold.

Some analysts talk about peak diamonds and De Beers has a policy of balancing production and demand to maintain its position as the biggest producer by value. Russia’s Alrosa is the biggest diamond producer by volume.

Anglo American has placed diamonds, along with copper and platinum, at the core of a business it wants to focus on increased margins rather than bulk.

Diamond sales recovered in 2016 as the entire industry bounced back from a slump in 2015.

Sales of smaller grades, however, were hit late last year by India’s decision to phase out higher denomination bank notes, constraining consumer spending in a largely cash economy.

–

Credit: CNBC Africa

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