Diamond Mines News
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Rio Tinto Group, the world’s second-largest mining company, said it may consider selling individual mines of its $2.2 billion diamond business should they fetch higher shareholder value.
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A boomtown is rising in the jungle- covered mountains of Sierra Leone. Bumbuna, estimated population 12,000, just got a new bank. A growing Sunday congregation spills out from underneath blue tarps that serve as a makeshift church. In hills where armed men once abducted children, school kids now get coloring books featuring a smiling bulldozer ridden by the cartoon character Bob the Builder. Outside of town, the mining company handing them out is loading bright yellow Caterpillar trucks as it unearths iron ore, giving Sierra Leone the fastest-growing economy in the world.
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Rio Tinto Group, the world’s third- largest mining company, said its plan to sell diamond assets is “well advanced,” while the divestment of aluminum operations has stalled after prices for the lightweight metal fell.
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The Democratic Republic of Congo’s state-owned diamond miner, MIBA, is in talks with South African banks to obtain funds to revive its operations, Mines Minister Martin Kabwelulu said.
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Alix Steel reports on the world's five biggest diamond mines by annual production.
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Zimbabwe deals agreed by Aquarius Platinum Ltd., Anglo American Plc and Zimplats Holdings Ltd. to meet state demands they sell assets to locals will be probed, said Finance Minister Tendai Biti, who opposes the policy.
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Harry Winston Diamond Mines Ltd. agreed to buy BHP Billiton Ltd.’s Ekati mine in Canada and its marketing operations for the precious stones for $500 million.
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Anglo American Plc appointed Mark Cutifani as chief executive officer as the mining company seeks to reverse the $14 billion loss of market value it suffered in the five years his predecessor Cynthia Carroll was in charge.
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Diamond prices, headed for the first annual drop in four years, are set to get a boost in 2013 as De Beers, the world’s biggest producer, constrains supply.
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Zimbabwe’s government will take 100 percent control of alluvial diamond mines and 51 percent of other mines in the country, the state-controlled Herald newspaper reported, citing Indigenisation Minister Saviour Kasukuwere .
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