Rough diamond production increased as Rio Tinto's Argyle mine grew 6 percent year after year. 3.6 million carats of rough diamonds in addition to and 10 percent growth recorded at the Diavik mine. Rough diamond production at the Argyle mine increased 4 percent to 14 million carats. Especially relevant, Diavak's full year production schedule estimates an increase 4 percent to a staggering 4 million carats. In addtion 980,000 carats of rough diamonds in the fourth quarter.
Diavak Mine Diamond Production
Rio Tinto owns a 60 percent share of the Diavak mine jointly operated and owned by Dominion Diamond Corporation. The ramp at the underground mine increased rough diamond production. With higher levels of diamond ore throughput partially offset by a lower recovered grade. Higher ore concentrates Diavak's rough diamond production increase is attributed to the throughput offsetting lower grades. 19-24 million carats of rough diamond production scheduled for the 2017 year.
Dominion Group Rough Diamond Production
Rough diamond production at the Dominion Diamond Corporation's Diavak mine is up. The company published a 1.65 million carats recovery in the fourth quarter. The jointly operated and owned Diavak mine produced 6.7 million carats of rough diamonds. Furthermore, underground dilution resulted in less rough production numbers. Consequently, a result from granite sloughing. A dike a water removal efforts to be underway by late 2017. Rio Tinto and Dominion groups mining operations under review.
Diamondcorp Woes
Industrial Development Corporation of South Africa and U.K. bondholders struggled to come to terms with Diamondcorp. The the primary secured lenders for the Lace Diamond Mine. The company is raising 1.2 million to settle outstanding labor payments as well maintenence for the Lace Mine and remediation costs. Diamondcorp and Deloitte agreed to the terms with the Association of Mineworkers and Construction Union wages. In conclusion, finalized terms are to be negotiated in the near future. Most noteworthy, Diamondcorp's failure to cooperate will be result in insolvency crisis. Furthermore, Diamondcorp owes tremendous debt an estimated $36.3 million. $22.5 million to IDC, $2 million to debit creditors. $4.6 million to U.K and South African bondholders. In addition to $6.3 million owed to Laurelton Diamonds and $626,00 to Rasmala Plc. Because of the funds owed, the Lace mine remains non-operational. Consequently, the mine maintenance and production is non operational.
Okavango Diamond Auction
The state owned Botswana business, Okavango Diamond Company launched "term auctions." The term auctions would provide customers with a consistent chain of diamond supply. In addition to the term auctions, the company began testing the new auctions in February 2017. Furthermore, customers would be able to bid for a committed supply as well as hold 10 auctions a year. While being able to select assortments in addition to it's joint mining venture between itself and DeBeers.
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