US sanctions Russian diamonds16 Mar 2022 20:14
Alrosa produces about 30 per cent of global diamonds, Rio Tinto shut the Argyle mine in November 2020, wiping out Australia as the second-largest diamond producer after Russia. De Beers is owned by Anglo American and is only a small part of overall mining revenues. Gem Diamonds & Petra, the latter went just through a financial restructuring after practically defaulting on a 650 million US-Dollar bond. Lucara is run by the Lundin family and they are normally good managers. The company is expanding the open-pit mine to an additional underground mine, extending the life of the mine to the year 2060. The expansion is fully funded and the work is on time and in budget!