German steelworkers reach pay deal with union

Gemfields, which mines for emeralds and amethysts in Zambia and for rubies in Mozambique, had already received a buyout offer from largest shareholder Pallinghurst Resources.

The $338 million-project will take annual mine capacity from 5 to 10 million tonnes.

Sellers and buyers of responsibly sourced, exceptional polished diamonds will be able to transact anonymously via the De Beers Auction Sales platform for the first time this month, when the exceptional polished stones auction is held on 29 June.

Move seeks strengthening the firm’s position as energy markets recover.

The mine, which began operations last month, is expected to produce 600,000 to 700,000 tonnes of potash this year and 2 million tonnes per year once at full capacity.

The last time Gem Diamonds had had made a significant discovery at its Letšeng mine before April this year was in 2015.

Energy minister George Stathakis said the move aims to ensure the company respects its contractual obligations.

The EU regulation on mineral sourcing that comes into force today will not be effective enough due to its limited scope and delay in implementation.

The Swedish mining equipment maker is acquiring a 34% stake in Mobilaris MCE, which provides software to optimize underground operations.