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A newly discovered vast diamond mine in Liaoning Province has resources to last for 30 years, which is expected to ease pressure on diamond demand around the globe, Liaoning mineral exploration authorities revealed.
The mine, which is estimated to hold more than 1 million of carats of diamonds, was discovered in Wafangdian, already abundant in diamonds, at the beginning of 2011, Yu Wenli, director of the Liaoning Geology and Mineral Exploration Bureau (GMEB), told reporters at a meeting of the Liaoning Provincial Committee of Chinese People’s Political Consultative Conference on Wednesday.
Yang Zhanxing, the deputy director of Liaoning GMEB, said this diamond mine is the biggest discovered in the province for 30 years.
According to Liaoning GMEB, the quality of Wafangdian diamond mines outranks their South African counterparts for purity, with 70 percent qualifying as gemstones.
According to CNS, no large-scale diamond mines have been discovered for a decade worldwide. The current exploitation rate might lead to the exhaustion of the world diamond supply in the next 20 years, but the new Wafangdian mine should help delay this fate.
Georges Brys, the general manager of the HRD Antwerp diamond certification institute, said the worldwide production of diamonds keeps decreasing, which would exhaust global sales in 40 years if no new mines are discovered.
Originally posted by speculativeoptimist
reply to post by isyeye
Perhaps the miners of these precious gems can be treated fairly and with dignity, hell how bout a little prosperity too? Then they can call them "love or fair diamonds" instead of blood diamonds.
Debswana, the largest diamond mining company operating in Botswana, is 50% owned by the government. Mineral industry provides about 40% of all government revenues.
It earned the highest sovereign credit rating in Africa and has stockpiled foreign exchange reserves (over $7 billion in 2005/2006) amounting to almost two and a half years of current imports.
In 2007, significant quantities of uranium were discovered, and mining is projected to begin by 2010. Several international mining corporations have established regional headquarters in Botswana, and prospected for diamonds, gold, uranium, copper, and even oil, many coming back with positive results. Government announced in early 2009, that they would try and shift their economic dependence on diamonds, over serious concern that diamonds are predicted to dry out in Botswana over the next twenty years.