JOHANNESBURG (miningweekly.com) – London-listed Stellar Diamonds has secured a two-month extension to the longstop dates with the noteholders of its two outstanding convertible loan notes.

“Stellar is undergoing a transformation from an explorer to a mine developer. I would like to thank the noteholders for their continued support as we progress towards the commercial development of the 4.5-million-carat Tongo-Tonguma underground kimberlite diamond mine, in Sierra Leone,” said Stellar CEO Karl Smithson on Friday.
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Key advances have been made in recent weeks in terms of signing the binding tribute mining agreement and signing the contract for the front-end engineering design (FEED) for the initial mine development.

The West Africa-focused diamond development company in April signed a legally binding conditional tribute mining agreement and revenue share agreement with Octea Mining for the diamond project.

A FEED study contract for the project was signed shortly ther..

GABORONE – The World Bank on Thursday called on Botswana to make details of its large mining contracts with companies public to improve transparency in the diamond rich country's business dealings.

Botswana earns 89% of its foreign exchange income and 30% of national revenues from mining, predominantly diamonds. It has various large-scale mining, sales and marketing contracts with Anglo American's diamond unit, De Beers.
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World Bank Group consultant Nils Handler said in a report the government’s decision to keep the negotiation process around contracts for diamond mining and large integrated projects confidential was a cause for concern.

“A more open process, including published contracts, would assist Botswana in becoming a more transparent and accountable jurisdiction,” he said.

The government could not immediately be reached for comment.

De Beers and Botswana currently jointly own Debswana and DTC Botswana which are involved in the exploration, minin..

LONDON – Another surge in copper stockpiles tracked by the world’s top base-metals bourse is reigniting concerns about demand for the material that’s often viewed by investors as a bellwether for the global economy.

A 40% jump in inventories monitored by the London Metal Exchange in just three days comes amid concerns about China’s slowing industrial activity. Prices of copper, referred to as the metal with a Ph.D in economics, are trading near a four-month low.
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Financial markets in China, the top copper user, are feeling the pressure of tighter liquidity and rising money-market rates that have pushed down prices of iron ore to zinc. Investors are also waiting for US President Donald Trump to push through electoral pledges, including boosting stimulus spending that helped push copper prices higher since late last year.

“The optimism over Trump’s spending and China has been overblown,” Dan Smith, head of commodities research at Oxford Economics in London, said by pho..

  Industrial metals prices are projected to jump 16% this year due to strong demand, especially from China, and supply constraints, including mine disruptions in Chile, Indonesia and Peru, the