Sierra Leone woos miners to clean energy with $11 billion plan
Most mining firms rely on their own diesel supplies to extract iron ore, diamonds, rutile and bauxite in the resource-rich country.
Diavik Diamond Mines, the company that runs the iconic operation of the same name in Canada’s Northwest Territories, has axed 51 jobs due to what the firm called “challenging” market conditions, CBC News reported.
Diavik mine, owned by Dominion Diamond (TSX, NYSE:DDC) with a 40% stake and Rio Tinto (ASX, LON:RIO) holding the remaining 60%, has been affected by mayor changes as of late.
Early this month, Dominion announced it was moving its headquarters from Yellownife to Calgary as part of a cost-cutting move that would leave about 100 unemployed, but that will save the firm $19 million a year once the relocation is completed by mid-2017.
Diavik is located in the Northwest Territories, 300 kilometres northeast of Yellowknife, close to Ekati, which Dominion bought from BHP Billiton (ASX:BHP) in 2013.
The mine is expected to run out of diamonds in 2024, even with the development of a fourth pipe, known as A21, which is expected to begin production in 2018.
4 Comments
patentbs
This is real. I know some of the 51. First you can not make a living pumping oil, and now you can not make a living digging diamonds!
Anon-Y-Mous-e
Everything is changing. Chemical vapor disposition technology for the making of synthetic diamonds is also displacing natural diamond demand. Heads-up on one former mining company that was instrumental in data analysis, anyone around mining would know DIAGNOS, they reinvented themselves and are applying their artificial intelligence platform to use in the diabetes market now and I serious think they are a 10 bagger; see technology journal review of the op http://technologymarketwatch.com/adk.htm very compelling.
lakshmi
Diamond is a luxury item and so long as demand for gold exists, craze for diamonds also do exist.. And they are aspirational in nature, so everybody longs to have the gems. Artificiallab made diamonds are not a competetion to naturals, but comlementary and both may co exist,The potential new discoveries in every part of the world, may pose major threats to marginally profitable mines in certain countries and to mines with high operating costs like in Canada and Russia, situated in hostile environments..India has got all the advantages like potentiality ,infrastructure and easier accesability to grid power etc..But cost of the land is highly prohibitive, And, ofcourse the very high taxes and lenient attitude towards exploration,and unfriendly attitude towards mining in general are real dampeners. Sadly diamond mining was kept in dormancy for ceturies,by colonial rulers and by for more than six decades by governments in power. My research work for 25 years , has resulted in identifying some kimberltes/dykes in south india belonging to different clusters .And. recently I have identified some kimberlites in gondwanas.too. The oft repeated propaganda for centuries that diamond mines got exhausted in india is far from truth. Bunder diamond mine find in Madhya pradesh is a fine example for that .. I always longed to see India as a major rough diamond producer. but I have a feeling that we missed the bus miserably and particularly in the present context of oversupply..But, as a major importer and with lakhs of highly skilled workforce ,India needs to produce few million carats of diamonds a year. It saves few lakhs artisans jobs also that are out of . work. With somuch glorius past, our national pride is also suffering. a lot .It is like winning one silver and one bronze at rio olympics with 125 billion people..As a nation indian leaders have long forgotten the meaning of resilence and dedication.
altaf
@ Lakshmi, My thought process exactly follows yours. I strongly believe no kimberite goes dry. Keep digging to find more diamonds. If that is true, the kimberite which produced Kohinoor which was forgotten must have more diamonds left to be dug. I dont believe 5-10 centuries back people have dug up the entire pipe down to few kilometers.
All we need is a government which understands business and people living in proximity not negetive to the mining industries. We can still produce IIb diamonds in their millions of carats.
The cheapest option is to allow some company (for example your’s with knowledge) to sift through Kirshna river bed from Hyderabad till Machilipatnam and even beyond in sea bed (like in Orange river in South Africa)