DiamondBuzz
NMDC to resume mining at Panna Diamond Mining Project
India’s Panna Diamond Mining Project, 15km from Panna,is to resume mining, after overcoming environmental concerns from a neighboring tiger reserve. Work has been halted several times at the mine. In December 2020 environmental clearances lapsed after concerns were raised by the nearby Panna Tiger Reserve.
The state-run National Mineral Development Corporation (NMDC), India’s biggest iron ore merchant miner, hopes to produce 6,500 carats, valued at $3.4m, this financial year.
Work has been halted several times at the mine. In December 2020 environmental clearances lapsed after concerns were raised by the nearby Panna Tiger Reserve. India’s Supreme Court has allowed NMDC permission to resume mining, provided it adheres to specific guidelines relating to tigers and the environment.
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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