Proactiveinvestors Australia - Diamonds & Gemstones RSS feed Proactiveinvestors Australia - Diamonds & Gemstones feed en Sun, 21 Jan 2018 17:07:38 +1100 Genera CMS Merlin Diamonds raises $3.3 million to enhance operations Thu, 18 Jan 2018 08:28:00 +1100 Merlin Diamonds boosts funds as it seeks larger diamonds Tue, 09 Jan 2018 09:41:00 +1100 Merlin Diamonds commences ore processing for larger diamonds Thu, 21 Dec 2017 14:29:00 +1100 Merlin Diamonds gains extra funding as it hunts for larger diamonds Thu, 21 Dec 2017 09:38:00 +1100 Merlin Diamonds prepares to process first ore through new machine Mon, 11 Dec 2017 08:49:00 +1100 Merlin Diamonds takes delivery of new diamond sorting machine Fri, 01 Dec 2017 14:54:00 +1100 Merlin Diamonds makes key appointment and initiates rights issue Fri, 27 Oct 2017 10:28:00 +1100 Merlin Diamonds’ shares surge on continued progress at diamond mine Wed, 04 Oct 2017 12:31:00 +1100 Merlin Diamonds fetches high price in diamond sale Mon, 02 Oct 2017 14:58:00 +1100 Merlin Diamonds poised to monetise rough diamonds through Koin International Thu, 24 Aug 2017 10:25:00 +1000 Merlin Diamonds readies for auction through Koin International DMCC Thu, 27 Jul 2017 14:39:00 +1000 Merlin Diamonds Ltd's new drilling targets undiscovered kimberlites Wed, 12 Jul 2017 11:30:00 +1000 Merlin Diamonds Ltd discovers two pink diamonds Mon, 03 Jul 2017 10:00:00 +1000 Merlin Diamonds readies drill for exploration campaign Wed, 28 Jun 2017 15:00:00 +1000 Merlin Diamonds swells cash balance Wed, 29 Mar 2017 10:00:00 +1100 Merlin Diamonds closes fully underwritten rights issue Fri, 24 Mar 2017 10:30:00 +1100 Merlin Diamonds recovers five green diamonds Tue, 14 Mar 2017 15:30:00 +1100 Merlin Diamonds responds to ASX price query Mon, 30 Jan 2017 12:30:00 +1100 Merlin Diamonds to offer fully-underwritten rights issue Fri, 06 Jan 2017 09:00:00 +1100 Merlin Diamonds discovers fifth largest diamond in Australia Thu, 05 Jan 2017 13:00:00 +1100 Merlin Diamonds receives a Buy Recommendation Thu, 22 Dec 2016 09:40:00 +1100 Merlin Diamonds discovers rare blue diamond Thu, 15 Dec 2016 10:00:00 +1100 Merlin Diamonds to lift cash balance through placement Wed, 14 Dec 2016 09:30:00 +1100 Merlin Diamonds Ltd commences diamond mining campaign Wed, 30 Nov 2016 13:10:00 +1100 Merlin Diamonds Ltd ramping up operations at Merlin diamond mine Wed, 16 Nov 2016 14:10:00 +1100 Merlin Diamonds Ltd hunts new Australian record as diamond production resumes Mon, 17 Oct 2016 10:00:00 +1100 Merlin Diamonds Ltd on track to restart diamond mining operations Merlin Diamonds Ltd (ASX:MED) is on track to re-commence operations at the Merlin diamond mine, located 900 kilometres south east of Darwin in the Northern Territory.

The Department of Mines and Energy has approved Merlin’s mining management plan last week, allowing operations to re-commence.

Since 1998, nine of the Merlin pipes have been subject to open-pit mining over a 5 year period, producing 507,000 carats of high quality diamonds.

The largest diamond ever found in Australia, a 104.73 carat white gem-quality stone was recovered from Merlin and was valued at about US$525,000 in 2002.

The current probable ore reserve for the all diamond pipes at the mine is 4.04 million tonnes at an average grade of 15 carats per hundred tonnes, representing a total contained 610,000 carats.

Merlin is being assisted by Foundation Resources Pty Ltd, a company experienced in the mining and exploration of diamonds in Australia, South Africa, Botswana, Zimbabwe, Angola and Indonesia.

Foundation Resources will focus on the technical plans for the mining operations and the re-commissioning of the diamond processing plant.

Merlin has initiated the procurement of necessary items to re-commence operations and has started pumping out water from the Kaye pit in preparation for mining.

A significant amount of the infrastructure is still in place at Merlin and needs little work to be useable. Hence, the capital cost is relatively low.

The mine is expected to recommence operations in October 2016.


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Mon, 12 Sep 2016 14:00:00 +1000
Stornoway's resource upgrade is positive, says Dundee Dundee Capital Markets has repeated a 'buy' rating on Stornoway Diamond Corp (TSE:SWY) following a resource upgrade at its Renard Diamond Mine in Quebec.

This should have a positive impact on a revised mine plan expected in mid-2016, suggests analyst Matthew O'Keefe.

The project is fully funded to production which should average 1.6 million carats per year over a 20-year mine life.

Earlier, Stornoway said it had increased the indicated resource at Renard 2 by 16% to 21.6 million carats by converting lower class inferred material to a depth of 700 metres, while the overall indicated resource now stands at 30.2 million carats, including reserves.

The mining plan has been revised to reflect the increase.

The firm also told investors there was substantial new exploration potential at both Renard 2 and 3, which both remain open.

O'Keefe said an updated mine plan, expected Q2/16 just before production startup, is now under development and will incorporate the increased indicated resources.

"It is expected to include a deepening of the R2 and R3 pits, a deepening of the underground mine infrastructure and inclusion of the indicated resource at R65 via open pit mining. No material changes to our model expected at this time as we have already incorporated deeper mining and the inclusion of R65."

The broker keeps its $1.30 price target on what it calls a "high risk" stock. The current price is C$0.72.


"Stornoway appears attractively priced trading at 0.41x our NAV. As the company nears production, we would expect the stock to rise and our multiple to expand towards its diamond producing peers that currently trade at an average of 0.57x NAV," it adds.

Sat, 26 Sep 2015 05:16:00 +1000
Dominion Diamond reports lower diamond sales in latest quarter Canada-focused miner Dominion Diamond (TSE:DDC, NYSE:DDC) reported lower diamond sales in its latest quarter.

The firm's assets are the Ekati Diamond Mine and Diavik mine in the Northwest Territories

Total second quarter rough diamond sales for the three months to July  31 were  US$209.7 million compared to US$277.3 million in the same period of last year.

The company described sales as robust "despite a cautious market and a time of seasonal weakness in demand".

Last month, the firm made changes to the liberation process at the Ekati mine with promising test results. During the quarter, this mine recovered 0.9 million carats from 1.0 million tonnes of ore processed, compared to 0.8 million carats from 1.1 million tonnes in the comparable period.

The operational challenges experienced at the Ekati  process plant in the first quarter have been resolved, the company said.

In terms of development, the Misery Main pipe is still on track for first production in the first quarter of fiscal 2017, while the first production from the Pigeon pipe is now expected in November 2016.

Shares are down 0.93% at US$12.85 each.

Sat, 22 Aug 2015 05:30:00 +1000
Merlin Diamonds to be acquired by Blumont Group in off-market scrip deal Merlin Diamonds (ASX: MED) has received a scrip-for-scrip off-market takeover from the Blumont Group Ltd (SGX: A33) which values the company at around $26 million.

Blumont recently identified precious stones as one of its targeted business segments, and therefore may look for similar acquisitions going forward.

Merlin directors have already unanimously recommended the transaction, in the absence of a superior proposal.

Blumont will offer 5.7 Blumont shares for every 2 Merlin Diamonds shares and is subject to a minimum acceptance of 50.1% of the Merlin Diamonds shares on issue.

This equates to an implied bid price of $0.1518 per Merlin Diamond share (based on S$0.0602 per Blumont share).

Merlin has 176 million shares on issue.

The Merlin project

The Merlin Project has a high proportion of gem-quality diamonds 65% of production is gem-quality, compared to an average of just 20% gem-quality diamond production at diamond mines worldwide.

The company has made solid progress in developing a sustainable and profitable diamond mine at Merlin, underpinned by 2.9 million carats of the Company’s resource assets being classified as JORC Probable Ore Reserves, indicating a higher level of certainty of economic potential.

Engineering studies aimed at increasing production rates of the borehole mining equipment at the Merlin Diamond Mine have been ongoing since October 2013 and Merlin Diamonds aims to restart production at the Merlin Mine upon completion of the engineering works and raising the funds required for recommencing operations.


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Fri, 28 Feb 2014 18:00:00 +1100