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Global Rough Production Reaches a Plateau

MEG report concludes that rough output has peaked.
Jul 31, 2012 2:01 AM   By Dilipp S Nag
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RAPAPORT... Global rough diamond production has plateaued with declining output at the world’s major ‎mines and no significant new sources, according to a report by Metals Economics Group ‎‎(MEG).‎

MEG noted that only two relatively small new projects were commissioned in the past year and despite ‎higher prices for rough goods,  both are struggling as their overseers work to achieve full production. Five other new ‎mines and expansion projects are scheduled to launch between 2013 and 2015, which are ‎projected to add approximately 6.7 million carats per year to global production, the report ‎noted.‎

MEG added that mine feasibility and the development of reserves are being carried out on 20 ‎diamond projects worldwide in 2012.  ‎

Among the reported active resources, Canada hosts 48 percent of the total contained ‎diamonds in four deposits and Russia holds 24 percent with four deposits, while India and Lesotho ‎have 9 percent each in one deposit, respectively. South Africa has 5 percent in five deposits, ‎Australia has 4 percent in three deposits and Guinea and Brazil each have one active project ‎containing less than 1 percent of the total.‎

MEG estimated that global diamond exploration budgets increased 26 percent in 2011. Russia ‎was the top exploration target accounting for 27 percent of the total diamond budget while ‎Canada was second with 26 percent. They were followed by Angola with 13 percent, India with ‎‎8 percent, Botswana with 6 percent and South Africa with 5.6 percent, according to the report.‎
Tags: Angola, Australia, Botswana, brazil, Canada, diamond, Dilipp S Nag, exploration, Guinea, India, Lesotho, MEG, Metals Economics Group, mines, Rapaport, rough, Rough Diamonds, Rough Production, Russia, South Africa
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