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NEWS BRIEFS
Stornoway Completes Acquisition of RenardStornoway Diamond Corporation is now full owner of the Renard Diamond Project, following the acquisition of the remaining 50 percent stake from Diaquem in a voting-share agreement that if fully converted, would bring Diaquem’s total interest in Stornoway to 37 percent. Diaquem is a wholly owned subsidiary of Soquem, a subsidiary of Investissement Quebec. Stornoway expects to complete a feasibility study and environmental impact report on the Renard Diamond Project in the third quarter of 2011. As part of the acquisition, Stornoway increased its number of board members by one, adding Jean-Jacques Carrier, senior vice president and chief financial risk officer of Investissement Quebec. Stornoway also appointed Ebe Scherkus, president and chief operating officer (COO) of Agnico-Eagle Mines Limited, to the board to replace David Garofalo, president and chief executive officer (CEO) of Hudbay Minerals. Eira Thomas will assume the role of nonexecutive chairman of the newly constituted board. South African Workers StrikeWorkers at the South African Diamond and Precious Metals Regulator (SADPMR) continued to strike, preventing about $75 million (ZAR 500 million) worth of diamond exports from leaving the country. The workers are demanding a 10 percent salary increase and a $150 (ZAR 1,000) housing allowance, South African news site www.iol.co.za reported. SADPMR is offering a 9 percent pay rise while maintaining the $132 (ZAR 877) housing allowance. Talks are ongoing.Kinross Sells Remaining Stake in Harry WinstonKinross Gold Corporation sold its remaining shares in Harry Winston Diamond Corporation on an underwritten block trade basis for gross proceeds of $100 million.The 7.1 million common shares represented an 8.5 percent equity interest in the diamond company. In August 2010, Kinross sold its 22.5 percent interest in the partnership that held Harry Winston’s 40 percent stake in the Diavik diamond mine’s joint venture. In that sale, Kinross received $50 million cash, 7.1 million Harry Winston common shares and a note payable in the amount of $70 million that matured 12 months from the date of the sale.ALROSA Gets New Mining LicensesRussia granted a new license to ALROSA to mine two diamond deposits in the Yakutia region. ALROSA reported that the first deposit, Verkhne-Munskoed, has a total reserve of 38 million carats valued at $210 per carat at current prices. A second, the Maiskoe deposit, has a reserve of approximately 12 million carats valued at $90 per carat.ALROSA also announced it will hold a shareholders meeting to elect a replacement for Alexi Kudrin of the supervisory board, who is leaving the board “in line with Russia President Dmitry Medvedev’s directive” as reported in Interfax. The meeting is expected to take place in June following the company’s general meeting. — Additional reporting by Acquire Media.
Peregrine, BHP Approve Chidliak ProgramThe Chidliak joint venture between Peregrine Diamonds Ltd. and BHP Billiton was approved for a $17.7 million exploration program in 2011. The Chidliak project, located on Baffin Island in Nunavut, Canada, has yielded 50 kimberlites since 2008, with seven showing potential. Peregrine Diamonds, which holds a 49 percent stake in the venture, will operate the project and has already begun fieldwork.The program is expected to set the stage for the collection of bulk samples in 2012 in order to estimate the diamond value of the most promising kimberlites. Brooke Clements, president of Peregrine, stated, “There is real potential to discover additional large kimberlites which, if found to have coarse diamond-size distributions, would add significant value to the project.” Article from the Rapaport Magazine - May 2011. To subscribe click here.
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