IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
The whole issue of blood diamonds refuses to go away, even though Zimbabwe’s deputy mines minister, Gift Chimanikire, rather wishes it would. He told Diamond Investing News this week that the country will hold two auctions, after getting written permission from the Kimberley Process, the international body set up to monitor the distribution of conflict diamonds. In other words, the country has been given tacit approval to move forward.
However, a spokesman for the Kimberley Process has denied that any such permission has been given. And, so, controversy and uncertainty continue to swirl around what are some of the most lucrative diamond fields in the world. If Zimbabwe can get its act together then expect the likes of Rio Tinto Plc to pounce on that domestic market. In many ways, Zimbabwe’s diamond fields could make up for some of the larger global diamond mines that have seen better days and much better carat finds.
In many ways, that’s why the legitimate diamond market is looking forward to a strong 2011. Petra Diamonds Chief Executive John Dippenaar said during the company’s annual general meeting that within three years, “significant [diamond] supply deficits are expected to emerge,” with the largest diamond mines in the world already past their peak and demand for diamonds rising in new markets in China and India, according to miningweekly.com.
