Vice President and Finance Minister Ndaba Gaolathe said the government is preparing to make “drastic” fiscal adjustments to stay afloat, including slashing expenditures and boosting tax revenues. 

“The first thing we need to do, obviously, is to live within our means,” Gaolathe said in Washington. “That means cutting spending — doing away with what we believe is some of the fat.”

Diamonds make up a third of Botswana’s revenue and lead its exports, but a prolonged drop in global demand since mid-2023 has forced the government to raise its budget deficit forecast to 9% of GDP — the highest since the pandemic. The downturn has also led to a 3% contraction in the economy this year.

With foreign reserves under pressure, officials plan to cut costs by trimming the government vehicle fleet and curbing travel. They’re also moving to boost revenue through stricter tax enforcement and a new digital transaction levy set to launch in September.

Despite fiscal stress, Gaolathe said Botswana is reluctant to seek financing on international markets, preferring concessional loans. “Let’s borrow where it’s cheapest,” he said.

Bigger De Beers stake

The diamond downturn has also accelerated changes in the industry. Anglo American (LON: AAL), which owns 85% of De Beers, has been seeking a buyer for the iconic diamond company. Botswana, which holds the remaining 15% and is De Beers’ primary diamond source, says it wants a greater say in the sale.

“We are very confident that partners are coming forward,” Gaolathe told Bloomberg, noting interest from countries, funds and companies with “deep interest” in the industry. Botswana wants any new owner to be financially strong and committed to the diamond business long-term — and said it is open to increasing its stake to as much as 50%.

The government and De Beers recently signed a 10-year deal to fund global marketing aimed at reviving demand for natural diamonds, which have been losing ground to lab-grown alternatives. New US tariffs on Botswana’s diamonds have since added uncertainty to any near-term rebound.

“High tariffs on our diamonds will have a deleterious effect on us,” Gaolathe warned. The Bank of Botswana expects only a “muted recovery” this year.

Fast-tracking approvals

Carney’s administration plans to establish a “Major Federal Project Office” with a “one project, one review” mandate. This initiative aims to streamline environmental assessments by eliminating duplication between federal and provincial processes, thereby accelerating the approval of mining projects. Such a move is poised to benefit companies involved in critical mineral extraction, including lithium, nickel, and cobalt, by reducing bureaucratic delays.

Carney has not provided clarity on how the consent process would be expedited to meet the timeline pressures of energy and infrastructure development. This ambiguity is notable, particularly as his promise to avoid forcing projects through appears to contradict his assurances that major projects will proceed swiftly. Past provincial experiences, such as B.C.’s attempts to expedite development under similar consent commitments, suggest that balancing these priorities is fraught with legal and political difficulty.

Carney’s approach implies an acknowledgment of a de facto Indigenous veto over resource projects—but rather than confronting this head-on, he proposes to “buy in” Indigenous participation through public financing mechanisms. This creates a practical route around a hard veto by offering Indigenous communities ownership stakes that align their interests with project success.

Reconciling the urgency of certain projects with the potentially time-consuming process of obtaining consent from multiple Indigenous nations will prove tricky. It begs the question of whether or not this model serves the public interest.

On one hand, it represents a constructive shift from conflict to partnership, promoting reconciliation and potentially leading to more stable and inclusive development. It avoids the legal and ethical risks associated with imposing projects on unwilling nations. On the other hand, it raises questions about the use of taxpayer-backed funds as a means of securing project approval. There is a risk that such financing becomes a permanent cost of doing business, even for projects that may not deliver strong returns to the public.

Whether this is sustainable or fair depends on how transparent and equitable the resulting arrangements are — and whether public funds are being used to create true partnerships or merely to neutralize opposition.

Investment in critical minerals

The Carney-led government plans to invest in the development of critical minerals by: 

• Connecting critical mineral projects to supply chains via the new First and Last Mile Fund (FLMF), enhancing integration within the Canadian economy;
• Supporting clean energy and critical minerals projects through the FLMF to reduce reliance on other countries and protect Canadian jobs;
• Accelerating exploration and extraction, including from recycling, by investing in prospecting activities and 
• Attracting and de-risking investment in critical mineral exploration and extraction through additional investments and expanded tax credits. 

US tariffs

In response to US President Donald Trump’s imposition of tariffs on Canadian imports, Carney has pledged a firm stance. His administration plans to invest billions to reduce Canada’s economic dependence on the southern neighbour, including a $2 billion strategic response fund to protect Canadian workers and fortify the auto supply chain.

This shift towards trade diversification and economic resilience is likely to open new markets for Canadian mining exports, particularly in Asia and Europe, thereby reducing vulnerability to US trade policies.

Energy superpower

Mark Carney’s campaign message on energy, echoing Stephen Harper’s “energy superpower” mantra, signals a sweeping ambition — but with a broader, more climate-conscious twist. In his election night speech, Carney declared it was “time to build Canada into an energy superpower in both clean and conventional energy” and pushed for an industrial strategy that boosts competitiveness while addressing climate change.

Now leading a Liberal government, Carney faces the challenge of balancing economic growth with environmental responsibility. His platform includes plans for national “energy corridors” designed to fast-track approvals for infrastructure such as pipelines and transmission lines. He has also pledged to streamline regulatory processes to reduce delays that have long hindered energy and resource development.

Carney supports carbon capture and storage technology, a key strategy for the oil and gas sector to reduce emissions. His promise of federal backing extends to major infrastructure and extraction efforts, notably the Ring of Fire in northern Ontario. The region is rich in critical minerals essential for electric vehicles, batteries and other technologies vital to a low-carbon economy.

Some First Nations groups with claims in the area oppose development, which could take a decade to implement judging by other projects. Environmentalists say it will release the same global warming gases from the region’s muskeg that the electric-battery vehicle metals it would produce are supposed to limit.

Canada’s elected Prime Minister has also committed to advancing transportation and energy projects in the Arctic, paired with a planned expansion of the country’s military presence in the region.

Environmental commitments

While promoting mining development, Carney’s administration also maintains environmental commitments, such as upholding the industrial carbon tax and imposing caps on oil and gas emissions. This approach aims to ensure that mining growth aligns with Canada’s climate goals. 

Despite facing challenges such as taxation, immigration and political influences, including Trump’s rhetoric, Canada’s natural resource development was a common topic brought up by the two main political parties.

Carney’s recent victory signals a proactive approach to strengthening Canada’s mining industry, a significant contributor to the country’s economy. The sector accounted for nearly 20% of the country’s gross domestic product in 2022, alongside C$422 billion ($305 billion) in exports.

Two weeks into the second quarter, the MINING.COM TOP 50* ranking of the world’s most valuable miners had a combined market capitalization of $1.36 trillion, up $79.7 billion so far in 2025.

The total stock market valuation of the world’s biggest mining companies remains almost $400 billion below the peak hit in the second quarter of 2022.

This snapshot was taken at the close of trading on 17 April and not at the start of Q2 as usual to avoid some of the market distortions brought on by the chaotic weeks following Trump’s on-again off-again tariffs.

This flatters the index to some extent as gold stocks rode the coattails of the record setting bullion price and almost all big names regained some ground after the severe sell-off during the first week of April.

Newcomers

The volatile trading saw the greatest number of new entries – six in all – in a quarter since MINING.COM started tracking the Top 50 six years ago. From $6.7 billion at the end of 2024, the lowest ranked entry must now be worth $8 billion.

Mining and metals arguably suffered some of the biggest swings and roundabouts as the economic effects of a trade war and the focus on critical minerals played havoc – exemplified by the volatility on copper markets.

The bellwether metal hit a record high in the US at the end of March, only to plunge more than 20% over the next week and a half and then make up a big chunk of those losses going into the long weekend.

Amid the hectic trading, copper producers and diversified companies with large base metal portfolios lost a combined $53 billion to April 17 and are now trading $205 billion below their collective peak end-Sep 2024 as the sector’s ranks thin.

Lundin Mining dropped out of the Top 50 during Q1 following another copper counter, Poland’s KGHM, which did not make the cut off in Q4 last year. Q1 was a mixed blessing for the Canadian mining empire with the copper producer making way for Lundin Gold, entering the Top 50 for the first time after doubling in value in USD terms to $10.1 billion in Toronto.

Huayou Cobalt’s inclusion proved to be short-lived while South32 failed to make the cut for the first time since being spun out of BHP a decade ago. The base metals sans copper producer sits at position 51 after being narrowly edged out by Shanjin International Gold, so the stock may well return if (and not necessarily when) profit-taking in gold and gold stocks starts to make sense.

Another notable mover of 2025 is Amman Mineral, the worst performer in the index which lost over $10 billion in value as reality about its piercing run since its debut in Jakarta early 2023 continues to set in. The Indonesian copper-gold company is now worth an eye-catching $20 billion less than its high point at the end of Q2 last year, even after investors ran up the stock more than 20% just in the last week.

Nothing counters gold

While the direction of the copper price over the last few months was almost impossible to judge, gold’s record breaking run looked inevitable. At $3,420 per ounce gold at the time of writing, the yellow metal has now finally also surpassed its 1980 peak in inflation-adjusted terms.

Unsurprisingly, precious metals counters dominate the best performer list and make up the majority of new entrants. Gold, silver and PGM miners and royalty companies now represent a third of the value of the Top 50. The strength in precious metals has also seen Canada overtake Australia for the first time in terms of the value of miners headquartered there.

At 22% of the index, the 13 Canadian companies collectively are worth a smidgen under $300 billion compared to $275 billion for the now eight Australian firms with the inclusion for the first time of Sydney-based gold stock Evolution Mining. In their current form Melbourne-based BHP and Rio Tinto have been the top two global mining stocks since the turn of the century, together worth $220 billion today.

The MINING.COM Top 50 tracks stock value in USD terms not share price gains on local exchange and many stocks in the ranking benefitted from strengthening currencies against the USD.

South Africa’s Harmony Gold tops the gainers after jumping 24 spots to enter the ranking at no 37 following a 117% advance since end-2024. Like Harmony, Goldfields also benefited from the strong rand against the greenback, lifting the Johannesburg-based company’s shares by 83% year to date.

Russia’s Polyus, which added $14.4 billion in Q1, was only beaten by the top two gold stocks Newmont and Agnico Eagle which added $18.6 billion and $19.9 billion year to date in market cap gains. The ruble has strengthened by 20% against the US dollar in 2025 and Norilsk Nickel, thanks to captive investors on the MCX, has maintained its good standing in the Top 50 despite sanctions and trading restrictions. Norilsk is still worth north of $20 billion but still a far cry from its peak position as the world’s number 5 most valuable mining company reached mid-2021.

London-listed Fresnillo returns to the index after years in the wilderness thanks to a 74% surge in value for the Mexican silver and gold miner, majority owned by Mexican industrial group Peñoles. Together with Southern Copper, owned by Grupo Mexico, the country now represents nearly 6% of the value of the Top 50.

Gold counters are likely to only increase in number and size over the rest of 2025. Kazatomprom dual-listed in London and Astana in 2018, and Uzbekistan is now readying an IPO for Navoi Mining and Metallurgy Combinat – the world’s fourth largest gold mining company and significant uranium producer later this year.

Rare earth representation

China Northern Rare Earth is the only producer of the 17 elements in the ranking and despite the frenzy surrounding the sector as China tightens control. There are no obvious REE candidates that could join the Top 50 in short order.

MP Materials, which operates the Mountain Pass mine in California, has surged by 69% in value year to date but the Las Vegas-based company is still worth only $4.3 billion.

The company’s valuation peaked above $8 billion in March 2022, but the whole mining industry was riding high at the time and the high price ticket for entry at the time meant it fell just outside the ranking. Australia’s Lynas Rare Earths have also come close in the past and is up 26% this year for a valuation of $5.3 billion.

Lithium down to a single stock

Lithium’s representation in the ranking is down from six companies to a single stock – Chile’s SQM languishing in position 42 and worth less than $10 billion – following the exit of China’s Tianqi and US-based Albemarle during the quarter, with the latter dropping by 38% in 2025.

The value destruction caused by the slump in lithium prices has been nothing short of astonishing. Lithium stocks in the index peaked in the second quarter of 2022 with a combined value of nearly $120 billion.

While Albemarle now worth $6.2 billion may well make a comeback (the longer term prospects for lithium demand remains bright), the absorption of Arcadium by Rio Tinto makes it unlikely that the Top 50 will see a rush of lithium stocks any time soon, a rebound of the commodity notwithstanding.

Zangge Mining, which does derive a good proportion of income from lithium, but is mostly a fertilizer producer, is bubbling under at number 53. The Chinese company may not stick around either – it’s the subject of takeover overtures by Zijing Mining, which also helps explain the 25% rise in the stock on the Shenzen exchange in USD terms.

Notes:

Source: MINING.COM, stock exchange data, company reports. Share data from primary-listed exchange at close April 17/18, 2025 close of trading converted to US$ where applicable. Percentage change based on US$ market cap difference, not share price change in local currency.

As with any ranking, criteria for inclusion are contentious. We decided to exclude unlisted and state-owned enterprises at the outset due to a lack of information. That, of course, excludes giants like Chile’s Codelco, Uzbekistan’s Navoi Mining (the gold and uranium giant may list later this year), Eurochem, a major potash firm, and a number of entities in China and developing countries around the world.

Another central criterion was the depth of involvement in the industry, and how far upstream is the bulk of its revenue, before an enterprise can rightfully be called a mining company.

For instance, should smelter companies or commodity traders that own minority stakes in mining assets be included, especially if these investments have no operational component or even warrant a seat on the board?

This is a common structure in Asia and excluding these types of companies removed well-known names like Japan’s Marubeni and Mitsui, Korea Zinc and Chile’s Copec.

Levels of operational or strategic involvement and size of shareholding were other central considerations. Do streaming and royalty companies that receive metals from mining operations without shareholding qualify or are they just specialized financing vehicles? We included Franco Nevada, Royal Gold and Wheaton Precious Metals on the basis of their deep involvement in the industry.

Vertically integrated concerns like Alcoa and energy companies such as Shenhua Energy or Bayan Resources where power, ports and railways make up a large portion of revenues pose a problem. The revenue mix also tends to change alongside volatile coal prices. Same goes for battery makers like China’s CATL which is increasingly moving upstream, but where mining will continue to represent a small portion of its valuation.

Another consideration is diversified companies such as Anglo American with separately listed majority-owned subsidiaries. We’ve included Angloplat in the ranking but excluded Kumba Iron Ore in which Anglo has a 70% stake to avoid double counting. Similarly we excluded Hindustan Zinc which is listed separately but majority owned by Vedanta.

With other groups like Mexico’s Penoles where refining and chemicals make up a substantial part of the business where possible the Top 50 would include separately listed operating subsidiaries that are dedicated to mining. This is also why Southern Copper represents Grupo Mexico in the ranking.

Many steelmakers own and often operate iron ore and other metal mines, but in the interest of balance and diversity we excluded the steel industry, and with that many companies that have substantial mining assets including giants like ArcelorMittal, Magnitogorsk, Ternium, Baosteel and many others.

Head office refers to operational headquarters wherever applicable, for example BHP and Rio Tinto are shown as Melbourne, Australia, but Antofagasta is the exception that proves the rule. We consider the company’s HQ to be in London, where it has been listed since the late 1800s.

Please let us know of any errors, omissions, deletions or additions to the ranking or suggest a different methodology: email Frik Els at fels@mining.com with Top 50 in the subject line.

India is the world’s largest cutting and polishing hub, handling nine out of every 10 diamonds processed globally. But it is sensitive to economic uncertainty – particularly in the US, its biggest market.

Cut and polished diamond exports, which usually account for nearly half of overall gem and jewellery shipments, fell 16.8% to $13.3 billion year-on-year, the Gems and Jewellery Export Promotion Council (GJEPC) said in a statement.

The slump dragged down overall gem and jewellery exports by 11.7% to $28.5 billion – a four-year low – from $32.28 billion the previous year.

The lower demand for polished diamonds also prompted Indian processors to reduce imports of rough diamonds by 24.3% to $10.8 billion, the trade body said.

Gems and jewellery exports rose by 1% year-on-year in March, however, to $2.56 billion, the GJEPC said, as exporters ramped up shipments ahead of announced US tariffs.

US President Donald Trump initially planned to place a 27% tariff on imported Indian goods from April 9 as part of duties targeting dozens of countries, but then declared a 90-day pause on the measure.

“US buyers were loading up in March before the tariffs kicked in. Indian exporters were also rushing to ship out US orders first, so they wouldn’t get hit with those extra costs,” said Shaunak Parikh, vice-chairman of GJEPC.

India’s gems and jewellery exports are unlikely to recover this year, one major Mumbai-based exporter told Reuters, as the US tariffs have roiled global markets and shaken buyer confidence.

(By Rajendra Jadhav; Editing by Joe Bavier)

The Zimbabwe Mining Development Corp. has asked the Mines Ministry for a resolution to a longstanding dispute with a unit of Amaplat Mauritius Ltd. that is laying claim to the assets, a letter written by the company’s chairman Paul Chimboza to Mines Minister Winston Chitando shows.

Chimboza confirmed the veracity of the letter, which has been seen by Bloomberg, but declined to comment further, referring queries to the ministry.

The $93 million owed by ZMDC is among a litany of creditor woes confronting state entities in Zimbabwe. The government is more than $21 billion in debt and locked out of international capital markets after defaulting on payments owed to institutions including the World Bank and European Investment Bank.

“The corporation has on many occasions requested that the Amari debt be assumed by the state,” Chimboza wrote in reference to ZMDC’s standoff with the Amaplat unit. ZMDC, which the Treasury indicated should address the matter using internal resources, has few assets of its own as they have mostly been transferred to a new state company known as Defold Mine Ltd.

Zimbabwe’s case against Amaplat was heard by the International Chamber of Commerce’s arbitration court in a sitting in Zambia in 2014, and the tribunal ruled in the company’s favor. Zambia’s High Court granted Amaplat leave to enforce the arbitration ruling in 2019.

Two years later, the company made a proposal to the country’s finance ministry for the settlement of the debt, which amounted to $65.9 million at the time. That was acceded to with the understanding that ZMDC would make the payments.

ZMDC suggested that Bravura, a company owned by Nigerian businessman Benedict Peters, pay Amaplat $15 million as part of the agreement. Bravura, which received platinum concessions, however only paid $3 million to the mines ministry, Chimboza said, and the remaining terms of the settlement, including the transfer of mining assets to Amaplat, haven’t been met.

Bravura officials weren’t available for comment, said a person who answered their phone at offices in Zimbabwe’s capital, Harare.

“It is not for Amari and Amaplat to determine how the government of Zimbabwe sources funds for payment for its public debt,” Amaplat said in a response to queries. “As the ICC award is against a Zimbabwe government parastatal and the commissioner of a government ministry, the ZMDC and the Chief Mining Commissioner of the Ministry Mines, the public debt remains the responsibility of the government of Zimbabwe for the full amount.”

Secretary for Mines Pfungwa Kunaka said he was traveling and didn’t respond to questions on how the dispute would be handled.

More legal trouble may lie ahead for Zimbabwe as Amaplats plans to register its award in Canada, after doing the same in the US at the end of last year. A hearing in Canada is set for June 30, Chimboza said in the letter.

Zimbabwean diamonds, due to be sold in Brussels, were temporarily seized in relation to the dispute in 2014.

The continuous engagement of external lawyers is costly with more than $500,000 spent by ZMDC and the ministry in engaging legal representation, Chimboza said.

(By Godfrey Marawanyika and Ray Ndlovu)

Last week, US President Donald Trump announced sweeping import tariffs ranging from 10% to over 100%, including a 30% duty on many South African goods. The move has injected volatility into the global diamond market.

Petra, which holds the world’s third-largest diamond resource, said the decision to delay the Cullinan sale aims to secure stronger market prices once the tariff situation becomes clearer. The sale had been expected to generate approximately $18 million in revenue.

Despite the disruption, the company managed to complete sales from its Finsch mine in South Africa and the Williamson mine in Tanzania before the tariffs were introduced.

South Africa remains one of the largest diamond exporters to the US, alongside India.

So far in the 2025 financial year, Petra has earned $103 million from rough diamond sales, down from $138 million during the first five tenders of the previous year.

The United States, which takes more than 30% of the South Asian nation’s gem and jewellery exports, set a 27% reciprocal tariff on it on Thursday, at a time when demand is softening in other key markets such as China, the Middle East, and Europe.

“Tariffs will hit hard the demand for diamonds in the United States and job losses look inevitable, at least in the short term,” said Dinesh Navadiya, chairman of the Surat-based Indian Diamond Institute.

Surat, the second-largest city in Gujarat, the western home state of Prime Minister Narendra Modi, processes and polishes more than 80% of the world’s rough diamonds, and India accounts for nine in every 10 diamonds processed globally.

Business has ground to a halt in its teeming diamond market, where more than 10,000 traders and brokers gather each day, as the industry tries to figure out how matters will evolve in the coming months.

Conditions are worse than during the 2008 financial crisis, when the industry was plagued by fears of a prolonged recession, said Mansukh Mangukiya, a diamond trader for five decades.

A slowdown in the industry will hit all manufacturers, but smaller players will suffer most, said Sevanti Shah, chairman of Venus Jewels, adding, “Many smaller manufacturers will have no choice but to shut down.”

The United States accounted for nearly $10 billion, or 30.4%, of India’s annual gems and jewellery exports, totalling $32 billion in the fiscal year 2023/24.

Third largest export to US

Gems and jewellery are India’s third largest export to the United States, after engineering and electronic goods, and employ millions of workers, including artisans.

Poorer business prospects also raise questions about the future of the Surat Diamond Bourse, inaugurated by Modi in 2023 to create thousands of new jobs and serve as a trade hub.

Built over 6.6 million square feet, it was touted as the world’s largest office building, surpassing the Pentagon.

The industry will seek alternative markets to compensate for the loss of US demand, but no other country will be able to replace the US market, diamond dealers said.

The sudden decline in US demand would require short-term production adjustments within the industry and could lead to reduced rough diamond imports, said Shaunak Parikh, vice chairman of the Gem and Jewellery Export Promotion Council.

Exporters are making last-minute efforts to ship as much as possible to the United States before its new tariffs take effect, Parikh said, while orders that cannot be delivered earlier may be cancelled or put on hold.

The tariffs would also drive up US prices, crimping demand, said Vipul Shah, managing director of Asian Star, a leading diamond exporter.

An uncertain future lies ahead for Chetan Navadiya, a diamond manufacturer turned job-work contractor.

“I lost my business due to the market slowdown,” Navadiya said. “I took up job work to survive, but even those contracts may not come by now, because of US tariffs.”

(By Rajendra Jadhav and Sumit Khanna; Editing by Mayank Bhardwaj and Clarence Fernandez)

Diavik’s production primarily consists of white gem-quality diamonds, with less than one percent of its production yielding rare yellow diamonds. 

“This two billion year old, natural Canadian diamond, is a miracle of nature and testament to the skill and fortitude of all the men and women who work in Diavik’s challenging sub-Arctic environment,” chief operating officer Matt Breen said in a statement.

Since it opened in 2003, Diavik has produced remarkable diamonds. In 2018, the company unveiled a 552-carat yellow gem quality stone, believed to be the largest diamond ever found in North America, about the size of a chicken-egg. 

The previous record for a North American diamond, also found at Diavik, was the 187.7-carat “Foxfire”, unearthed in 2015.

“The beauty and purity of Diavik diamonds continues to excite passions amongst all who see them and we look forward to following the onward journey of this very special diamond,” Patrick Coppens, general manager of sales and marketing for Rio Tinto’s diamonds business said.

The mining company has said it is committed to operating Diavik sustainably, with renewable energy playing an increasingly significant part. Since 2012, the site has operated a hybrid wind-diesel power facility, and in 2024, Diavik completed the construction of a solar power plant.

“Listing on Cboe Canada marks a major milestone in our company’s growth,” CEO Ken Johnson stated in a news release Monday, adding that the exchange’s global footprint would allow the company to broaden its shareholder base and increase market visibility.

Shares of Lipari Mining traded at C$0.57 at Monday’s open, for a market capitalization of approximately C$83.7 million ($58.5 million).

Formerly known as Golden Share Resources, the company announced last month that it is acquiring Lipari Diamond Mines (LDM) and its assets in Angola and Brazil through an RTO, following which LDM shareholders would own nearly all (96.7%) of the combined company’s shares.

Prior to closing the transaction, LDM raised approximately $3.62 million through a private placement of subscription receipts to support the future development of its two diamond assets.

In Angola, Lipari owns a 75% equity interest in Tchitengo diamond project, encompassing 30 known kimberlite deposits. The Tchiuzo kimberlite represents the most developed, having already been taken to pre-feasibility by Sociedade Mineira de Catoca and ALROSA in 2013 after spending a reported $35.6 million.

In an earlier news release, CEO Johnson said the company has planned a bulk sampling program at Tchiuzo to follow up on the confirmatory drilling completed by LDM last year. This is targeted to produce a representative parcel of rough natural diamonds for evaluation and making a production decision.

Lipari also owns 100% of the Braúna diamond mine located in the state of Bahia, Brazil. Since entering commercial production in July 2016, the mine has produced nearly 1.2 million carats of natural rough diamonds from 6.54 million tonnes of kimberlite mined, for an average production grade of 18.2 cpht. Operations are now focused on the transition of the mine from an open pit to an underground operation.

According to Johnson, the mine is ramping back to full capacity, with the transition to underground mining largely completed. “Our first sale of diamond production from our underground operation is expected in April,” he said.

Anglo is pursuing a dual-track process in its effort to exit De Beers by trying to find a buyer for the struggling business, while also starting preparations for an initial public offering as a backup solution.

Anglo promised investors last year it would get out of the diamond business, as part of a sweeping overhaul outlined by chief executive officer Duncan Wanblad as he fended off a $49 billion approach from BHP Group. The company has since agreed to sell its coal and nickel mines and is on course to exit platinum later this year — leaving only De Beers on the list.

Anglo has now started started engaging with major banks about working on a De Beers public listing, said the people, who asked not to be identified discussing private information.

A spokesman for Anglo American declined to comment.

An exit from De Beers is proving to be the hardest part of Anglo’s restructuring. The diamond industry is grappling with its deepest crisis in decades and a collapse in Chinese demand and fierce competition from synthetic stones has hammered De Beers’ profits in recent years.

Anglo recently took a $2.9 billion impairment on the value of De Beers, after last year announcing a $1.6 billion writedown.

Wanblad has emphasized that the company is not in a rush to find a solution for De Beers, as it doesn’t want to destroy value by moving too quickly while the market remains weak. In February, he said Anglo didn’t expect much progress in exiting the business in the first half of 2025, but hoped its plans to exit would accelerate later in the year.

(By Thomas Biesheuvel and Dinesh Nair)

The suspension will affect deposits with an annual production of less than 1 million carats, according to Russia’s state-owned diamond miner.

The company stated that it still plans to produce 29 million carats of diamonds in 2025, but in November 2024, Alrosa indicated that it might suspend some production in 2025 and reduce staff.

The world’s largest producer of rough diamonds by volume has been impacted by a ban on Russian diamond sales to G7 and EU countries as part of Western sanctions.

These countries have agreed to ban direct imports of Russian diamonds starting January 1 2024 and to phase in a full ban on Russian-origin stones via third countries beginning March 1 2024, in response to Moscow’s actions in Ukraine.

Alrosa’s output fell by 4.6% to 33 million carats in 2024, while net profit declined by 77.3% to 19.3 billion roubles ($216.26 million).

To offset the impact of the sanctions, the Russian government regularly purchases diamonds from Alrosa through a state fund.

(With files from Reuters)

That gamble saw it dip a toe into the world of luxury advertising last week, wining and dining social media influencers at a Michelin star restaurant in New York’s Greenwich Village to pitch affluent 20- and 30-somethings on natural rocks over lab-grown rivals.

“One of our strategies is to really counter synthetics,” Bogolo Kenewendo, Botswana’s 37-year-old mines minister, said in an interview from New York ahead of the March 12 event.

The evening was organized with high-end online jewellery seller The Clear Cut, which is a“voice for Gen Zs and is really helping us to tailor the narrative of natural diamonds in the US to a specific demographic,” she said.

Kenewendo is promoting her country’s gems against an onslaught from cheaper, lab-grown variants, which have crushed prices for cheaper stones at the expense of Botswana, which gets more than a third of its budget and most of its foreign exchange earnings from the gems.

Diamond sales from the Debswana joint venture between De Beers, the biggest diamond mining company, and Botswana fell 46% last year, according to the central bank.

Synthetic stones also profit from the blood-diamond narrative that the proceeds of gem mining, in the case of producers including Sierra Leone and Central African Republic, has financed civil wars.

In response, Botswana counters that it’s a flourishing democracy and revenue from diamonds, discovered in the southern African nation soon after independence in 1966, have been used to benefit the entire nation.

“Diamonds do good. That is our selling point,” Kenewendo said. “Almost everybody in Botswana who has been put through primary school all the way to university has been put through by government and through government revenues that are raised through the sale of diamonds.”

Kenewendo is part of a fresh-faced new cabinet, which includes a 26-year-old youth minister once crowned Miss Botswana, trying to breathe life into the struggling economy of the country of 2.5 million people.

Voter anger over the economy led to the shock October election result that swept President Duma Boko’s Umbrella for Democratic Change to power, unseating the party that had ruled for 58 years.

With synthetic diamonds out-competing natural gems in the market for cut stones under $750, the country is aiming at the buyers of more expensive jewellery, while highlighting that its gems can be traced back to Botswana mines through blockchain technology, she said.

“We believe we have a very unique market above five carats that we can really tap into and position the Botswana marque as a premium diamond above all,” she said.

That’s where the alliance with retailers such as The Clear Cut come in.

“Our clients skew a little bit higher than the average American budget,” said Olivia Landau, the co-founder and chief executive officer of the company, adding that most are in their late 20s or early 30s. “Our average engagement ring is about $25,000 to $30,000, around the two-and-a-half to three-and-a-half carat center stone diamond.”

That demographic was the prime audience for the New York-based fashion influencers who attended the event, including Katee Bartlett, Serena Kerrigan and the 19 other guests that evening.

We want “to present a new narrative that most consumers in the US haven’t heard,” Landau said. For the influencers “it’s a great way for them to get educated and also share the story with their audiences.”

(By Antony Sguazzin, William Clowes and Mbongeni Mguni)

The company has sent notices to employees who are likely to be affected, people with knowledge of the matter said, asking not to be identified because Anglo hasn’t made a public announcement.

The job cuts are in line with the company’s disposals and other restructuring plans, Anglo said in response to queries. Consultations have just begun and the minerals producer has yet to determine the number of people affected, it said.

Anglo began restructuring the business last year after it had to fend off a $43 billion takeover bid by rival BHP Group Ltd.

It has sold its coking-coal and nickel businesses and is on track to spin off most of its controlling holding in Anglo American Platinum Ltd. by June, the company said. It also plans to either sell or hold an initial public offering for its De Beers unit, the world’s biggest diamond company.

“There are clearly also a great many function support roles that move to the businesses we are divesting and demerging, including Anglo American Platinum, to ensure they are set up on a standalone basis,” the company said in a later statement.

Most of its corporate staff are in South Africa, where the company was founded by Ernest Oppenheimer in 1917 to exploit the world’s biggest gold field, the Witwatersrand. During the isolation brought by apartheid, it expanded from mining into businesses ranging from banking to paper making.

After an initial round of divestments, it moved its headquarters to London in 1998.

The company slashed jobs at its main South African corporate office in 2023 and later fired workers at its iron-ore unit, which it is retaining, and at Amplats.

(By Loni Prinsloo, Antony Sguazzin and William Clowes)

This trend, which has accelerated over the past five years, poses major challenges for mining companies and coincides with intensifying geopolitical competition for raw materials essential to global industries.

According to the Verisk Maplecroft’s annual Resource Nationalism Index (RNI), which measures government control of economic activity within the mining and energy sectors across the globe, 47 countries – including 17 major critical mineral producers – have seen a record increase in risk since 2020.

Among the 10 highest-risk jurisdictions are major oil and gas producers with a history of expropriations, nationalizations, and tax hikes. Venezuela, Russia, Mexico, Kazakhstan, and Iraq have all seen risk levels surge over the past five years.

Minerals geopolitics

Mineral-rich nations are using their leverage to secure greater economic benefits, a shift with far-reaching consequences.

“If this momentum continues, disruptions to the supply of critical minerals for renewables, technology, and defence industries are likely,” Jimena Blanco, chief analyst at Verisk Maplecroft, says. “Supply chain risks could drive up costs, slow innovation, and create vulnerabilities in national security and global competitiveness.”

As Western democracies work to secure mineral supplies, resource-rich developing nations are employing various strategies to maximize their bargaining power. Some are pursuing outright state control, while others are imposing tax hikes, stricter local content requirements, and policies aimed at expanding their economies beyond raw material exports.

Many are also adopting non-aligned strategies, avoiding alignment with major geopolitical blocs to maintain flexibility in negotiations.

This shift is expected to bring a wave of policy changes over the next year, affecting both producing nations and demand centres.

Copper risk

Verisk Maplecroft’s analysis integrates mineral production data with the RNI, revealing a sharp increase in risk exposure for key commodities. Over a third of global copper production now occurs in “high” or “very high” risk countries, up from just 17% in 2016.

Chile and Peru, the first and second largest copper producers, historically considered stable mining environments, have both increase state intervention in their resources. 

Chile, which is also responsible for 24% of the world’s lithium production, announced in April 2023 that all lithium projects must be structured as public-private partnerships with the state holding a majority stake.

While the mining sector initially balked, companies have adapted, with more than 50 companies expressing interest in partnering with the Chilean government. Seven firms are now vying for a special contract, with final selections expected by the end of March.

Cobalt production, concentrated in the Democratic Republic of the Congo (DRC), has also seen shifting risk dynamics. While the DRC has improved in the RNI rankings, ongoing conflict threatens to reverse those gains. 

Gold production, meanwhile, has become more exposed to resource nationalism, with 18% now coming from high-risk nations. In one sign of growing instability, the Malian government recently seized three tonnes of gold in a dispute with Canada’s Barrick Gold.

Trade wars

Resource nationalism is becoming a central issue in global trade tensions, particularly between the US and China. Beijing has restricted rare earth exports to the US, while Washington has responded by stockpiling critical minerals and incentivizing domestic production. 

In Canada, shifting US tariffs under the Trump administration have revived calls for greater domestic investment in energy, power and mining infrastructure.

Thea Riofrancos, a political science professor and author of the forthcoming book Extraction: The Frontiers of Green Capitalism, says these developments are part of a broader trend.

Last year, the European Union signed a critical minerals deal with Rwanda, but the European Parliament later voted to suspend it. Lawmakers cited Rwanda’s support for a rebellion in the eastern Democratic Republic of Congo, where armed groups are seizing and exporting coltan, tin, tungsten, tantalum, and gold.

Meanwhile, Congolese President Félix Tshisekedi has proposed a critical minerals agreement with the US, modelled on the stalled deal with Ukraine.

“Importing countries are racing to secure minerals, using a mix of onshoring (encouraging mining within their borders) and bilateral trade agreements,” Riofrancos wrote in a Financial Times editorial.

“Producing countries are implementing export bans, establishing state-owned companies, and in some cases, nationalizing entire mineral sectors. Whether justified by the energy transition, tech industries, or military preparedness, countries everywhere want their piece of the critical mineral pie,” she concluded.

Just hours after Trump’s 25% duties on all US steel and aluminum imports took effect, Trump said he would impose additional penalties if the EU follows through with its plan to enact counter tariffs on some US goods next month. “Whatever they charge us, we’re charging them,” Trump told reporters at the White House.

Trump’s hyper-focus on tariffs has rattled investor, consumer and business confidence and raised recession fears. He has also frayed relations with Canada, a close ally and major trading partner, by repeatedly threatening to annex the neighboring country.

Canada, the biggest foreign supplier of steel and aluminum to the United States, announced 25% retaliatory tariffs on those metals along with computers, sports equipment and other products worth $20 billion in total. Canada has already imposed tariffs worth a similar amount on US goods in response to broader tariffs by Trump.

“We will not stand idly by while our iconic steel and aluminum industries are being unfairly targeted,” Canada’s Finance Minister Dominic LeBlanc said.

Canada’s central bank also cut interest rates to prepare the country’s economy for disruption.

Trump’s action to bulk up protections for American steel and aluminum producers restores effective tariffs of 25% on all imports of the metals and extends the duties to hundreds of downstream products, from nuts and bolts to bulldozer blades and soda cans.

US Commerce Secretary Howard Lutnick said Trump would impose trade protections on copper as well.

A Reuters/Ipsos poll found 57% of Americans think Trump is being too erratic in his effort to shake up the US economy, and 70% expect that the tariffs will make regular purchases more expensive.

EU less exposed

The 27 countries of the European Union are less exposed, as only a “small fraction” of targeted products are exported to the United States, according to Germany’s Kiel Institute.

The EU’s counter-measures, due to take effect next month, would target up to $28 billion worth of US goods like dental floss, diamonds, bathrobes and bourbon – which likewise account for a small portion of the giant EU-US commercial relationship. Still, the liquor industry warned they would be “devastating” on its sector.

Nevertheless, Commission President Ursula von der Leyen said the bloc will resume talks with US officials.

“It is not in our common interest to burden our economies with such tariffs,” she said.

At the White House, Trump said he would “of course” respond with further tariffs if the EU followed through on its plan. With Irish Prime Minister Micheal Martin at his side, Trump criticized the EU member country for luring away US pharmaceutical companies.

China’s foreign ministry said Beijing would safeguard its interests, while Japan’s Chief Cabinet Secretary Yoshimasa Hayashi said the move could have a major impact on US-Japan economic ties.

Close US allies Britain and Australia criticized the blanket tariffs, but ruled out immediate tit-for-tat duties.

Brazil, the No. 2 provider of steel to the United States, said it would not immediately retaliate.

Stocks steady, companies spooked

With Wednesday’s tariff increase well flagged in advance, global stocks were barely changed on Wednesday.

But the back and forth on tariffs has left companies unnerved, and producers of luxury cars and chemicals painted a gloomy picture of consumer and industrial health. More than 900 of the 1,500 largest US companies have mentioned tariffs on earnings calls or at investor events this year, according to LSEG data.

“We are in a trade war and when a trade war begins, it tends to sustain itself and feed itself,” Airbus CEO Guillaume Faury said on French television.

Shares in German sportswear maker Puma lost almost a quarter of their value after earnings underscored concerns that trade concerns are curbing American spending.

US steel producers welcomed Wednesday’s move, noting Trump’s 2018 tariffs had been weakened by numerous exemptions. The cost of aluminum and steel in the United States hovered near recent peaks.

JP Morgan’s chief economist forecast a 40% chance of a US recession this year and lasting damage to the country’s standing as a reliable investment destination if Trump undermines trust in US governance.

A steep US stocks selloff in March has wiped out all of the gains notched by Wall Street following Trump’s election.

Frayed relations with Canada

The escalation of the US-Canada trade war occurred as Prime Minister Justin Trudeau prepares to hand over power to his successor Mark Carney, who won the leadership race of the ruling Liberals last weekend.

“I’m ready to sit down with President Trump at the appropriate time, under a position where there’s respect for Canadian sovereignty and we’re working for a common approach,” Carney said while touring a steel plant in Ontario.

Other Canadian officials are due to meet with US officials in Washington on Thursday.

The US national anthem has been booed at hockey games and some stores removed US products from their shelves, even before the duties took effect. Travelers are steering clear of the United States, with bookings down 20% from a year ago.

Canadian Energy Minister Jonathan Wilkinson told Reuters that Canada could impose non-tariff measures such as restricting oil exports to the US or levying export duties on minerals if US tariffs persist.

(Reporting by David Lawder, Philip Blenkinsop, Andrea Shalal, Mark John, David Ljunggren, Jarrett Renshaw, Arathy Somasekhar, Shubham Kalia, Gnaneshwar Rajan and Renju Jose; Writing by Andy Sullivan; Editing by Lincoln Feast, Christina Fincher and Toby Chopra)

The Ministry of Mines will auction 13 exploration blocks, including those of diamond and copper.

In 2023, India identified over 20 minerals, including lithium, as “critical” for its energy transition efforts and to meet the growing demand from industries and the infrastructure sector. The move was also aimed at reducing its dependence on imports.

New Delhi in January approved 163 billion rupees ($1.87 billion) to develop the critical minerals sector.

($1 = 87.1900 Indian rupees)

(By Nandan Mandayam; Editing by Sonia Cheema and Leroy Leo)

The UK-based hedge fund enlisted Grant Thornton Australia to evaluate the potential benefits of unification, and the findings of this appraisal have been published alongside the hedge fund’s letter. Shareholders will vote on the resolution on April 3 for UK-listed shares and May 1 for Australian-listed shares.

Rio’s current listing consists of approximately 371.2 million shares on the Australia Stock Exchange and 1.25 billion shares on the London Stock Exchange.

Palliser, which holds about $300 million in Rio Tinto shares across both listings, has campaigned for nearly a year to consolidate the miner’s primary listing in Australia, arguing that the dual-listed structure has cost investors $50 billion in value.

Rio Tinto has operated under a dual listing since December 1995 and has resisted calls for change.

A review conducted by the company last year concluded that its dual-listed company (DLC) structure remains effective and continues to offer benefits to both the company and its shareholders. While Rio Tinto periodically reviews the arrangement, the board’s 2024 analysis reaffirmed its current position.

London’s shrinking market

If Rio Tinto follows the path of rival BHP (ASX: BHP), which unified its corporate structure in Sydney over three years ago, it would deal another blow to the FTSE 100—London’s benchmark index of the largest listed companies.

The London Stock Exchange is already struggling with a decline in listings and an exodus of major corporations. Auditing giant EY reported that 88 companies delisted or transferred their primary listing from London’s main market last year, the highest number since 2009.

Swiss miner and commodities trader Glencore (LON: GLEN) added to concerns in January by announcing it was considering shifting its primary listing to New York or another venue where it could achieve better valuation.

Panguna mine legacy

Beyond the corporate structure debate, Rio Tinto faces mounting pressure over the legacy of its former subsidiary Bougainville Copper Ltd. (ASX: BOC) and its operations at the Panguna mine in Papua New Guinea.

The company revealed on Monday that the first meeting of a roundtable to address the findings of the Panguna Mine Legacy Impact Assessment (PMLIA) Report was held on March 6. 

The roundtable was established following the November 2024 signing of a Memorandum of Understanding (MoU) between the Autonomous Bougainville Government (ABG), Bougainville Copper Limited, and Rio Tinto.

Rio Tinto and BCL are facing civil action lawsuits over allegations of historical mismanagement of the Panguna copper mine, which local communities blame for widespread environmental and health issues. The mine is accused of poisoning the entire length of the Jaba River and affecting the well-being of up to 12,000 residents in the area.

Panguna operated for nearly two decades before shutting down in 1989 amid violent protests over revenue distribution, which escalated into a decade-long civil war that claimed nearly 20,000 lives. Once the world’s largest open-pit copper-gold mine, Panguna played a crucial role in Rio Tinto’s rise in the mining industry and Papua New Guinea’s path to independence from Australia in 1975.

The Russian Finance Ministry resumed regular diamond purchases from Alrosa for the state fund last year, completing one transaction in March after global restrictions on diamond imports from Russia to G7 countries took effect in January 2024.

“At this stage, we are observing the market dynamics. Indeed, it is quite weak. But in principle, the first quarter is rarely good,” Interfax cited Deputy Finance Minister Aleksei Moiseev as saying.

“We will see how much the situation has systematically changed, taking into account seasonality, at the end of the second quarter. Then we will make a decision.”

Alrosa’s output fell by 4.6% to 33 million carats in 2024, while net profit decreased by 77.3% to 19.3 billion roubles ($216.26 million).

($1 = 89.2455 roubles)

(By Anastasia Lyrchikova and Maxim Rodionov; Editing by Andrew Osborn)

Read More: Alrosa plans production cuts and staff reduction for 2025

Located near the depleted Marsfontein diamond mine, Thorny River has undergone extensive geological exploration, including geophysics, drilling, and bulk sampling. The results suggest geology and grades comparable to those at the past-producing Klipspringer mine to the west.

Botswana Diamonds previously operated the Marsfontein gravels and dumps project as a proof-of-concept trial mine, collecting a 15% revenue royalty from the operation. Falling diamond prices and permitting delays prompted the company to place Marsfontein on care and maintenance in October 2023.

With the new mining permit in hand, Botswana Diamonds is set to commence contractor mining at Thorny River, contingent on market conditions. Should diamond prices recover, the company may also restart operations at Marsfontein while ramping up production at Thorny River.

Shares in Botswana Diamonds jumped on the news in early London trading, but fell 2.6% to 0.13p during the afternoon. This leaves the mine developer with a market capitalization of £1.5 million ($1.9 million).

Group of Seven (G7) countries banned direct imports of Russian diamonds in January 2024. This was followed by a European Union and G7 ban on imports of Russia-origin diamonds via third countries. Alrosa itself has been under US sanctions since 2022.

Alrosa is the world’s largest producer of rough diamonds by volume. Revenue was down 25.9% year-on-year in 2024.

With Russia’s central bank holding interest rates at 21%, many companies have voiced concerns about the soaring cost of borrowing and some have cut back on investments, threatening to slow Russia’s economic growth.

Alrosa said its net debt rose to 107.9 billion roubles at the end of 2024, from 36.1 billion roubles a year earlier, while its net debt to EBITDA ratio jumped to 1.37x from 0.26x.

Diamond reserves for the year rose to 129.9 billion roubles, Alrosa said, up from 84.3 billion roubles at the end of 2023.

CEO Pavel Marinychev in November said Alrosa had accumulated a large enough financial cushion to survive what he termed the “deep crisis” in the global diamond industry, while counting on possible support through occasional government diamond purchases through a state fund.

Alrosa also announced plans to cut labour costs, reduce some of its 35,000 staff and suspend development of its least profitable assets.

($1 = 88.0000 roubles)

(By Anastasia Lyrchikova, Lucy Papachristou and Alexander Marrow; Editing by Andrew Osborn)

As part of the deal, Botswana’s share of the diamonds produced by Debswana, a 50-50 joint venture between the country’s government and De Beers, will increase from 25% to 50%. Botswana will receive 10 billion pula ($712 million) in development funding, in line with a provisional 10-year arrangement reached in 2023.

The agreement, in negotiations since 2018, also extends the mining licenses for Debswana until 2054. Previously, the licenses were set to expire in 2029.

The signing of the contract had stalled under former President Mokgweetsi Masisi but was prioritized by President Duma Boko, who took office last October. 

Botswana, the world’s largest producer of rough diamonds by value, depends on the sector for the bulk of its national revenue. President Boko, however, has voiced concerns that the industry is not generating enough employment opportunities. 

While Debswana’s diamond production accounts for 80% of Botswana’s exports, the country has struggled to diversify beyond mining. Despite a relatively high annual per capita income of $7,820 — exceeding that of oil-rich Gabon and South Africa, the continent’s biggest economy—job creation remains limited.

The deal comes at a crucial time for De Beers, as its parent company, Anglo American, considers spinning out the diamond business through a sale or initial public offering. Analysts warn that weak global diamond prices could complicate such a move.

Botswana remains integral to De Beers’ operations, supplying 70% of its annual rough diamonds. The government also holds a 15% stake in De Beers, underscoring the long-standing strategic partnership between the two parties.

The miner increased its processed ore to 2.9 million tonnes last year, up from 2.8 million tonnes in 2023. It also set a new milestone with the recovery of 807 “specials”—diamonds larger than 10.8 carats—compared to 602 in the previous year. These accounted for 7.6% of the total recovered carats, up from 5.3% in 2023.

The two most important diamonds recovered last year were the 2,488-carat Motswedi and the 1,094-carat Seriti diamonds, both unearthed at Karowe.

Motswedi, found in August, is the largest diamond recovered in the last century. Its name means “water spring” in the local Setswana language, symbolizing underground water surfacing to bring life and vitality. 

The Seriti stone, unearthed in September, translates to “aura” or “presence”, reflecting cultural identity and legacy.

Lucara’s discoveries have continued this year, with the recovery of a1,476-carat non-gem diamond in January.

Revenue jump

The company sold 399,215 carats in 2024, generating $203.9 million in revenue — an 18% increase from $172.4 million the previous year.

“Our world-class Karowe mine continues to set new benchmarks,” CEO William Lamb said in a news release. “The open-pit operations delivered yet another remarkable milestone with the recovery of our seventh 1,000+ carat diamond.”

Lamb also highlighted steady progress on Karowe’s underground expansion, with shaft sinking marking a major step forward. The project is expected to begin commercial production in early 2028.

Since it began operations, Karowe has yielded some of the world’s most remarkable diamonds, including the 1,758-carat Sewelô in 2019, the 1,109-carat Lesedi La Rona in 2015, and the 813-carat Constellation, also in 2015. 

Karowe is also credited for having yielded Botswana’s largest fancy pink diamond to date, the Boitumelo.

The mine remains one of the world’s highest-margin diamond mines, producing an average of 300,000 high-value carats each year.

The joint mine plan is projected to generate a net present value pre-tax boost of at least $5 billion, which will be shared equally between the two companies. Despite the collaboration, both Anglo American and Codelco will retain full ownership rights over their respective assets, including mining concessions, plants, and ancillary operations, and will continue to extract resources separately.

Andina, one of Codelco’s smaller divisions, encompasses the Rio Blanco and Sur Sur mines, producing 164,500 tonnes of copper in 2023. Los Bronces, a key operation for Anglo American, reported an output of 215,000 tonnes that same year. Codelco already owns a 20% stake in Anglo American Sur, the local unit operating the Los Bronces and El Soldado mines, as well as the Chagres smelter.

Anglo American has been restructuring to focus on copper and iron ore, a strategic shift that came after fending off a $49 billion takeover bid from BHP (ASX: BHP) last year.

“Copper is at the forefront of our growth ambitions and we already have a clear pathway to more than 1 million tons of annual copper production by the early 2030s, a 30% increase,” chief executive officer Duncan Wanblad said in a statement on Thursday.

Codelco chairman Máximo Pacheco emphasized the long-standing collaboration between the two companies.

“Codelco and Anglo American have been good neighbours for decades. This relationship has developed through more than 10 cooperation agreements between the two companies over half a century,” Pacheco said. “Today, we have a unique opportunity to rethink the development of this mining district.” 

Mining companies across the globe are forming partnerships to cut costs and boost output as projects become more complex and expensive amid supply-chain disruptions, inflation and stringent permitting requirements. 

Codelco has an extensive history of private-sector alliances, holding a 49% stake in El Abra with Freeport-McMoRan and a 42.3% stake in the Agua de la Falda copper project through a partnership with Rio Tinto.

Last year, Codelco acquired a 10% stake in Teck’s (TSX: TECK.A, TECK.B)(NYSE: TECK) Quebrada Blanca copper mine, which is expected to add 25,000 to 30,000 tonnes of copper to its annual output.

The Santiago-based miner is also seeking further private-sector partnerships as it aims to recover from a production slump and mounting debt.

Another De Beers write-down

Shares in Anglo American surged on Thursday after announcing the deal with Codelco, despite the miner slashing the value of its embattled De Beers diamond business by another $2.9 billion. Anglo had previously written down De Beers’ book value by $1.6 billion to $7.6 billion last year.

Anglo’s stock climbed over 5% in London at noon and remained 4.6% higher than Wednesday’s close, trading at 2,479p by mid-afternoon. This pushed the company’s market capitalization to £33.2 billion ($42 billion), with its shares up 44% over the past year.

The write-down contributed to Anglo booking total net impairments of $3.8 billion for 2024, resulting in a wider-than-expected loss.

The company reported a net loss of $3.07 billion for the year, significantly surpassing analysts’ forecast of a $116.9 million loss. In contrast, Anglo had posted a net profit of $283 million in 2023.

The diamond miner said in a statement it has appointed chief restructuring officer Vivek Gadodia and Juan Kemp, the operations executive at its Cullinan mine in South Africa, as joint CEOs on an interim basis.

Petra on Monday reported a wider loss of $69 million in the six months to December 2024, compared to an $11 million loss during the same period previously, on the back of a prolonged period of weakness in the diamond market.

Its net debt increased to $215 million as of December 31, from $193 million at the end of June 2024 due to diamond market weakness and the timing of tender sales.

Petra’s operational free cash inflow improved to $16 million at the close of the first half, compared to a negative $21 outflow previously, following a cost reduction program.

The company has been restructuring its operations to cut costs and sold its interest in Koffiefontein last October. In January, it also agreed the sale of the Williamson mine in Tanzania for about $16 million.

This leaves Petra with the iconic Cullinan mine, where the largest ever gem-quality diamond was recovered 120 years ago, and the Finsch mine in South Africa’s Northern Cape province in its portfolio.

(By Nelson Banya; Editing by Tom Hogue and Christian Schmollinger)

The US-based lithium producer confirmed on Friday that Australia, Canada, China, Japan, South Korea, the UK, and the United States have approved the deal under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. 

Investment screening approvals have also been granted in Australia, Canada, Italy, the UK, and the US, including clearance from Washington’s Committee on Foreign Investment, an inter-agency committee that reviews the national security implications of foreign investments in the national economy.

The acquisition of Arcadium, announced in October, is Rio’s largest deal in more than a decade. It positions the company among the world’s largest lithium miners, trailing only US-based Albemarle (NYSE: ALB) and Chile’s SQM (NYSE: SQM).

Rio Tinto, already the world’s second largest miner, is adding lithium mines in Argentina and Australia, as well as processing facilities in the US, China, Japan and the UK. Its customer base would include major names, such as Tesla, BMW and General Motors.

Chief executive Jakob Stausholm has hinted at plans to establish a standalone lithium division, Rio Tinto Lithium. Arcadium CEO and former Goldman Sachs banker, Paul Graves, is expected to lead the lithium operations from New York.

Battery ambitions

Over the past seven years, Rio Tinto has been steadily expanding its presence in the battery market. In 2018, it reportedly attempted to buy a $5 billion stake in SQM. 

In April 2021, it kicked off lithium production from waste rock at a demonstration plant located at a borates mine it controls in California. 

A key milestone in Rio Tinto’s lithium expansion came in 2022 with the acquisition of the Rincon lithium project in Argentina. The asset has reserves of almost two million tonnes of contained lithium carbonate equivalent, sufficient for a 40-year mine life. 

The company plans to develop a battery-grade lithium carbonate plant at Rincon with an annual capacity of 3,000 tonnes and has earmarked $2.5 billion to invest in Rincon — the company’s first commercial-scale lithium operation. First production is expected in 2028, followed by a 3-year ramp up to full capacity.

Rio Tinto is also trying to revive its $2.4 billion Jadar mine in Serbia. The company’s mining license was revoked in 2022 following widespread protests against the proposed mine on environmental concerns.

The mining giant won a small, but key battle in July 2024, as Serbia reinstated Rio Tinto’s licence to develop it, but the company will have to secure approvals to move towards production.

The country’s parliament, however, is still debating a proposal to ban lithium and borate mining and exploration. If passed into law, this would effectively put an end to the contested Jadar project.

With a projected production of 58,000 tonnes of refined battery-grade lithium carbonate per year, Jadar would be Europe’s biggest lithium mine.

The operation could supply enough lithium to power one million electric vehicles and meet 90% of Europe’s current lithium needs.

Rio Tinto Lithium is expected to assume control of the Rincon project, but not Jadar, as Stausholm has emphasized the need for management to maintain a “laser focus” on successful integration once the Arcadium transaction is complete.

The dispute over the “Idol’s Eye” diamond pitted art collector Sheikh Hamad bin Abdullah Al Thani, cousin of Qatar’s ruler Sheikh Tamim bin Hamad Al Thani, against the relatives of former culture minister Sheikh Saud bin Mohammed Al Thani.

Sheikh Saud, Qatar’s minister of culture between 1997 and 2005, was one of the world’s most prolific art collectors and bought the 70-carat Idol’s Eye diamond in the early 2000s.

He lent the diamond to QIPCO, whose chief executive is Sheikh Hamad bin Abdullah, shortly before his death in 2014.

The agreement gave QIPCO the option to buy the diamond with the consent of Elanus Holdings, a company linked to Sheikh Saud’s relatives.

Elanus is ultimately owned by the Liechtenstein-based Al Thani Foundation, whose beneficiaries are Sheikh Saud’s widow and three children.

QIPCO’s lawyers say that a 2020 letter sent by the Al Thani Foundation’s lawyer amounted to an agreement to sell the diamond for $10 million, but Elanus said the letter was sent by mistake.

QIPCO asked the High Court to order Elanus to sell the gem to it but Judge Simon Birt dismissed its case on Thursday.

QIPCO and lawyers representing Elanus did not immediately respond to a request for comment.

The two sides had disagreed over how much the gem is worth, with Elanus’ lawyers saying in court filings that an expert had valued the diamond at around $27 million.

Birt said in his ruling that the diamond is “said to have been discovered in a mine at Golconda in Southern India, though that history is not complete or certain”. He added that the gem is also said to have been owned at one point by Sultan Abdulhamid II, one of the last rulers of the Ottoman Empire.

(By Sam Tobin; Editing by Ros Russell)

Botswana is the world’s leading producer of diamonds by value and its economy largely depends on diamond exports. Declining earnings have limited government spending.

“This growth outlook is premised on recovery of the diamond industry, which is expected in the latter part of 2025, and continued positive sentiment in the non-diamond mining sectors,” Finance Minister Ndaba Gaolathe said in a budget speech.

The southern African country’s economy is estimated to have shrunk by 3.1% last year, Gaolathe said, which is a bigger contraction than the 1.7% forecast in December by the government.

Gaolathe echoed President Duma Boko, who came to power in November following a landslide election upset and has vowed to diversify Botswana’s economy.

“Botswana’s reliance on diamond revenues has been both a strength and a vulnerability,” Gaolathe said.

The focus would be on expanding key sectors such as tourism, agriculture, manufacturing and energy, he said.

Last week, Botswana and diamond giant De Beers said they had finalized talks on a rough diamond sales deal and on extending mining licences for their Debswana joint venture there to 2054.

Gaolathe said the budget deficit for the 2025/26 financial year running from April to March was estimated to fall to 7.56% of gross domestic product (GDP), lower than the current financial year’s estimated deficit of 9% of GDP.

(By Brian Benza, Sfundo Parakozov Tannur Anders and Bhargav Acharya; Editing by Aidan Lewis and Gareth Jones)

De Beers, the world’s leading diamond producer by value, has been on the chopping block since May 2024, when Anglo announced plans to either sell the unit or launch an initial public offering (IPO). This decision came as part of a reorganization initiated after Anglo fended off a failed £39 billion ($49 billion) takeover bid by Australian rival BHP.

Botswana currently holds a 15% stake in De Beers, estimated by analysts to be worth $2.5 billion. While the government has expressed interest in raising its stake, it has not disclosed the extent of its planned increase.

De Beers plays a critical role in Botswana’s economy. The company recently committed $1 billion to extend the life of its flagship Jwaneng mine by transitioning operations underground.

This project, in the cards since 2010, aims to preserve the mine’s status as the richest in the world by diamond value. 

Earlier this week, De Beers announced it had finalized negotiations with Botswana on a new diamond sales agreement and the extension of mining licenses for their joint venture, Debswana, until 2054.

Currently, 75% of Debswana’s diamond output is sold to De Beers. Under a provisional 10-year agreement reached in 2023, Botswana’s share of production is set to gradually increase to 50%. The deal also established that Botswana’s state-owned diamond trading company was expected to receive 30% of Debswana’s production

De Beers CEO Al Cook told the Financial Times the agreement would usher in an intense period of discussions to ensure the separation benefits for both Anglo American and Botswana.

“The idea will be to invest in businesses, initiatives, education and energy beyond diamonds that grows the economy of Botswana and grows thousands of jobs,” Cook said.

Bogolo Kenewendo, Botswana’s minister of mines, told the paper it was “absolutely” the right time for the government to discuss raising its stake in De Beers, given Anglo’s plans to offload parts of its business. These include South Africa-based Anglo American Platinum (Amplats), as well as its steelmaking coal and nickel assets.

Challenging market conditions

The separation of De Beers has been complicated by unfavourable market conditions, including a slump in diamond prices due to the rise of lab-grown stones and weak demand from China. Anglo CEO Duncan Wanblad noted this week it was possible De Beers will remain part of Anglo into next year, depending on market recovery.

Anglo is also expected to write down the value of De Beers, currently listed at $7.6 billion in its accounts. The company, which already wrote down De Beers’ value by $1.6 billion last year, is due to release its annual results later this month.

As part of its preparations to split from Anglo, De Beers has announced it will stop selling lab-grown diamonds through its Lightbox brand, created in 2018. While the miner will continue selling Lightbox inventory for about a year, the unit will be placed under review once current stock is depleted.

De Beers is targeting annual core profits of $1.5 billion by 2028. Last year, the business made just $72 million, though traditionally its profits have ranged between $500 million and $1.5 billion, reflecting the diamond industry’s boom to bust cycles.

The London-listed miner said on Thursday that it will review De Beers’ value as it looks to exit the business, citing persistently weak diamond demand. Last year, Anglo reduced De Beers’ book value by $1.6 billion to $7.6 billion.

De Beers rough diamond production decreased by 26% to 5.8 million carats in 2024, compared to the previous year. The 2025 production guidance has been revised to 20–23 million carats, down from the previous estimate of 30–33 million carats. Anglo anticipates a marginal loss for the diamond business in 2024.

The mining giant put the world’s largest diamond producer up for sale last year as part of its portfolio simplification following a tentative takeover bid from BHP (ASX: BHP).

Anglo’s chief executive Duncan Wanblad stated earlier this week that his company plans to exit De Beers by the end of the year.

In November, Anglo announced agreements to sell its steelmaking coal business for up to $4.9 billion, with the Peabody transaction expected to close by the third quarter of 2025.

Additionally, the company completed a second bookbuild offering of Anglo American Platinum shares.

2024 production

The company also reported on Thursday that all of its businesses met their full-year production guidance.

It produced 773,000 tonnes of copper in 2024, aligning with its 730,000-to-790,000-tonne guidance range, with the Quellaveco mine in Peru achieving its strongest quarter of the year in Q4.

“Our forward production guidance is unchanged in copper with growth in 2026 driven by higher grades in Chile, with this production level then maintained in 2027,” said Wanblad.

“We continue to set up the copper business for growth in subsequent years with the resumption of the smaller plant at Los Bronces and through debottlenecking at Collahuasi,” he added.

Anglo’s Minas-Rio iron ore operation in Brazil set a record, producing 25 million tonnes for the year, contributing to the company’s total iron ore production of 60.8 million tonnes in 2024.

“The key focus for the market has been on copper and production came ahead of expectations, with a strong result from Los Bronces, and guidance for FY25 remains unchanged,” RBC Capital Markets analysts commented in a note.

“However, not much good news beyond that with weak realized pricing in both iron ore and copper.”

Anglo American shares rose more than 5% in London trading following the results. The company has a market cap of £32.9 billion ($40.9 billion).

Stripping away Trump’s bluster and often contradictory actions, the message seems to be fairly clear. Trump’s view of the world is that you are either with the United States or against it.

That presents a dilemma for Africa’s mineral rich countries as they want to develop their resources to provide them with the maximum benefit, but they also want to stay largely neutral.

But it’s increasingly likely that at some level African countries will have to decide whether they are more in the Trump camp, or whether they prefer to do business with the China-led BRICS group.

There are risks and rewards under both scenarios, and the circumstances of each African country may cause to lean one way or another.

Much of the debate at this weeks Investing in African Mining Conference in Cape Town has effectively been about the best path forward for Africa’s miners and governments.

The continent is already a major producer of minerals, but it’s untapped reserves are the major prize in coming decades, especially if the energy transition accelerates.

Africa is richly endowed, with an estimated 20% of global copper reserves, about the same for aluminum raw materials, 50% of manganese and cobalt, 90% of platinum group metals, 36% of chromium, as well as reserves of lithium, uranium, gold and rare earths.

But developing its mineral resources has been often too challenging, given political instability and corruption, poor infrastructure, lack of capital and legal frameworks that make long-term investments hard to justify.

However, the increasing appetite of the world for minerals, especially to enable the energy transition, is likely to set off a new scramble for Africa, this time Africans will have more say in how it unfolds.

Finding the right partners is the challenge for African countries.

On the one hand the Western world still offers deep capital reserves, sophisticated equity markets and investors and skills and experience in mining and engineering.

But Trump is undermining these advantages with his tariffs and threats to withhold aid and other funding, as well as his habit of turning on traditional allies and flip-flopping policies.

The main issue with Trump is his apparent transactional view of the world, in which there must always be a winner and a loser, and he always wants to be the winner.

This means getting a mutually beneficial deal from the United States is going to be more difficult while Trump is in office.

Not beggars

It was perhaps this frustration that boiled over in the remarks at the Investing in African Mining event, on Monday when South Africa’s Resources Minister Gwede Mantashe said Africa should withhold minerals from the United States if Trump cuts aid.

“If they don’t give us money, let’s not give them minerals. We are not just beggars,” Mantashe told the conference, which is also known as Mining Indaba.

“We cannot continue to debate these minerals based on the dictates of some developed nations as if we have no aspirations to accelerate Africa’s industrialization and close the development deficit,” Mantashe said.

These comments may be unwise in that they may serve to antagonize Trump, but they may also sharpen some thinking in the West on how best to get access to Africa’s minerals.

Should Africa be looking more toward China and the rest of the BRICS nations, as the best option to unlock its mineral wealth?

The experience here has been somewhat mixed. While China has been willing to develop mines in Africa, it tends to want to do it mainly using its own people and processes, and it wants to export raw ores and beneficiate them in China.

This has limited the benefits to African countries, but there may be an option to use legislation to copy what Indonesia has done in forcing companies to commit to domestic downstream operations as part of access to raw materials.

(The views expressed here are those of the author, Clyde Russell, a columnist for Reuters.)

(Editing by Kim Coghill)

Most Canadian mining companies will weather US President Donald Trump’s impending tariffs by pivoting to alternative global markets, according to Pierre Gratton, president and CEO of the Mining Association of Canada. 

In an interview with MINING.COM, Gratton emphasized that while the tariffs pose challenges, they also present opportunities for strategic realignment.

Gratton highlighted the temporary reprieve offered by a 30-day delay on proposed tariffs — a 25% levy on most Canadian imports and a 10% tariff on energy resources, including coal, uranium, and critical minerals. “This provides breathing room for our industry,” he remarked. However, he cautioned against complacency, urging industry leaders to use this time for strategic planning.

Canadian miners, Gratton noted, benefit from their ability to operate independently of the US market. Even companies reliant on American buyers can pivot to global markets, securing alternative buyers for their metals and minerals.

Gratton also voiced concern about the broader implications of the tariffs on Canada-US trade relations, particularly in critical minerals.

“These tariffs could undermine our established relationship in critical minerals,” he warned, underscoring the need for continued cooperation and a robust trade alliance between the two nations.

Strategic diversification

With the US market’s reliability now in question, Gratton advocated for diversification, pointing to Europe as a promising alternative. “We must explore new markets now,” he urged, emphasizing Europe’s growing demand for sustainably sourced minerals. Diversifying markets, Gratton argued, is vital for ensuring the resilience and growth of Canada’s mining sector.

Looking ahead, he stressed the importance of preparing for less favorable scenarios. “We can’t be solely dependent on one market,” Gratton said, calling for investment in alternative supply chains and infrastructure to improve access to new markets.

Gratton also suggested that the tariffs threat might serve as a catalyst for necessary change within Canadian mining.

“This could be the push we needed to diversify, ensuring not just economic but strategic resilience,” he said.

Under the terms of the deal signed at the annual African Mining Indaba in Cape Town, the partners will assess the technical and commercial viability of feedstock production, company officials told reporters.

De Beers is providing the more than 20-hectare tracts of land on which the crops for the trial vegetable oil feedstock – initially the Solaris and Moringa plants – will be grown, Anglo American’s director of projects and development Alison Atkinson said.

Atkinson said pre-feasibility studies have been approved and renewable diesel production trials have been initiated. The resulting fuel will be used at De Beers operations.

Biofuels, derived from plant material or animal waste, are among the alternative fuels promoted to reduce carbon emissions.

Although renewable diesel production in South Africa is not yet at a commercial scale, customer demand and decarbonization targets indicate that the country’s renewable fuels market is promising, according to Sasol.

“Renewable diesel is transformative. It meets the technical standards of conventional diesel while significantly reducing greenhouse gas emissions,” Sarushen Pillay, executive vice president of Sasol’s Business Building, Strategy and Technology portfolio, said at the signing ceremony.

(By Nqobile Dludla; Editing by Jan Harvey)

The London-listed miner in May rebuffed a $49 billion hostile bid from the world’s biggest miner BHP, which was focused on Anglo’s copper assets.

Since then Anglo, whose stock was the best-performing of the major miners in 2024, has streamlined the company by selling off coal assets and agreeing to separate out its platinum business.

It has still to find buyers for its nickel operations in Brazil and partners for a UK fertilizer project that needs massive amounts of capital to bring it into commercial production.

But spinning off De Beers could be a major boost for valuation, given weak demand for diamonds.

Anglo said in May it would take between 18 months and two years to spin off the unit, a timeline analysts have said is too ambitious.

Wanblad, however, said plans to divest De Beers “would be substantively complete” by the end of 2025.

“It’s going to be fully set up as a standalone business to make sure that it’s not going to be impacting as a drag in any way, shape or form on the business,” he said on the sidelines of the Indaba mining conference in Cape Town.

Botswana, which owns a 15% stake in De Beers has offered to raise its stake.

“They certainly indicated a desire to increase their stake and they have also said they would do so on commercial terms,” Wanblad said, but declined to say how a big a stake Botswana wanted.

Without De Beers, Anglo could find itself even more hotly pursued for its rich, long-life copper assets in Latin America as copper is critical for the transition to greener energy and needed by data centres required by artificial intelligence.

A takeover can be the fastest way to generate returns for the targeted company and its shareholders, who have the final say in any deal.

“Consolidating the industry, per se, whilst it looks fantastic from a corporate financing point of view, isn’t a good thing for the population of the world because less gets done,” Wanblad said.

“But my job is to drive the best value for shareholders from this company and that’s what I’m doing,” he said further. “So if this company is fully valued and somebody makes a high premium offer for it, fantastic.”

(By Felix Njini and Clara Denina; Editing by Veronica Brown and Barbara Lewis)

The finalized agreement, the Anglo American (LON: AAL) unit said on Monday, follows discussions aimed at setting a new framework for the sale of rough diamond production from Debswana, a 50:50 partnership between De Beers and Botswana. The deal also secures the renewal of Debswana’s mining licenses, which were previously set to expire in 2029.

“Until the execution of these new agreements, the terms of the existing agreements will continue to remain in effect,” the diamond producer said. 

Currently, 75% of Debswana’s diamond output is sold to De Beers. In 2023, the two parties reached a provisional 10-year agreement under which Botswana’s share of production was set to gradually increase to 50%.

The accord also established that Botswana’s state-owned diamond trading company was expected to receive 30% of Debswana’s production.

The government would also secure 10 billion pula ($712 million) in development funding as part of the deal. However, the deal stalled under the leadership of former President Mokgweetsi Masisi.

In January, newly elected President Duma Boko announced that his administration had reached an agreement with De Beers. Botswana, the world’s largest producer of rough diamonds by value, depends on the industry for the majority of its national revenue.

This new agreement comes at a pivotal time for De Beers as parent company Anglo American plans to spin off the diamond business through either a sale or an initial public offering. Analysts have noted that current depressed diamond prices may complicate efforts to finalize such a transaction.

Botswana remains a cornerstone of De Beers’ operations, accounting for 70% of its annual rough diamond supply. The government also holds a 15% stake in De Beers, underscoring the importance of the long-standing partnership between the two parties.

Zambia, the world’s second largest emerald producer after Colombia, first implemented the 15% export duty in early 2019. It was later scrapped on January 1, 2020, following industry pressure.

Before the recent reintroduction, Gemfields had already suspended production at Kagem, citing market saturation caused by an influx of heavily discounted emeralds.

“Kagem anticipates that the duty may be revoked and allow a commercial-quality emerald auction to go ahead in Q1 2025”, the company said.

If the tariff remains in place, Gemfields’ 75%-owned local subsidiary, Kagem Mining, will face an effective revenue tax of 21%, which includes the existing 6% mineral royalty tax. This would force the company to lay off employees, chief executive Sean Gilbertson said earlier this month.

Zambia’s government is targeting a gross domestic product (GDP) growth rate of 6.6%, an inflation rate between 6% and 8%, and a budget deficit of 3.1% of GDP, according to data from PwC. Revenue projections include a 26% increase in domestic revenues and grants, with tax revenues anticipated to rise by 20%.

Gemfields also said on Friday that production at its Montepuez ruby mine in Mozambique had resumed. Operations were halted in December following violent post-Presidential elections incidents that resulted in two deaths.

Despite the disruption, the company confirmed that construction of a second processing plant at the mine remains on schedule and within budget, with completion expected by the end of the first half of 2025.

Gemfields said it would release its annual financial results on March 27.

India is the world’s largest centre for cutting and polishing diamonds, accounting for nine out of 10 diamonds polished globally, according to Indian government data.

However, the country’s cut and polished diamond exports fell this year because of weak demand from China and the US, forcing the industry to focus on the growing domestic market that surpassed China last year to become the world’s second-largest.

“China has completely slowed down in the luxury segment … We see India growing very strongly,” Pratihari said in an interview.

De Beers, a unit of Anglo American, is the world’s top diamond producer by value and India’s number one supplier of rough diamonds.

However, there were some early signs of recovery in the US and “big growth” in the Middle East, Pratihari said.

“In next couple of months, we expect recovery,” he said.

Weak exports demand for polished diamonds forced Indian processors to trim imports of rough diamonds by 22% to $7.9 billion during April to December, according to India’s Gem and Jewellery Export Promotion Council (GJEPC).

De Beers is adjusting prices of rough diamonds to support the midstream industry – companies that buy rough diamonds from miners and sell them after cutting and polishing to retailers – in the face of polished diamond prices falling more than those of rough diamonds, he said.

“Miners are controlling the supply so more rough does not come into the market that would put additional pressure on the polished prices. But the pressure on polished prices is in midstream as in retail there is no change,” he said.

India’s cut and polished diamond exports fell by 8.3% to $9.76 billion in April-December compared with the 2023 period, according to GJEPC.

(By Neha Arora and Rajendra Jadhav; Editing by Tomasz Janowski)