Groen River blues hit Firestone 08/08/2006
Bulk sampling from Groen River, Firestone Diamonds' South African joint venture with the De Beers colossus, has yielded no gems.
Bulk sampling from Groen River, Firestone Diamonds' South African joint venture with the De Beers colossus, has yielded no gems.
Firestone Diamonds, the AIM-listed African diamond explorer, has signed a production joint venture with De Beers which will see both groups cooperate on the development of a new mining operation on the Buffels River in Namaqualand, South Africa.
Firestone Diamonds has taken seven per cent of John Teeling's African Diamonds by issuing shares worth £2.6 million.
De Beers Consolidated Mines, the biggest force in world gem production, has agreed to join AIM-quoted Firestone Diamonds in developing South Africa's Groen River Valley project.
Philip Kenny, head of southern African gem miner and Aim-listed Firestone Diamonds, claims revenues, which topped £951,000 in 2001, should be running at an annual rate of more than £3 million by the end of the year – helped by production of large stones worth $1,000 a carat or more from the Sandberg deposit at its Oena mine on the Orange River. Robert Tyerman reports.
Uranium continues to glow. France is poised to offer shares in its Areva state nuclear company, and Galahad Gold plans a £28 million pre-float funding for its own play, Uranco
South African gold producer Harmony's build-up for a potential hostile £5.5 billion Russian-backed bid for Gold Fields, the fourth largest gold miner in the world, has rekindled excitement in the resources sector
Aim-listed Southern African gem miner Firestone Diamonds today dashed hopes that it might have further news to report about its Mopipi exploration project. Profit figures were also well behind forecasts. Yet chief executive Philip Kenny is unperturbed, suggesting that Mopipi and a recent discovery at Oena offer plenty of potential. Ben Cobley reports.
Southern African gem miner Firestone Diamonds may have some excellent news to report from its Mopipi exploration project. Ben Cobley reports.
'Stock of the month is First Derivatives'
Bizspace is a likely bid target
With gold grazing $312 an oz, a 20 per cent increase on late 2000, bulls are talking about further gains – to $325 and then onwards in stages. Sceptics suggest the unscrambling of previous hedge positions has caused only a temporary upturn. But the prospect of US deficits and pressure on the dollar suggest there could be more to it than that. Mining shares, although mostly well up on a 12-month view, remain mixed in the short term. Harmony Gold Mining (HRM) eased to 950.25p after a US share placing at the equivalent of 964p, but Durban Rooderpoort Deep hit a new high of 313.5p. Aim newcomer Peter Hambro Mining floated at 130p, opened at 136p and lost most early gains to close at 137.5p
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