Message Font: Serif | Sans-Serif
No. of Recommendations: 0
The big excitement was the purchase of a large stake by Tiffanys. $114 million worth and an agreement to buy $50 million of rough stones a year for 10 years.

Aber has a 40% stake in the project and the joint venture partners are Diavik Minerals which is a wholly owned subsidary of Rio Tinto.

I believe the share price would be much higher by now but they have been having some permitting problems with the provincial government.

If anything Cananda has more stringent mining laws than the US and somtimes these mining projects can be held up for a long time.

Apparently they are making progress and the delay will only be about 1 month.

The diamonds are there so that is not a question. Also diamond mines are more like a quarrying operation and have very little effect on the environment.

Once all necessary permits are received the uncertainty will be removed and the shares should move up. Canada being a more stable part of the world, there should be a premium given to the shares over mines in Africa.

I already own a fairly large stake in the company as well as owning some of the African diamond mining companies.

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.