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DRC wants to become diamond hub, says diplomat

The DRC's Ambassador to Belgium says the country wants to ramp up diamond production and become a "continental hub" for the precious stones. In an interview with Rapaport Magazine, Henry Mova said the country could become an entrepot for Africa-sourced diamonds. His comments were made following the graduation of 15 Congolese citizens from the International Gemological Institute’s (IGI) School of Gemology in Antwerp.

China seeking cheaper iron ore

Fed up with paying high prices for iron ore, China is seeking out new supplies of the crucial steelmaking ingredient. The Australian reports that China is increasing iron ore imports from countries outside the major producing regions of Australia and Brazil to diversify supply away from the players that dominate the sector: The economic powerhouse has reported that iron ore imports from countries other than Australia, Brazil, India and South Africa had increased by up to 4 per cent in the first half of this year, compared with the same period last year.

More Indian iron ore coming to market

The Indian Supreme Court has directed that 1.5 million tonnes of iron ore from existing stock in Karnataka's Bellary, Chitradurga and Tumkur districts be sold every month to ensure adequate supplies for the iron and steel industry, The Hindu reported Sunday. Mining in the districts was previously banned by the court.

China set for new buying splurge

Another wave of Chinese acquisitions is expected soon as the Asian superpower seeks to diversify investments beyond the underperforming greenback, and as share price falls translate to cheaper purchases. Mergers and acquisitions consultant Andrew Thomson, a former Howard government minister, said that there had been a change of sentiment in Beijing lately and Chinese investment was expected to step up very soon.