Speaking at the Valedictory function of ‘Stona 2008′, organised by All India Granite and Stone Association, Subbaramai Reddy, Union Minister of States for Mines said to face stiff competition in the global market,the stone industry needs to adopt scientific and cost-effective mining and quarrying practices apart from investing in skill upgradation. If Indian stone sector had to compete with the world market it needed to adopt latest technology to cut down production cost and improve quality.

Though India was the largest producer of stones in the world market accounting for about 27 per cent production and a leading exporter, ranking third in terms of tonnage, the open cast method mining adopted was very old, slow and uneconomical and it should adopt advanced technology, he said. Read more

Union Minister of State for Mining T Subbarami Reddy said With the ‘New Mining Policy’ multinational mining majors like De Beers, Anglo American and Indo Gold will take up gold and diamond mining in India.

Speaking on the sidelines of the valedictory of the All India Granite and Stone Association’s ‘Stona-2008′ exposition, he said the New Mining Policy would attract world majors in mining.

”Top foreign gold and diamond companies have evinced interest in taking up gold and diamond mining in the country. Karnataka has 70 per cent of the gold deposits, but very little is being exploited. The state also has rich deposits of diamond. It needs to be made use of. I want India to become self sufficient in gold production in the next ten years,” he said. Read more

The stuttering global economy has taken the sparkle out of De Beers’ diamond sales. The world’s biggest diamond company, part-owned by mining giant Anglo American, said yesterday sales in 2007 fell 3pc to $6.84bn (£3.5bn), while warning that future sales are subject to a “high level of uncertainty”.
Underlying profit was up 14pc to $483m, but, after an exceptional depreciation charge on its Canadian business, the group was left with a $521m loss.

The company said: “Economic conditions in the US could continue to impact on consumer diamond jewellery sales through the first half, particularly at the lower end.”

However, customers in emerging markets such as China, India and the Middle East continued to show a strong appetite for diamonds.

De Beers, which has around 40pc of the world’s diamond market, said emerging market customers were particularly keen on the biggest and best quality diamonds and would continue to keep prices up at the top end of the market.De Beers also warned that power shortages in South Africa, where problems with the country’s creaking electricity network have forced all mining companies to cut production, could hit diamond output this year.

The company’s group chairman, Nicky Oppenheimer, said in Botswana: “Early indications are that, even if the power supply is maintained at 90pc levels, there will be an impact on the overall group. However, below this level the impact will be significant and could be in excess of 10pc.”

Source:
By Helen Power
www.telegraph.co.uk

CAPE TOWN, Sept. 6 /PRNewswire-FirstCall/ – Diamond Fields International Ltd. (DFI:TSX) (“DFI” or the “Company”) announces latest sales results and production from marine diamond mining joint operations (“JO”) with Bonaparte Diamond Mines NL (“Bonaparte”), and is also pleased to announce a new JO resource sampling programme.

Diamond sales and production update

Diamond production from June to mid August 2007 totaling 3,727.86 carats was sold in late August and realized a total of US$872,813 at an average price of US$234.13 per carat. This sale included a 2.45 carat pink diamond that sold for US$41,089 (US$16,771 per carat). Sales of production under the JO up to 13 August 2007 comprises a total of 14,294 carats realizing US$3,138,832 at an average price of US$219.58/ct.

In terms of the JO agreement Bonaparte has the right to 30% of the proceeds from the sale of diamonds and is obligated to pay 30% of agreed operating and sales costs. Read more

URSA Major Minerals Incorporated (URSA Major)(TSX VENTURE:UMJ) announces that the company has commenced a diamond drill program on its Worthington Bell property, located in Lorne Township, 40 km west of Sudbury, Ontario.

The first drill hole U14-1A commenced on June 16, 2007 and is currently at a depth of approximately 490 meters. The hole was collared footwall to the offset dyke and was designed to drill down dip through the dike. The hole entered the Worthington offset dike at a depth of 298 meters and from 325 meters has intersected the favourable rock fragment bearing quartz diorite phase of the offset dike. Bruce W. Mackie P.Geo., URSA Major’s VP of Exploration and Corporate Development stated, “This program is in the early stages and we are testing a prospective geological environment. We anticipate drilling a minimum of 2,000 meters until mid-summer and then will complete down hole EM surveys to identify further drill targets.” Read more