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Botswana discovers 2nd largest diamond in the world

Published

2 months ago

August 24, 2024

A Canadian mining company has announced that it has found a massive 2,492-carat diamond in Botswana, the second-largest diamond in the world.

The diamond was found using X-ray detection technology in the Karowe diamond mine in northeastern Botswana, according to a statement from Lucara Diamond.

The company did not estimate the find’s value, but it is second only in carats to the 3,106-carat Cullinan Diamond discovered in South Africa in 1905.

“We are ecstatic about the recovery of this extraordinary 2,492-carat diamond,” Lucara president William Lamb said in the statement.

This find was “one of the largest rough diamonds ever unearthed” and detected using the company’s Mega Diamond Recovery X-ray technology installed in 2017 to identify and preserve large, high-value diamonds, the statement said.

The translucent stone, the size of a palm, was delivered to President Mokgweetsi Masisi at his office later on Thursday by Naseem Lahri, the managing director of Lucara Botswana.

“I’m told this is the largest diamond to be discovered in Botswana to date and the second in the world,” Masisi said, congratulating the company on the find. “This is precious.”

According to data from the International Monetary Fund, Botswana is one of the biggest producers of diamonds in the world, which are its primary source of income and account for 30% of its GDP and 80% of its exports.

Approximately 2.5 million people live in this arid and poorly populated nation, which was impoverished in 1966 when it gained independence from Britain.

A year after diamonds were found, the IMF claims that the nation is currently the world’s top producer of diamonds by value.

Lucara asserts that a royalty equal to 10% of the total sales value of diamonds produced in Karowe will be paid to the government, regardless of whether the diamond is sold polished or raw.

“With a diamond of this magnitude, I can see roads being built,” said Masisi, as he posed for pictures with the huge stone.

“This discovery is largely thanks to newer technology that allows larger diamonds to be extracted from the ground without breaking into pieces. So we will likely see more where this came from,” he said.

The largest diamond found in Botswana before its announcement on Thursday was a 1,758-carat stone called Sewelo that Lucara had mined at the Karowe mine in 2019.

Using the same X-ray equipment, Lucara discovered a 1,174-carat diamond in Botswana in 2021. Since the mine’s 2012 start of operations, 216 diamonds have been sold for more than $1 million apiece, and more than 11 single stones have been sold for more than $10 million each.

The mining sector in Botswana is still one of the most important in the world, particularly for diamonds, of which the country is the world’s top producer in terms of value. This industry’s performance is dependent on worldwide demand, which is why the COVID-19 epidemic severely hurt it.

Long-term trends have indicated a drop in mineral revenues, primarily because of higher expenses, particularly in the diamond business. This is despite the fact that this sector accounts for around one third of total sales and roughly 80% of foreign exchange earnings.

Related Topics:Botswana Diamond Featured

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Fortuna Mining says Burkina Faso won’t scrap permits

Published

2 hours ago

October 9, 2024

Ifeoluwa Dada

The Burkina Faso government does not intend to revoke Fortuna Mining’s current mining permits within the nation, the Canadian company said on Monday.

Ibrahim Traoré, the leader of the Junta, stated on Saturday that Burkina Faso intended to remove some mining permissions from international businesses and work towards increasing local gold production. However, he did not specify which permits would be revoked.

The entire index fell on Monday as shares of gold miners with projects in the West African nation plummeted precipitously at the Toronto Stock Exchange.

Fortuna Mining’s stock was down 9% at 3:25 PM ET (19:25 GMT). The owner of the Bombero gold mine, Orezone Gold Corp., had a 9% decrease on the TSX.

In addition to addressing several subjects on Saturday to mark two years as president, gold producer Endeavour Mining said Traor hinted that some mining permits would be cancelled.

Endeavour asserted that it is unaware of any intentions to cancel any of the company’s mining permits and that the government continues to support the business.

Growing insecurity has made things more difficult in West African country despite its rich mineral resources. ACLED, a U.S.-based crisis-monitoring organisation, asserts that in 2023, over 8,000 individuals lost their lives in the nation, even though the junta promised to suppress groups linked to Al Qaeda and the Islamic State.

Burkina Faso has witnessed a boom in the mining sector since the early 2000s, primarily in the gold but also in the zinc and manganese industries. At the moment, the country is Africa’s fifth-largest producer of gold.

VenturesNow

Nigerian govt begins 2025 retirees’ enrollment

Published

3 hours ago

October 9, 2024

Ifeoluwa Dada

Nigeria’s National Pension Commission has declared that it has formally begun the process of enrolling potential retirees in 2025, highlighting the significance of early planning.

The commission demanded that ministries, departments, and agencies refrain from any last-minute rush that can interfere with the enrolment process and make it more difficult for retirees to adjust to their new stage of life.

At a workshop held by the National Pension Commission on Monday in Abuja to launch the online enrolment process for pension desk officers of MDAs funded by the Federal government’s Treasury for 2024, Omolola Oloworaran, the acting director-general of the commission, revealed this information.

Currently, 7,348,028 people in Nigeria, or 10.58% of the country’s working population, are registered members of the National Pension Scheme. The commission reported that it paid N1.1tn to 129,435 life annuity applicants in the second quarter of 2024, reflecting advances in pension benefits.

During her speech, the acting director general (DG) said that the purpose of this exercise is to gather precise information so that the federal government may evaluate the Accrued Pension Rights of potential retirees and make the appropriate budgetary adjustments.

The commission, she continued, has advanced significantly by automating the enrolment procedure and launching an online enrolment application that makes retiree enrolment, verification, and registration easy.

Oloworaran said, “At the National Pension Commission, we hold firmly to our statutory responsibility of ensuring a seamless pre-retirement verification and enrolment process for employees of Federal Government Treasury-funded MDAs. Each year, we embark on this exercise to gather accurate data for determining the Accrued Pension Rights of prospective retirees, so that the Federal Government can make the necessary budgetary provisions.

“Today’s session is not just a routine gathering; it is part of PenCom’s commitment to building the capacity of stakeholders, specifically you, the Pension Desk Officers, whose roles are indispensable in this process. Since 2021, we have made significant strides by automating the enrolment process, and introducing an Online Enrolment Application that allows seamless registration, verification, and enrolment of retirees.

“This system, comprising the Retiree, MDA, PFA, and PenCom modules, represents the future of pension administration in Nigeria. As PDOs, you are the linchpin in this process, ensuring that retiree information is properly uploaded and verified. Hence, this workshop aims to equip you with the skills and knowledge needed to effectively use the application and address any challenges that arise during the enrolment process. We are also here to confront the issues of the past head-on.”