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Reuters

Alrosa sees rosy prospects from colourful diamonds

16th May 2018 Russia's Alrosa, the world's largest diamond producer by output, plans to boost revenue from selling rare, coloured stones where demand is stable, although it is a niche business. Nature gives fancy colours to about one in every 10 000 rough diamonds of gem quality that are mined around the world. 

India's Tata Steel posts Q4 profit

16th May 2018 Tata Steel on Wednesday posted a net profit of 146.88-billion rupees ($2.17-billion) for the quarter ended March 31, aided by a one-time gain. The Indian steelmaker saw an exceptional gain of 113.76-billion rupees in the quarter, which included a gain from the restructuring of its UK pension scheme. 

Mind the gap: Can subway and landmine technologies save South African platinum?

16th May 2018 Technologies used to carve subways and clear landmines are being retooled to mechanise South Africa's platinum mines, where an unforgiving geology has stymied such efforts at a huge cost. The technologies may make new mines profitable and could provide a lifeline for some loss-making shafts in a... 

Rio Tinto CEO calls for 'United Nations of the mining world'

16th May 2018 Rio Tinto CEO Jean-Sebastien Jacques said resource companies needed to build "the United Nations of the mining industry" to tackle rising resource nationalism and cost inflation. Rising commodity prices typically lead to resource nationalism as they inspire resource-holding nations to demand... 

Farnese blue diamond, with 300-year royal history, fetches $6.7m

16th May 2018 The Farnese Blue diamond, which was passed down through European royal families for 300 years, sold at auction in Geneva on Tuesday for 6.7-million Swiss francs ($6.7-million), beating auctioneers Sotheby's estimate of 3.5-million to 5-million Swiss francs. The 6.16 ct, dark grey-blue gem from... 

Nigeria gives more oil purchase deals to local firms as vote looms

16th May 2018 State oil firm NNPC has awarded 50 companies with contracts to buy Nigerian crude and more than half of them are local firms, foreign and Nigerian trading sources said. Of the total, 32 were local companies, doubling the number of awards to Nigerian firms compared to 2017. 

Nigeria awards $7bn rail project to Chinese state rail firm – Xinhua

16th May 2018 Nigeria has awarded a $6.68-billion contract to the China Civil Engineering Construction Corporation (CCECC) for work on a major segment of a railway linking the country's commercial hub Lagos, in the southwest, and Kano in the north, Xinhua reported. "The signing of the ... segment contract... 

Uganda power distributor Umeme to spend $1.2bn to expand grid

16th May 2018 Ugandan power distributor Umeme plans to spend $1.2-billion in the next seven years to revamp and expand the grid and has hired an adviser to explore options for raising the money, the company's chief executive said on Wednesday. The investments will be used to prepare for an expected rise in... 

Australia's trade minister says China ties a priority after recent "differences"

16th May 2018 Australia's trade minister will use a visit to China this week to reinforce ties with his country's largest trading partner, he said on Wednesday, following a recent souring in relations. Steven Ciobo's arrival in Shanghai on Thursday marks the first trip by an Australian minister in eight... 

Last missing Polish miner found dead – JSW

16th May 2018 Rescuers searching for Polish miners trapped almost a kilometre underground since a tunnel collapsed 11 days ago have found the body of the last missing man, taking to five the death toll in the incident, coal company JSW said on Wednesday. The Zofiowka mine in southern Poland was hit by an... 

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