73 decline in total acquisitions spending on diamonds – Metals Economic Groups

first_imgMetals Economics Group’s (MEG) recent Strategic Report points to a 73% decline in total acquisitions spending on diamonds – $210.5 million in 2008-09 compared with $760.2 million in 2007-08. The mining information and analysis company’s report showed a total of 19.7 Mct in resources changed hands in 2008-09, a 91% decrease from 208.4 Mct in 2007-08. Diamond transactions of at least $1 million decreased in number by 46% in the year between June 2008 and May 2009-14 transactions in 2008-09 compared with 26 in 2007-08.   The report shows that Canada accounted for 67% of the total spent on diamond projects during the year, in five transactions.  Kinross’s $104.4 million purchase of a 9% interest in Diavik in the Northwest Territories accounted for 74% of the total for Canada and BHP Billiton’s $22.3 million earn-in at Chidliak in Nunavut Territory accounted for another 16%. Compared with the previous year, South Africa saw a 98% decrease in acquisitions activity, a difference of $257.7 million. Australia also showed a significant decline of 94%, with a decrease of $244 million in acquisitions dollars.MEG’s Strategic Report provides informed, insightful analysis for mining industry planners, analysts, executives, and exploration managers. Published since 1982, the report draws on MEG’s wealth of knowledge and insight in a bimonthly compilation of timely, informative, and analytical articles on critical supply-side issues facing the global mining industry.  In addition to original research, articles are drawn from MEG’s flagship MineSearch database, Corporate Exploration Strategies and Reserves Replacement studies, and Acquisitions and Exploration Activity services.last_img

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