Rio Tinto readies to close world’s biggest diamond mine

The Tanzanian government submitted three bills to parliament on Thursday that would allow it to force mining and energy companies to renegotiate their contracts.

The firm, a joint venture between De Beers and the southern Africa country's government, plans to extend the lifespan of its Jwaneng mine beyond 2024.

The company, which owns the Cullinan mine that has produced the two largest diamonds in the British Crown Jewels, said output and revenue will be lower than market expectations.

The South African firm has secured control of the gemstones producer and plans to delist it.

Gemfields has been at the centre of a bidding war between the South African private equity group and Fosun Gold, a unit of Fosun International.

Ratings agency Moody's warned on Wednesday that new regulations seeking to accelerate black ownership in South Africa's mining industry would deter investment, raise costs and diminish cashflow generation.

South Africa-listed Pallinghurst now needs just 60% of Gemfields’ shareholders to back its unsolicited takeover offer.

De Beers Group today announced the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for the fifth sales cycle of 2017.

The precious stones miner has recommended shareholders to accept offer, despite considering it “unfair.”