Botswana has introduced a new regulation requiring mining companies to sell a 24% stake in new concessions to local investors if the government opts not to purchase it. This rule, announced by the Ministry of Minerals and Energy, took effect on 1 October, reported Reuters. Previously, the Mines and Minerals Act allowed the government a 15% shareholding in mining concessions, with a higher stake option in diamond projects. The southern African nation, one of the world's top diamond producers by value and ...

Rachna is a resident of Badgadi village and had obtained a lease for a mining plot in the Hazara Mudda area. According to diamond experts, six of the eight diamonds are of gem quality, weighing a total of 2.53 carats, with the largest stone weighing 0.79 carats. The remaining two diamonds are off-colour but retain some commercial value. All eight diamonds have been submitted to the diamond office and will be auctioned during the upcoming cycle. Officials noted that this is the first instance in 2025 of eig ...

GABORONE (Reuters) -The sale of diamonds through tenders and auctions is opaque and inefficient and should be revamped for producers to earn more and to survive the current price slump, a leading gem trader said on Thursday. Oded Mansori, co-founder and managing partner of Belgian gem trader HB Antwerp, said the impact on producers could be reduced by doing away with inefficiencies in the industry. The diamond market is currently going through a prolonged downturn with demand hurt by global economic unce ...

Economic Outlook - Botswana's credit outlook has been revised to negative by S&P Global Ratings due to a significant slump in the diamond industry, projecting government debt to rise to 19% of GDP by 2028 from 3% in 2024 [3][8] - The economy of Botswana contracted by an estimated 3.3% in 2024, highlighting challenges from low diamond prices and competition from lab-grown diamonds [3] Automotive Industry - Nissan plans to close its historic Oppama plant in Japan by March 2028, affecting approximately 2,400 employees as part of a restructuring initiative to reduce global production capacity from 3.5 million units to 2.5 million, resulting in the elimination of 20,000 jobs [4][8] - Nissan anticipates incurring ¥160 billion ($1.1 billion) in impairments and restructuring charges this fiscal year [4] - Honda has introduced an EV minicar with the longest driving range in its class, but the CEO indicated that widespread EV adoption in North America is expected to be delayed by about five years, leading to a shift in investment focus towards hybrids [5] - Volvo Car USA LLC has issued a recall for 1,355 vehicles in the U.S., adding to previous larger recalls for rearview camera issues and potential brake function loss [6][8] Regulatory Developments - California lawmakers have advanced landmark AI legislation, including the Transparency in Frontier Artificial Intelligence Act and a bill for AI companion chatbot safety, awaiting the Governor's signature [9][8] Market Activity - The Moscow Stock Exchange has suspended trading, following previous suspensions due to sanctions and technical issues [10][8] - Global market indices showed mixed performance, with major indices remaining largely flat, while the EUR/USD pair saw a slight decline [11][8]

Core Viewpoint - Mountain Province Diamonds Inc. is focused on delivering high-quality Canadian diamonds while maintaining strong corporate social responsibility standards [5]. Group 1: Company Overview - Mountain Province Diamonds owns 49% of the Gahcho Kue mine in the Northwest Territories, with De Beers, a division of Anglo American plc, holding the remaining 51% [5]. - The company is committed to producing diamonds to the highest standards of corporate social responsibility [5]. Group 2: Q2 2025 Earnings Call - The Q2 2025 earnings conference call was held on August 13, 2025, with key participants including the President and CEO, CFO, and Financial Controller [1][3]. - The presentation included insights into the company's Q2 2025 results and plans for the remainder of the year [6].

Core Insights - Mountain Province Diamonds Inc. reported financial results for Q2 2025, highlighting operational discipline at the Gahcho Kué Mine despite ongoing challenges in the diamond market [1][3]. Financial Highlights - In Q2 2025, the company sold 411,114 carats for total proceeds of CAD 36.8 million (USD 26.6 million), with an average price of CAD 90 per carat (USD 65) [10][15]. - Adjusted EBITDA for Q2 2025 was CAD -2.2 million, a significant decline from CAD 24.0 million in Q2 2024 [15][24]. - The net loss for Q2 2025 was CAD 37.7 million, or CAD 0.18 loss per share, compared to a net loss of CAD 6.5 million, or CAD 0.03 loss per share in Q2 2024 [14][18]. Operational Highlights - The Gahcho Kué Mine achieved 82.5% availability and utilization in H1 2025, with ore throughput reaching a record of 1.81 million tonnes [5][9]. - The average grade of diamonds recovered was 0.81 carats per tonne, a decline of 44% from H1 2024 and 54% from H1 2023 [6][22]. - Total tonnes mined in H1 2025 were 20.54 million, a 30% increase from 15.8 million tonnes in H1 2024 [13]. Market Conditions - The diamond market remains fragile, with recent U.S. tariffs introducing uncertainty despite early signs of recovery in U.S. retail demand and China [7][3]. - The company anticipates that grades will improve as mining progresses into the high-grade NEX ore body [6][9]. Safety and Operational Performance - The Total Recordable Injury Frequency Rate (TRIFR) improved by 51% year-over-year, indicating a strong focus on safety [4][9]. - Despite solid operational performance, lower-than-expected grades have tempered overall production outcomes [9][10].

Core Viewpoint - Mountain Province Diamonds Inc. has amended its bridge credit facility agreement with Dunebridge Worldwide Ltd. to increase the facility size by US$10 million, raising it from US$30 million to US$40 million [1][2]. Group 1: Bridge Credit Facility Details - The original bridge credit facility agreement was established on February 24, 2025, and was amended on May 13, 2024, to provide a US$33 million working capital facility [2]. - The Additional Bridge Term Facility will mature on March 18, 2026, and carries an interest rate of 10.5% per annum, which will increase to 12.5% if not repaid upon maturity [3]. - A US$1 million fee will be paid to Dunebridge upon maturity for the Additional Bridge Term Facility, subject to shareholder approval [4]. Group 2: Related Party Transaction and Exemptions - The amendment is classified as a related party transaction under MI 61-101 due to Dunebridge being a "related party" of the Company, and it is being completed under an exemption due to the Company's serious financial difficulties [5]. - The board of directors has determined that the amendment and the Additional Bridge Term Facility are reasonable given the financial challenges faced by the Company [5]. Group 3: TSX Approval and Market Capitalization - The TSX granted conditional approval for the amendment, noting that the value of consideration to insiders for the Additional Bridge Facility (excluding the Facility Fee) will not exceed 10% of the Company's market capitalization, estimated at approximately CAD11.68 million as of July 28, 2025 [6][7]. - The estimated value of consideration to insiders for the Additional Bridge Facility (excluding the Facility Fee) is CAD959,000, representing 8% of the market capitalization [8]. - Including the Facility Fee, the estimated value of consideration to insiders is CAD2,329,000, or 20% of the market capitalization [9]. Group 4: Company Overview - Mountain Province Diamonds Inc. holds a 49% stake in the Gahcho Kué mine in Canada's Northwest Territories and controls over 96,000 hectares of mineral claims and leases surrounding the mine [10].

Core Viewpoint - Mountain Province Diamonds Inc. issued a correction regarding its average selling price per carat for Q2 2024, which was inaccurately reported as CA$166 (US$124) instead of the correct CA$102 (US$74) [2]. Company Overview - Mountain Province Diamonds holds a 49% stake in the Gahcho Kué diamond mine in Canada's Northwest Territories, which is a joint venture with De Beers Canada [3]. - The Gahcho Kué property includes several actively mined, developed, and explored kimberlites, with the company controlling over 96,000 hectares of mineral claims and leases surrounding the mine [3]. - The Kelvin kimberlite is estimated to contain 13.62 million carats (Mct) at a grade of 1.60 carats/tonne, valued at US$63/carat, while the Faraday 2 kimberlite contains 5.45 Mct at a grade of 2.63 carats/tonne, valued at US$140/carat [3]. - Faraday 1-3 is estimated to contain 1.90 Mct at a grade of 1.04 carats/tonne, valued at US$75/carat [3].

Core Insights - Mountain Province Diamonds Inc. reported significant declines in production and sales for Q2 2025 compared to Q2 2024, with a notable drop in carats recovered and average price per carat sold [1][4][10] Production Summary - Total tonnes mined increased by 32% year-over-year, reaching 10,444,919 tonnes in Q2 2025 compared to 7,911,091 tonnes in Q2 2024 [3][6] - Ore tonnes mined saw a drastic reduction of 86%, totaling 134,597 tonnes in Q2 2025, down from 971,311 tonnes in Q2 2024 [3][10] - Carats recovered were 708,072, which is a 46% decrease from 1,318,680 carats in Q2 2024 [3][10] - The average recovered grade was 0.80 carats per tonne, a 41% decline from 1.37 carats per tonne in Q2 2024 [3][10] Sales Results - In Q2 2025, 411,114 carats were sold for $36.8 million (US$26.6 million), averaging $90 per carat (US$65 per carat), compared to 557,361 carats sold for $56.8 million (US$41.5 million) at an average of $166 per carat (US$124 per carat) in Q2 2024 [4][10] Operational Commentary - The CEO noted that Q2 is a busy operational period, with successful completion of the annual ice-road resupply and improved conditions for mining and processing [5][6] - The company is ramping up production from the NEX orebody, expecting to treat approximately 100,000 tonnes in July, 140,000 tonnes in August, and 275,000 tonnes in September [8]

Group 1 - The company intends to partner with selected diamond manufacturers, traders, jewellers, and luxury brands to enhance the value of its sustainably mined Canadian diamonds [1] - The decision to close the diamond cutting and polishing facility in Perth is based on a thorough assessment of its long-term viability [2] - The CEO expressed gratitude to the Perth team and emphasized the company's commitment to vertical integration through its sales office in Antwerp and strategic partnerships [3] Group 2 - The closure of the Perth facility is not expected to have any material financial or production impacts for the company, with the process anticipated to be completed by mid-year 2025 [3] - Burgundy Diamond Mines focuses on capturing margins across the entire diamond value chain, including mining, production, cutting, polishing, and sales [5] - The company has established a vertically integrated business model that ensures traceability and ethical production of diamonds from mining to marketing [5]