A great opportunity to invest in India!

FM addresses the Conference on ‘Insolvency and Bankruptcy Code-A New Paradigm for Stressed Assets’ via Video Conferencing, being organised by the IBBI jointly with the Consulate General of India, New York, USA; FM: Given the future potential of the Indian economy and the fair process followed under the Code, it is a great opportunity for investors who are seriously thinking about investing in India; There can’t be a better opportunity than the present one which is being offered through the Code; This is the right time and right place to be in India for these kinds of investments.

The Union Minister of Finance and Corporate Affairs, Mr. Arun Jaitley said that the scattered regime prior to the enactment of the Insolvency and Bankruptcy Code (IBC), 2016 had impacted the domestic private investment with over capacities in certain sectors coupled with unacceptably high levels of Non-Performing Assets (NPAs) in the Banking System, hindering growth.

Issues at exporting fraternity

FIEO President, Mr Ganesh Kumar Gupta has said that the bank credit issue of exporters are yet to be resolved.  PSU Banks officials including MDs, EDs, GMs, AGMs are not accessible to exporters particularly from the MSME sector. This has tightened the hands of these exporters to take orders.

Exporters are not able to discuss issues and challenges with regard to availability and cost of credit to the exports sector. Commerce Minister, Mr Suresh Prabhu, who is taking several steps to promote exports would not fructify if banks would not lend to exporters smoothly and at affordable rates.

Commercial diamond recoveries at Mothae

Company Limited and the Government of the Kingdom of Lesotho announce a commercial diamond recoveries have commenced through the new treatment plant at the high-quality Mothae kimberlite diamond mine in Lesotho.

Lucapa Managing Director Stephen Wetherall said the commencement of commercial recoveries through the new Mothae plant represented another key milestone in Lucapa’s strategic development plan. “Lucapa is on track to become one of a few listed diamond companies globally with production from more than one operating mine.

53 drilling targets at Lulo diamonds

By providing updates on Lulo diamond project in Angola Lucapa Diamond Company Limited said, the kimberlite exploration program is designed to identify the primary hard-rock source or sources of the exceptional alluvial diamonds mined at Lulo, the world’s highest average US$ per carat alluvial production.

The Lulo partners are systematically drilling ~80 targets in the current campaign proximal to, and/or upstream of, the alluvial mining blocks. Drill core from the confirmed kimberlites is progressively logged and exported in batches to laboratories in South Africa and Canada for mineral chemistry analysis.

Petra at Disposal of Helam mine

Petra Diamonds Limited announces that it has entered into a Sale of Shares and Claims Agreement with regards to the disposal of the Company's and its black economic empowerment partners' interest in Helam Mining Pty  Ltd, is a Diamond Mine in South Africa owned by Petra Diamonds, to Lindleys Mining Pty Ltd for a nominal consideration of ZAR200 million with immediate effect.

The Helam mine was put on care on maintenance by the Company during FY 2015, following previous attempts to source a suitable purchaser, and no mining activities have been conducted by Petra since then. The rationale for the disposal is to support the South African Government’s intention to prolong the lives of mines facing closure by facilitating opportunities for emerging miners to the benefit of entrepreneurs, host communities and local employment.

Reliance Jewels unveils new showroom

Reliance Jewels, one of India’s most trusted jewellery brands, has launched its new Flagship showroom in Guwahati. This premium showroom, spread across 3241 square feet was inaugurated by renowned actress Yami Gautam.

The new showroom will treat its patrons to a magnificent new look and designs that spell grandeur and will also showcase exclusive traditional and contemporary collection in gold, diamond and solitaire jewellery. Customers can avail up to 100% off on making charges of Gold & Diamond Jewellery till 1stJanuary 2019.

DRI meets global Customs agencies

The Union Finance Minister Shri Jaitley unveiled “Smuggling in India Report 2017-18” which analyses organized smuggling trends on topics such as Gold & Foreign Currency, Narcotic Drugs, Security, Environment, Commercial Frauds. Excerpts of this report are enclosed.

The Inaugural Function was followed by the 5th Regional Customs Enforcement Meeting where the Heads of Customs Enforcement of 21 countries from South-Asia, West-Asia and Asia-pacific, apart from representatives from WCO, Interpol, UNODC and RILO AP were invited.

During the two day meeting, there was special emphasis on sharing of data and intelligence between different Customs administrations. Extensive discussions were held regarding mutual strategy to counter organized crime related to drugs, precious metals & stones, money laundering and black economy.

Cabinet approves India-Zimbabwe

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given ex-post facto approval to the Memorandum of Understanding (MoU) between India and Zimbabwe for cooperation in the field of geology, mining and mineral resources. The MoU was signed on 3rd November 2018 at Harare, Zimbabwe.

Salient features:

The objectives of the MoU are, exchange of information on resources, laws and policy, organization of seminars to exchange views on development strategies, encouragement of transfer of technologies between the Parties, promotion of value addition and opportunities for investment in the mining sector. These provisions will enable taking up of activities like documentation, dissemination and would serve the objective of innovation.

Lulo’s large diamonds tender announced

Lucapa Diamond Company announces that diamonds from the Lulo mine in Angola will feature in an historic inaugural international tender under Angola’s new diamond marketing laws just approved by the President of Angola, His Excellency Joao Lourenco, and the Council of Ministers.

As such, Sociedade Mineira Do Lulo (SML) will showcase and sell the seven large and exceptional Lulo diamonds it has in inventory through an exceptional stone tender to be held in the offices of Sodiam (Angolan state diamond marketing company) in Luanda in January 2019.

The tender will mark a significant milestone for the Angolan diamond mining industry, being the first Lulo diamonds offered for sale at international tender under Angola’s new diamond marketing policy. The Lulo partners, in conjunction with Sodiam, will invite major international diamantaires and large stone manufacturers to participate in this inaugural tender of Lulo’s exceptional diamonds.

Petra ends KEM JV

Petra Diamonds Limited announces that the disposal of the Company’s and its black economic empowerment (BEE) partners' 75.9% interest in the KEM JV to the Company’s joint venture partner Ekapa Mining (Pty) Ltd (Ekapa Mining) for a cash consideration of ca. ZAR300 million, as previously announced on 5 July 2018, completed following all conditions precedent in the terms of the agreement having been met. 

KEM JV was a joint venture between Petra and its partner Ekapa Mining and incorporates the Kimberley Underground mine, extensive tailings retreatment programmes and the high volume Central Treatment Plant – all located in or around the historic diamond mining centre of Kimberley in South Africa. The Disposal is on a going concern basis, with Ekapa Mining taking on all of the Company’s financial, employee, environmental, health, safety and social obligations with regards to the KEM JV operation.