Frontier Diamonds uncovers huge 111ct gem at Bellsbank

Frontier Diamonds has uncovered an 111 carat diamond at its Bellsbank kimberlite pipe project in South Africa while processing kimberlite material and tailings through its recently built dual purpose plant.

The company pointed out it was unable to confirm whether the diamond came from the tailings or kimberlite bulk sample from the project.
However, during earlier plant commissioning, Frontier recovered a 1.45ct diamond, which it pinpointed to coming from Bellsbank material.

An independent report has confirmed the presence of a 0.35 hectare kimberlite deposit at Bellsbank with an estimated grade between 10 carats per hundred tonnes and 30cpht.

Before today’s news, Frontier was in the process of undertaking a $1.075 million placement to boost its working capital while it ramps up production at its other South African diamond operations: Sedibeng and Star.
As a result of the placement proceedings, Frontier placed its securities in a trading halt when it confirmed the Bellsbank diamond had been discovered.

Under the placement, Frontier will now only accept commitments from investors that held securities prior to today’s news.

Frontier hopes to raise $1.075 million by issuing 26.875 million shares at $0.04 each – which is 20% discount to the company’s share price prior to news of this latest diamond find at Bellsbank.

Frontier sent the diamond for an independent valuation and will update the market on its value.

Source: smallcaps

Frontier Diamonds uncovers huge 111ct gem at Bellsbank

Frontier Diamonds has uncovered an 111 carat diamond at its Bellsbank kimberlite pipe project in South Africa while processing kimberlite material and tailings through its recently built dual purpose plant.

The company pointed out it was unable to confirm whether the diamond came from the tailings or kimberlite bulk sample from the project.
However, during earlier plant commissioning, Frontier recovered a 1.45ct diamond, which it pinpointed to coming from Bellsbank material.

An independent report has confirmed the presence of a 0.35 hectare kimberlite deposit at Bellsbank with an estimated grade between 10 carats per hundred tonnes and 30cpht.

Before today’s news, Frontier was in the process of undertaking a $1.075 million placement to boost its working capital while it ramps up production at its other South African diamond operations: Sedibeng and Star.
As a result of the placement proceedings, Frontier placed its securities in a trading halt when it confirmed the Bellsbank diamond had been discovered.

Under the placement, Frontier will now only accept commitments from investors that held securities prior to today’s news.

Frontier hopes to raise $1.075 million by issuing 26.875 million shares at $0.04 each – which is 20% discount to the company’s share price prior to news of this latest diamond find at Bellsbank.

Frontier sent the diamond for an independent valuation and will update the market on its value.

Source: smallcaps

POZ Minerals to Bid for Ellendale Mine

Only a year ago, very few in the diamond industry would have heard of POZ Minerals. But the company, better known as a phosphates producer, is trying to build a portfolio of projects in Western Australia that could make it a niche supplier of fancy-yellow diamonds.

POZ announced Tuesday that it was bidding for the Ellendale mine after the state government’s call for investors in the asset last week. While POZ already owns the adjacent Blina mine, it hopes to combine the two assets and solidify its position in the fancy-yellow category, Jim Richards, POZ chairman, explained in an interview with Rapaport News Monday.

Owning both “would result in economies of scale and efficiencies in exploration and development and would be a major step towards building a branded diamond-mining company producing the fancy yellows for which Blina and Ellendale are justifiably famous,” the company added in a statement it released Tuesday.

Richards believes the company is a front-runner in the Ellendale bid, given that it already has four mining leases at Blina and since POZ is the only miner in the area with such a license. It also already has a deal with Bunuba Group, the native titleholder for both the Blina and Ellendale land.

Ellendale comes with some history, however, after former owner Kimberley Diamonds ran up bills and a list of creditors that forced it to close the mine in 2015. That, despite a lucrative supply agreement with luxury jewelry Tiffany & Co. for its fancy-yellow diamonds.

Richards is hoping to reestablish that partnership and forge new ones with other retailers. Ellendale’s yellows have a consistency few other mines can achieve, he explains. Meanwhile, POZ is in talks with retailers in Australia and abroad for similar offtake agreements and branding of yellow diamonds from the Blina mine.

POZ is still in a testing phase at Blina and is looking for investors, or to partner with “an experienced mining company,” before production can proceed. Testing shows that fancy yellows account for about 7% of Blina’s production, while white stones make up 18%, 46% are off-white diamonds, and 29% brown. Of those, 93% are gem content or near-gem content, Richards noted.

A parcel of stones from the mine was valued at an average price of $389 per carat, with the fancy-yellow diamonds estimated at approximately $3,391 per carat.

Image: Blina mine yellow diamonds. Credit: POZ Minerals

Source: DCLA

POZ Minerals to Bid for Ellendale Mine

Only a year ago, very few in the diamond industry would have heard of POZ Minerals. But the company, better known as a phosphates producer, is trying to build a portfolio of projects in Western Australia that could make it a niche supplier of fancy-yellow diamonds.

POZ announced Tuesday that it was bidding for the Ellendale mine after the state government’s call for investors in the asset last week. While POZ already owns the adjacent Blina mine, it hopes to combine the two assets and solidify its position in the fancy-yellow category, Jim Richards, POZ chairman, explained in an interview with Rapaport News Monday.

Owning both “would result in economies of scale and efficiencies in exploration and development and would be a major step towards building a branded diamond-mining company producing the fancy yellows for which Blina and Ellendale are justifiably famous,” the company added in a statement it released Tuesday.

Richards believes the company is a front-runner in the Ellendale bid, given that it already has four mining leases at Blina and since POZ is the only miner in the area with such a license. It also already has a deal with Bunuba Group, the native titleholder for both the Blina and Ellendale land.

Ellendale comes with some history, however, after former owner Kimberley Diamonds ran up bills and a list of creditors that forced it to close the mine in 2015. That, despite a lucrative supply agreement with luxury jewelry Tiffany & Co. for its fancy-yellow diamonds.

Richards is hoping to reestablish that partnership and forge new ones with other retailers. Ellendale’s yellows have a consistency few other mines can achieve, he explains. Meanwhile, POZ is in talks with retailers in Australia and abroad for similar offtake agreements and branding of yellow diamonds from the Blina mine.

POZ is still in a testing phase at Blina and is looking for investors, or to partner with “an experienced mining company,” before production can proceed. Testing shows that fancy yellows account for about 7% of Blina’s production, while white stones make up 18%, 46% are off-white diamonds, and 29% brown. Of those, 93% are gem content or near-gem content, Richards noted.

A parcel of stones from the mine was valued at an average price of $389 per carat, with the fancy-yellow diamonds estimated at approximately $3,391 per carat.

Image: Blina mine yellow diamonds. Credit: POZ Minerals

Source: DCLA

30 Carat Fancy Pink Set for Antwerp Sale

Lesotho focused miner Namakwa Diamonds will sell a 29.59 carat, fancy pink rough stone in Antwerp this fall.

The company discovered the diamond at its KAO mine in the African country on June 12, according to brokerage firm Bonas Couzyn, which will facilitate the sale.

The stone named the Rose of KAO will appear in Antwerp for viewings from September 17 to 28, and bidding in an online tender will close October 1. The auction is part of the fourth sale of KAO goods this year.

Namakwa owns and operates the KAO mine through its subsidiary, Storm Mountain Diamonds. The asset has a record of producing fancy color diamonds.

The miner recovered the 36.06 carat Pink Storm in December 2013, and sold it the following month.

Source: DCLA

30 Carat Fancy Pink Set for Antwerp Sale

Lesotho focused miner Namakwa Diamonds will sell a 29.59 carat, fancy pink rough stone in Antwerp this fall.

The company discovered the diamond at its KAO mine in the African country on June 12, according to brokerage firm Bonas Couzyn, which will facilitate the sale.

The stone named the Rose of KAO will appear in Antwerp for viewings from September 17 to 28, and bidding in an online tender will close October 1. The auction is part of the fourth sale of KAO goods this year.

Namakwa owns and operates the KAO mine through its subsidiary, Storm Mountain Diamonds. The asset has a record of producing fancy color diamonds.

The miner recovered the 36.06 carat Pink Storm in December 2013, and sold it the following month.

Source: DCLA

Yellow diamond yielding mine back on the market

The Liquidated Ellendale mine in Western Australia, known for its fancy yellow diamonds is back on the market.

The Ellendale mine claimed to have yielded around half of the world’s supply of rare yellow diamonds during peak production.

Ellendale mine is located 120km east of Derby was also the main supplier of fancy yellow diamonds for luxury jewelry retailer Tiffany & Co.

Source: DCLA