New kimberlite found at Gahcho Kue, says Mountain Province

Rumours follow Rio's decision to group its least loved units — coal, uranium salt, borates and its Iron Ore Co. of Canada — under a new umbrella branded as the “energy and minerals” business.

The 121.26-carat white rock is a Type II diamond "of exceptional colour and clarity," according to Petra.

Andrew Harding, once tipped as the most likely person to take the company’s reins, is being replaced by Chris Salisbury, currently leading the copper and coal division.

The rock was found at its Nyurbinsky open-pit mine, in operations since 2001.

The three-billion-year-old diamond the size of a tennis ball was found by Canada's Lucara Diamond last year.

Gold is up more than 20% in 2016 but gold mining equities have doubled and the sector as a whole has returned 53%.

Price tag makes it the most expensive fancy intense blue diamond ever sold at auction.

Canada slipped in the Fraser Institute’s global ranking, while Chile remains the most attractive jurisdiction in Latin America.

For private capital mining and metals is the riskiest natural resources sector – but only energy beats the returns.