Marvel Gold’s sale of Mali assets falls through
Deal will not proceed as intended due to recent developments affecting miners operating in the West African country.
The Ellendale mine produced almost half of the world’s supply of rare yellow diamonds during peak production, and was also the main supplier of fancy-yellow diamonds for luxury jewelry retailer Tiffany & Co. (Image courtesy of Government of Western Australia.)
The mothballed Ellendale mine in Western Australia, renowned for its fancy yellow diamonds, is officially up for grabs.
The state government is calling for expressions of interest from mining companies to reopen the mine, which was operated between 2002 and 2015 by Kimberley Diamond Company, which went into administration.
The Ellendale mine yielded around half of the world’s supply of rare yellow diamonds during peak production.
Liquidators sold off plant, equipment and machinery and then quit the failed operation, leaving it in the hands of the state government.
Ellendale, located 120km east of Derby, yielded around half of the world’s supply of rare yellow diamonds during peak production, and was also the main supplier of fancy-yellow diamonds for luxury jewelry retailer Tiffany & Co.
According to Western Australia officials, the mine is still considered to contain marketable diamonds
A panel from the Department of Mines, Industry Regulation and Safety will evaluate tenders ahead of a formal decision by Mines and Petroleum Minister Bill Johnston.
“I expect the successful company will have experience in diamond mining and marketing, they’ll understand Western Australia’s regulatory requirements and be able to fund the new operation,” Johnston said.
Submissions close on Nov. 30 with a decision expected early in the new year. The winning company will be invited to apply for a new mining lease.
Comments
Mike
De beers is making big mistake ever on planet,My prediction is de beers will lost his trust,image,value,etc.De beers will be disapear,and it’s remain history.who is stupid that making fake diamonds when he is already doing in real one.they are cutting the trees branch where they are sitting.
De beers had prestige and can say that always remain no.one in diamonds business but as with this foolish step it will be past.
Don’t forget that there is ever sweat and hard work of poor people in diamonds industry world wide.they will get hurt surely and impact on life and when hurt then heart will talk only truth.
Hope god save only De beer