The Future Of Diamonds Is Very Bright

Published on 06/08/09

JOHANNESBURG (miningweekly.com) – London-listed African Diamonds CEO John Teeling believes that the future of diamonds remains “bright”, despite the current economic turmoil having a severe impact on the industry.

“Supplies are scarce,” he said on Wednesday, when African Diamonds announced that Botswana had renewed “high-potential” prospecting licences for two years.

Teeling said that the renewal of the licences in Botswana, where it is developing the AK6 project, would give African Diamonds time to evaluate the economic viability of the kimberlite pipes and new targets in its licence areas.

African Diamonds subsidiary Atlas’ prospecting licences, PL004 and PL007, had been renewed for two years and a new licence, PL605, near Damtshaa mine, had been issued.