An independent report has confirmed the Montepuez mine holds the largest deposit of rubies in the world, with projected output of 432 million carats over 21 years.
With the deal, Potash Corp. could regain some of its historic dominance over the fertilizer market, since the two companies combined account for 30% of the global potash production.
The Russian company, hit by a sustained slowdown in the diamond market, said its rough diamond have declined by 6% in the first six months of the year.
A wave of bankruptcy is sweeping an industry already hit by competition from inexpensive natural gas, tougher environmental rules and a global coal glut that has decimated prices.
Mining veteran Deshnee Naidoo talks about the areas where she sees the Canadian mining industry excelling, those where is lagging and the reasons for leaving her latest position.