Anglo’s sale of De Beers hindered by diamond market state
Anglo American has warned of more production cuts at De Beers due to reduced spending by Chinese consumers prolonging the market downturn.
Vancouver-based JDS Silver Inc. has just received USD$65 million from resources-focused private equity firm Denham Capital. The money will be used to complete the construction and bring into production the Silvertip Mine, located within the Silvertip Creek valley in the Tootsee River Watershed in northern British Columbia.
Silvertip is a high-grade silver-lead-zinc mine with 30% zinc equivalent grade. JDS Silver began construction in December 2015 and expects the asset to begin production in late September 2016. The company also plans to produce silver and lead in concentrate from the mines.
The property has been extensively explored by different companies since 1957. Such exploration programs resulted in the construction of a 26-kilometre access road, 2.7-kilometre of underground workings, 86,000 metres of drilling, two bulk sample programs, 20 years of environmental baseline data and significant site infrastructure.
Regarding the new partnership aimed at making the mine fully operational, JDS Silver CEO Jeff Stibbard wrote in a press release: “The combination of our development and operational capabilities along with the firm’s equity capital and strategic expertise has allowed us to expedite the construction and development of the Silvertip Mine into production.”
In the same statement, Denham Capital Director Caroline Donally explained that the partnership is a result of JDS Silver’s proven track record, comprehensive engineering and evaluation knowledge.
