Giant diamond found in Canadian mine predicted to bring $90million at auction
It’s not often you stumble across a three-billion-year-old diamond ‘the size of a tennis ball’ but if you did you’d be pretty amazed at what you’ve found. A mine worker in a Botswanan mine owned by Lucara Diamond Corp, found just that and thought nothing of it, according to CEO of Lucara Diamond corp, William Lambe.
Speaking to The Canadian Press he said: “He’d only been working with us for two weeks, so he sees the thousand carats and goes ‘oh, this must be normal.”
Named Lesedi la Rona, meaning “our light” in the local Tswana language, the diamond was found back in November and weighs in at 1,109 carats – the second largest gem-quality rough diamond to ever be discovered.
Such an incredible discovery very nearly didn’t happen at all – with the diamond surviving modern mining practices including drilling, blasting, excavation, crushing and mechanised sorting.
“We were very lucky,” said Lamb.
Ahead of its summer auction in London, auctioneer Sotheby’s has estimated a potential sale of more than $90million, with it being the first rough diamond of its size to ever be presented at auction.
Source: The Globe and Mail
Read the May 2016 issue of Mining Global magazine
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.