11 February 2012

Sector: Resources

05/05/2010 James Crux

De Beers, the colossus of the world gem production industry, is set to reduce output from its mines in an attempt to extend their lives in the face of what the company sees as the threat that world rough diamond supply will run out over the long term.

In a move that must have cheerful price implications for smaller producers, the company, which accounts for 40 per cent of world supply, aims to establish a production plateau of 40 million carats next year, down from 48 million in 2007.

Kazakhstan-focused Max Petroleum is abandoning its KZN-2 exploration well in the country’s North Kyzylzhar project. The London-based company says drilling down to 1,457 metres at the well showed no hydrocarbons. As a result, AIM-quoted Max is plugging KZN-2 and moving its rig to drill another well, BOR-2, the first of two appraisal wells to be drilled at another, recently discovered field, Borkyldakty, over the next few months.

Sector: General Industrials

Companies: Max Petroleum

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