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Three workers who were trapped at Newmont’s  (NYSE, ASX: NEM)(TSX: NGT) Red Chris mine in northwest British Columbia, Canada, have been safely rescued after more than 60 hours underground.

Newmont said that Kevin Coumbs, Darien Maduke and Jesse Chubaty — contractors for B.C.-based Hy-Tech Drilling — were in “good health and spirits” after being brought to the surface late Thursday night. The rescue followed two significant rockfalls that occurred early Tuesday morning, blocking their exit and later cutting off communication.

“This was a carefully planned and meticulously executed rescue plan,” the company said in a statement.

Newmont said that, before losing contact on Wednesday, the men had confirmed they were in one of the mine’s refuge chambers with steady access to food, water, and air. They were rescued at approximately 10:40 PM local time Thursday (1:40 AM ET Friday), following the complex operation.

Newmont halted all operations at Red Chris during the rescue efforts. The team used drones and a remote-controlled scoop, brought from the company’s Brucejack mine, also in B.C., to clear the massive debris—estimated at 20 to 30 metres long and up to eight metres high.

Newmont credited the successful outcome to “tireless collaboration, technical expertise, and above all, safety and care.”

B.C.’s Mining and Critical Minerals Minister Jagrup Brar said in a post on X he  could not describe “the relief we all feel knowing that these three workers are going to be able to go home to their families.”

Red Chris, located about 80 km south of Dease Lake and 1,050 kilometres (652 miles) north of Vancouver, is a joint venture operated by Newmont (70%) and Imperial Metals (30%). The gold-copper mine has been in production since 2015.

A full investigation into the incident is underway.

Freegold Ventures’ (TSX: FVL) shares soared to a five-year high on Thursday after a resource update for the company’s Golden Summit project in Alaska lifted the contained indicated metal by 42% to 17.2 million ounces.

The update gives the project in central Alaska 431.94 million indicated tonnes grading 1.24 grams gold per tonne, a 15% increase in grade over the previous estimate from September 2024, Freegold said on Thursday. Inferred resources now total 357.61 million tonnes at 1.04 grams gold, while contained gold increases by 16% to 11.9 million ounces.

Golden Summit is about 30 km northeast of Fairbanks and 6 km north of Kinross Gold’s (TSX: K; NYSE: KGC) Fort Knox mine.

“[The update] highlights the potential of Golden Summit and emphasizes the need for perseverance in some projects,” Freegold President and CEO Kristina Walcott said in an email to The Northern Miner. “The past five years have been transformative for the company, and we expect 2025 to be another exciting year, with 30,000 metres of drilling planned.”

Huge resource growth

The resource for Golden Summit has grown enormously since Freegold’s initial report in 2011, which outlined 7.79 million indicated tonnes grading 0.69 gram gold for 174,000 oz.; and 27 million inferred tonnes at 0.60 gram gold for 526,000 ounces.

Freegold shares shot up to C$1.44 apiece on Thursday at mid-day, for a market capitalization of C$765.42 million.

Thursday’s update incorporates results from more than 25,000 metres of drilling done last year, as well as recoveries from Freegold’s metallurgical program.

Upgrading to indicated

This year’s drill program is focused on upgrading inferred resources to indicated in support of a pre-feasibility study scheduled to start later in the year. The program is to comprise infill and expansion drilling and grade enhancement.

Drilling should also enhance the resource and define a smaller, higher-grade starter pit, with the aim of reducing operating and initial capital costs.

A 2016 preliminary economic assessment for Golden Summit gives it a post-tax net present value (at 5% discount) of $188 million, an internal rate of return of 19.6% and a payback period of 3.3 years. Initial capital costs are pegged at $88 million. The mine could produce 2.36 million oz. over a 24-year life, with average annual production of 96,000 ounces.

Resolute Mining (ASX, LSE: RSG) published on Thursday an initial resource estimate for the Bantaco project near its Mako open-pit gold mine in Senegal, where mining is due to end soon and stockpile processing is expected to begin this month.

Bantaco is one of two potential satellite deposits that the Africa-focused miner is looking to develop to extend Mako’s mine life, the other being Tomboronkoto. Both are within trucking distance of the Mako mill.

Resolute says the Bantaco project would specifically create additional optionality and flexibility due to its “favourable development conditions” and could be the first deposit to enter production.

The initial resource estimate is based on results of shallow drilling to date on the Bantaco South and West prospects. Together, they have an inferred gold resource of 266,000 oz., with potential to grow after further drilling at the Bantaco Main zone, which is set to commence later this year.

“This milestone demonstrates the excellent progress our exploration team is actively making to successfully extend the life of mine at our Mako gold operation,” Resolute CEO Chris Eger said in a news release.

Resolute hit by rising costs, lower output in Mali and Senegal

With the latest update, the Tomboronkoto and Bantaco deposits now have a combined resource estimate of over 600,000 oz., with possibilities for expansion based on ongoing exploration. Together, these projects likely have the potential to provide another 5-10 years of mining in Senegal, Resolute said.

“The Bantaco project is key to the extension of Mako and has the possibility to be developed ahead of the Tomboronkoto project, allowing us to build on our strong mining heritage in the region and established stakeholder relationships, which facilitate a clear development timeline,” Eger added.

Eger assumed the CEO role on a full-time basis earlier this year following the resignation of Terry Holohan, who was detained in Mali last November amid a tax dispute with the African nation’s junta-led government.

Authorities in China’s Jiangxi province have identified permitting issues at eight lithium mines in Yichun, one of the country’s key production hubs, as Beijing tightens oversight of its critical minerals sector.

The Yichun Natural Resources Bureau recently issued notices to the mine operators requiring them to provide resource reserve verification reports after finding discrepancies between their licensed mining rights and the actual minerals being extracted, according a report by Benchmark Mineral Intelligence.

It follows similar measures taken last week in the western province of Qinghai, where local authorities in Haixi Prefecture ordered the shutdown of a mine run by Zangge Mining until proper lithium extraction permits are obtained. According to ministry findings, many of the resource extraction activities across the province’s salt lakes are not licensed for lithium, but other minerals such as potash.

Lithium prices and stocks jump after Zangge Mining halt

The moves come amid a broader regulatory push to curb illegal mining practices and bring greater discipline to the lithium supply chain, which has been expanding so rapidly in recent years that it even outpaced demand from the electric vehicle (EV) industry.

Yichun, dubbed the “lithium capital” of China, holds a significant share of the country’s lithium output, primarily sourced from a rock known as lepidolite.

Compared to the brine lakes on China’s western plateaus and the spodumene rock in southwestern Sichuan province, Yichun’s lepidolite-rich mountains are more accessible to battery makers. To date, the city has attracted investments from hundreds of key players in the EV sector, such as CATL and Gotion High Tech.

Analysts say that while enforcement actions in Yichun could temporarily disrupt production, it may also help remove irregular players and stabilize the sector over the long term. According to Founder Securities, a China-based financial services company, these measures will “help the industry clean up excess supply.”

Lithium prices in China have been soaring since some of the production in its key areas was halted last week. On Thursday, the main contract of lithium carbonate futures hit the daily upper limit, closing with a gain of over 7%, marking the highest level since March 2025. Shares of lithium miners also jumped.

Orla Mining (TSX: OLA; NYSE: ORLA) has stopped pit‑mining activities at its Camino Rojo oxide mine in central Mexico after heavy rains triggered a wall failure. The stock plunged.

The incident took place early Thursday along the temporary north wall of the open pit, which included ore material expected to be mined as part of the ultimate open pit, Orla said in a statement. There were no injuries or equipment damage due the material movement, which was detected early by site monitoring systems.

Vancouver-based Orla is assessing the impact of the incident on full-year production targets. Camino Rojo had been expected to churn out 110,000–120,000 oz. of gold this year after producing 55,100 oz. in the first six months of 2025, including 25,100 oz. in the second quarter.

The full-year production forecast could be revised depending on the duration of the mining shutdown, Desjardins Securities mining analyst Allison Carson said. Scotia Capital said stockpiles would support output, but reduced its full-year estimate by 5%.

“The mining suspension and reduction in pit access means the company must rely more heavily on stockpile processing throughout the third quarter to support gold production,” Scotia Capital mining analyst Ovais Habib said in a note.

“Although the tonnage of material involved in the event was not reported at this time, we expect that the existing stockpiles are adequate to support operations until mining can resume, but reduced grade and additional cost/capital for rehabilitation could negatively impact 2025 production and all-in sustaining costs.”

Forecast output

Orla shares tumbled 14% to C$13.83 apiece in Thursday morning trading in Toronto, giving the company a market value of about C$4.5 billion. The stock has traded between C$4.60 and C$17.45 in the past year.

Habib cut his forecast to 270,500 oz. due to lower stacked grades at Camino Rojo for the rest of the year. Orla’s 2025 guidance calls for total output to reach 280,000-300,000 ounces.

Camino Rojo represents 34% of Scotia Capital’s 2025 production estimate for Orla and 38% of the company’s net asset value estimate.

Authorities in Mexico have been notified to ensure safe operations, which the company said remains its top priority. A “comprehensive analysis” is being carried out to ensure the stability of mining operations, Orla said.

Pit access has been restricted to the necessary technical and operating personnel during the temporary mining halt, Orla also said. This will support the appropriate geotechnical assessments required for remediation and the safe resumption of activities.

Subsidence

While there’s been no impact on the environment, Orla said it will need to re-establish rain diversion channels to prevent further material subsidence in the pit.

Exploration work at Camino Rojo is likely to be undisrupted as most of the drilling on the underground sulphides is conducted from surface, outside the pit, Habib also said.

Camino Rojo is one of Orla’s two producing assets, along with the Musselwhite underground mine in Ontario. The company is also advancing the development‑stage South Railroad project in Nevada.

Orla’s initial resource for Camino Rojo, released last month, outlined 3.9 million contained gold oz. grading 2.45 grams gold per tonne.

The underground deposit hosts 50.1 million measured and indicated tonnes at 10.6 grams silver and 0.25% zinc for 17.05 million oz. silver and 278 million lb. zinc, Orla said June 5. The resource is based on more than 400,000 metres of drilling under the producing oxide open pit at Camino Rojo, which is located in Zacatecas state about 620 km northwest of Mexico City.

Newmont (NYSE, ASX: NEM; TSX: NGT) is working to restore communications with three workers trapped underground at its Red Chris mine in northwest British Columbia after contact with them was cut off Wednesday following two collapses.

The company has also deployed a remote-controlled scoop to remove debris and restore access beyond the accident site, a Newmont spokesperson said on Thursday morning.

Three business partner employees remain trapped inside the copper-gold mine, and before communication was cut off on Wednesday, they had confirmed they safely entered a refuge bay. It contains food, water and ventilation sufficient to support an extended stay. Newmont suspended operations at Red Chris following the collapses on Tuesday.

Shares in Newmont, the world’s largest gold miner by production and market capitalization, fell 1.6% on Thursday morning in Toronto to C$82.08 apiece, valuing the company at C$90.36 billion ($66.2bn).

Refuge chambers stable

The debris blocking access to the underground area is about 20 to 30 metres long and 7 to 8 metres high, the company estimates. The refuge chamber isn’t in the same area as where the collapse occurred and is believed to be stable and well-ventilated.

The MineARC refuge chambers are designed to support 16 people, with other chambers nearby and accessible if needed, Newmont said.

Working with industry partners, Newmont said it has deployed specialized drones to assess the geotechnical conditions underground.

Red Chris, in production since 2015, is a joint venture owned and operated 70% by Newmont and 30% by Imperial Metals (TSX: III). The mine is about 80 km south of Dease Lake and 1,050 km (652 miles) north of Vancouver.

Teck Resources’ (TSX: TECK.A, TECK.B)(NYSE: TECK) board has approved a C$2.1–C$2.4 billion ($1.6 -$1.8 bn) project to extend the life of its Highland Valley Copper Mine (HVC) in British Columbia, securing operations at Canada’s largest copper mine into the mid-2040s.

Construction on the mine life extension (MLE) is set to begin in August. The Vancouver-based miner expects the expansion to support average annual production of 137,000 tonnes of copper through the remainder of the mine’s life.

“This extension is foundational to our strategy to double copper production by the end of the decade,” President and CEO Jonathan Price said in a statement.

“Given the strong demand for copper as an energy transition metal, the HVC MLE will generate a robust internal return rate (IRR) and secure access to this critical mineral for the next two decades,” Price said.  

The board’s green light follows the province’s approval of the project’s environmental assessment certificate last month.

The project includes a major pushback of the Valley pit to access higher-grade ore, along with infrastructure upgrades: an expanded mine fleet, grinding circuit enhancements, increased tailings capacity, and improved power and water systems.

Teck says the project will create roughly 2,900 construction jobs and support 1,500 ongoing roles once operational. Price also emphasized the project’s role in strengthening Canada’s critical minerals sector and stimulating economic activity in the region.

The fresh capital estimate reflects current construction risks, inflation, potential impact of tariffs, and early procurement of mobile equipment. It includes built-in contingencies and opportunities for cost optimization as work progresses, Teck said.

The HVC expansion forms part of Teck’s broader $3.9 billion investment plan to boost copper output to 800,000 tonnes annually by 2030.

Revised copper guidance

The company made the announcement alongside its second-quarter results, which showed a sharp improvement from the same period last year. Profit before tax surged to C$125 million from just C$20 million, while net profit jumped to C$206 million, or $0.42 per share, compared to C$21 million, or $0.04 per share, in Q2 2024. Revenue rose to C$2.02 billion from C$1.80 billion a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at C$722 million, beating BMO Capital Markets’ forecast of C$661 million. Copper output totalled 109,000 tonnes, exceeding BMO’s estimate but falling short of the broader analyst consensus.

Quebrada Blanca mine expansion. (Credit: Teck Resources)

Despite the strong quarterly performance, Teck lowered its 2025 copper production guidance to between 470,000 and 525,000 tonnes, down from a previous range of 490,000 to 565,000 tonnes. The revision stems mainly from lower-than-expected output at its Quebrada Blanca mine in Chile. BMO had forecast 479,000 tonnes, with the consensus at 502,000 tonnes.

The Vancouver-based miner ended the quarter with a net debt of C$211 million. It noted that elevated capital spending at Quebrada Blanca and Highland Valley weighed on cash flow.

Three workers are still trapped underground following accidents at Newmont’s (NYSE, ASX: NEM; TSX: NGT) Red Chris mine in northwestern British Columbia, a company spokesperson said. Newmont has suspended operations.

A collapse, or fall of ground incident, on Tuesday morning affected the access way to the underground work area of a non-production project at the copper-gold mine, the spokesperson said in a statement sent to The Northern Miner on Wednesday.

Three business partner employees, who were working more than 500 metres beyond the affected area, were asked to move to a self-contained refuge station before the access way was blocked by a collapse. Contact was made with the workers, who confirmed they had safely entered a refuge bay, which contains food, water and ventilation sufficient to support an extended stay.

Shares in Newmont, the world’s largest gold miner by production and market capitalization, fell 0.4% on Wednesday afternoon in Toronto to C$83.83 apiece, valuing the company at C$68.3 billion.

Communication cut

A second collapse then cut off communication with the workers, and Newmont halted operations.

“With the support of industry, we are working to assemble specialist teams from nearby mine sites to respond to the situation,” the spokesperson said. “Newmont is actively assessing all methods and technologies available to restore communication and safely bring our team members to surface. Our priority remains on ensuring the safety of the three individuals and of the emergency response teams supporting this effort.”

Red Chris, in production since 2015, is a joint venture owned and operated 70% by Newmont and 30% by Imperial Metals (TSX: III). The mine is about 80 km south of Dease Lake and 1,050 km north of Vancouver.

Shares of Paladin Energy (ASX, TSX: PDN) plummeted on Wednesday after delivering an underwhelming uranium production guidance for the 2026 financial year despite reporting its best operating quarter.

The Australian miner, which operates the Langer Heinrich mine in Namibia, produced 993,843 lb. of uranium oxides (U₃O₈) for three months ended June 30, representing a 33% rise over the third quarter and its best operating performance in fiscal 2025. This brings its annual production to just over 3 million lb.

Since declaring commercial production at Langer Heinrich in spring 2024, the company had initially forecasted production of between 4-4.5 million lb. U₃O₈ for the current fiscal year. However, it revised down the target to 3.6 million lb. in late 2024, and then scrapped the guidance entirely as severe weather conditions impacted its operations. Paladin has since been hit with class action lawsuits over its uranium forecasts.

Despite the production rise in Q4, the company realized the lowest price for its yellowcake of all quarters at $55.6/lb., versus the yearly average of $65.7 and $69.9 the previous quarter.

Guidance for 2026

For the 2026 fiscal year, Paladin has set a production guidance of 4-4.4 million lb. U₃O₈, similar to the initial guidance set last year. The production costs are pegged at $44-48/lb., higher than the $40 average cost realized in fiscal 2025.

The guidance, according to Paladin’s management, reflects unexpected increases in mining-related expenditures, alongside variability in ore grades from stockpiled material at Langer Heinrich, especially during the first half of the year.

Investors reacted negatively to the production and cost guidance figures, as Paladin closed the Australian market down 11.2%. In Toronto, its stock also tanked, down 9.1% in the afternoon with a market capitalization of C$2.6 billion.

A report by the West Australian also pointed to the heavy short interest in the company’s ASX-listed shares, with short sellers controlling about 16.8% of the shares.

Gold prices dipped after a three-day rally on Wednesday, as a US-Japan trade deal allayed trade war concerns and dampened demand for safe haven assets.

By midday, spot gold fell 0.6% to $3,410.26 per ounce, having hit a five-week high the previous session. US gold futures also declined 0.6%, trading at $3,420.90 per ounce in New York.

Click on chart for Live Prices

The pullback follows a series a trade deals announced by the Trump administration in recent days, most notably a better-than-expected deal struck with Japan on Tuesday evening.

“Trade deals like the one between the US and Japan mitigate macroeconomic concerns and may dampen safe haven demand. This could lead to a continuation of the recent push and pull in (gold) prices,” Nikos Tzabouras, senior market analyst at Tradu.com, told Reuters.

However, the longer-term prospects for gold remain favourable, he added, citing mounting concerns over US debt that may exacerbate de-dollarization trends, leading to higher gold holdings by central banks.

So far this year, gold has climbed about 30% amid uncertainty surrounding US President Donald Trump’s attempts to reshape global trade, prompting investors and central banks to accumulate bullion.

In late April, the precious metal hit an all-time high of $3,500, before consolidating within a tight range during the ensuring months.

Silver continues to soar

However, gold’s performance is trumped by that of silver, which has soared nearly 36% year to date.

Unlike gold, silver is mostly used as an industrial input. As a result, higher projected demand from sectors such as solar could propel silver prices higher even in absence of the safe-haven draw.

Evidently, spot silver rose by as much as 0.4% to $39.54 an ounce Wednesday — the highest since 2011.

Gold price drops as trade concerns ease, while silver price rallies

“The recent rally in silver is being driven by a combination of strong industrial demand, persistent supply deficits, and increased investor interest,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.

“A decisive push past $40 could come from a further breakout in gold prices, renewed weakness in the US dollar, or signs of deeper supply tightness – especially if physical premiums start to rise again in key Asian markets.”

In recent days, there has been evidence of market tightness in the London market, after nearly half a million ounces flooded into US warehouses on tariff fears, according to Bloomberg.

Exchange data shows that the cost of borrowing silver metal has jumped above historical norms, while growing exchange-traded fund holdings further erode the amount of metal freely available to buy.

(With files from Bloomberg and Reuters)

G Mining Ventures (TSX: GMIN) has scored a legal victory in Brazil that grants it permission to advance the Gurupi gold project.

On Wednesday, the Canadian gold miner announced that a federal agrarian court in Maranhão, northeastern Brazil, has ruled in its favour with respect to the project’s environmental licensing process. Specifically, the court annulled the legacy licences issued to a prior operator in 2011 and confirmed G Mining’s ability to initiate a new licensing process.

The ruling, which resolves a longstanding civil action that has been open since 2013, provides “a clean regulatory path forward and positions Gurupi for long-term development and strategic growth,” G Mining stated in a press release.

The environmental process would require the submission of a full environmental impact assessment and report (EIA/RIMA) and prior consent from the National Institute for Colonization and Agrarian Reform (INCRA) for areas overlapping agrarian settlements, it noted.

Louis-Pierre Gignac, CEO of G Mining, calls the court ruling “a pivotal moment” for the Gurupi project by removing a longstanding regulatory constraint in its permitting process, while highlighting the company’s track record in “navigating complex regulatory environments.”

Shares of G Mining Ventures rose 2% by midday Wednesday on the announcement, giving the company a market capitalization of just over C$4 billion.

District-scale gold project

Gurupi represents the third asset in the company’s project pipeline after the Tocantinzinho mine, also in Brazil, and the Oko West project in Guyana, which is nearing a construction decision.

“With this legal certainty, we are now well positioned to unlock the full potential of this district-scale asset through focused exploration and meaningful stakeholder engagement,” Gignac stated in Wednesday’s release.

G Mining considers the Gurupi project to be a long-term development asset with significant mineral resource expansion opportunities. The property covers an approximate 1,900 km² land package, containing three deposits with a combined gold resource of 1.83 million indicated ounces and 770,000 inferred ounces.

The project has a long history of exploration that first began in the 1980s, when Vale and other operators identified multiple gold occurrences along an 80-km mineralized trend. By the late 1990s and early 2000s, over 126,000 metres of drilling had been completed to define the key deposits.

Luna Gold acquired the project in 2007, expanding drilling efforts and establishing a JORC-compliant resource. Australia’s OZ Minerals took over the project in 2016 and conducted further exploration. A pre-feasibility study was completed in 2019, contemplating a high-margin open-pit gold operation.

G Mining acquired Gurupi in Q4 2024 from BHP, which took over OZ Minerals in 2023, and released the NI 43-101 resource estimate. An initial exploration budgeted of $2-4 million has been designated for the project this year. However, a larger budget would be allocated upon receipt of the necessary exploration permits in the second half of 2025, the company said.

Botswana is pushing to take a controlling stake in De Beers as Anglo American (LON: AAL) prepares to divest from the diamond company.

The country’s mining minister Bogolo Kenewendo told the Financial Times on Wednesday that President Duma Boko “remains resolute” in his quest to increase Botswana’s stake in De Beers to ensure Botswana’s full control over this strategic national asset and the entire value chain including marketing.

The comments come ahead of an early August deadline for bids to be submitted to Anglo from potential buyers of the diamonds business.

Kenewendo said any sale of the company “without our support will be difficult to achieve”.

“Our partners at Anglo American have, regrettably, failed to manage the process transparently or in co-ordination with the government and with our support,” she added.

De Beers, the world’s leading diamond producer by value, has been on the chopping block since May 2024, when Anglo announced plans to either sell the unit or launch an initial public offering (IPO). This decision came as part of a corporate overhaul triggered by Anglo’s successful defence against a £39 billion ($49 billion) takeover bid by Australian rival BHP (ASX: BHP).

Lab-grown gems put squeeze on diamond mining industry

The miner sources about 70% of its diamonds from the country.

The country’s bold move comes despite a widening budget deficit, expected to hit 7.5% by 2026, and analysts’ skepticism over its ability to raise sufficient funds. Kenewendo, however, insisted that “financing is not an issue.”

Shares of Anglo American rose 0.3% to close at £23.47 apiece in London on Wednesday, valuing the company at £27.6 billion.

Strategic asset, market slump

The developments pose a major challenge to Anglo’s “dual-track” strategy of either selling or publicly listing its 85% De Beers stake.

De Beers has struggled amid falling demand from China and growing competition from lab-grown stones. Anglo has twice cut De Beers’ valuation, most recently to $4.1 billion in February. The miner also reported a 44% revenue drop in the first quarter and is holding $2 billion in unsold diamonds.

Anglo said it remains in regular talks with Botswana and acknowledged the country’s role as a key partner.

De Beers, the world’s largest diamond miner by value, once convinced the world that true love needed a mined diamond. The precious stones weren’t just beautiful — they were a natural wonder, formed over billions of years deep within the Earth and extracted from far-off places by companies like De Beers itself. 

That mystique guaranteed mine diamonds a century of dominance. Today, that power is fading fast as lab-grown diamonds, identical in structure, sparkle, and hardness, are redefining what a “real” diamond means. 

These synthetic gems, created under high pressure and temperature in controlled environments, have gone from novelty to norm. They are widely available and increasingly affordable. And that’s rattling the foundations of a global industry.

Alarm bells

The central Chinese province of Henan now produces over 70% of the world’s lab-grown diamonds for jewellery. Many end up on the ring fingers of newly engaged couples, especially in the United States. 

In 2022, Walmart began selling lab-made stones. Two years later, they made up half its diamond assortment. Sales surged 175% in 2024 compared to the previous year, making the retail giant the second-largest fine jewellery seller in the country, just behind Signet.

The rapid growth has triggered alarm among some traditional players. Yoram Dvash, president of the World Federation of Diamond Bourses says synthetic diamonds now dominate new US engagement rings. He warned of an “unprecedented flood” of lab-made stones and called on the industry to unite in response.

(Click on image to enlarge) LEFT: Competitors Cecil Rhodes and Barny Banato join forces, creating De Beers Consolidated Mines in 1888. | RIGHT: Canadian geologist Dr. John Williamson sets up the Williamson mine in Tanzania, famous for its pink diamonds. (Images courtesy of De Beers Group.)

Not everyone sees an existential threat. Independent analyst Paul Zimnisky attributes the recent downturn to post-covid demand corrections, a luxury slowdown in China, and the disruptive ascent of lab diamonds. He remains cautiously optimistic, noting that lab-grown stones now account for over 20% of global diamond jewellery sales, up from under 1% in 2016.

For engagement rings, the market share is even higher. A 2024 survey of nearly 17,000 US couples by The Knot found that more than half of engagement rings featured a lab-made diamond, up 40% from 2019.

Zimnisky believes the industry’s survival hinges on branding. “If the industry gets lethargic and loses its way on the marketing front, all bets are off,” he told MINING.COM earlier this year.

Marketing reset

The spotlight has shifted back to De Beers. Once the architect of diamond scarcity and prestige, it’s now for sale. Parent company Anglo American (LON: AAL) slashed its valuation by $4.5 billion in just over a year. While no buyer has stepped forward, Botswana is reportedly pushing to take a controlling stake.

De Beers’ troubles go beyond ownership uncertainty. To counter the effects of oversupply and waning demand, the company is mining fewer diamonds. Rough diamond production fell 26% in the first half of the year to 7.22 million carats. Anglo had already slashed its 2025 output forecast to as low as 20 million carats, down from an earlier target of up to 33 million.

In May, De Beers shut down its lab-grown diamond jewellery brand, Lightbox, in a clear move to recommit to natural stones. It’s betting that a focused narrative, one rooted in rarity and romance, can revive demand and stabilize mined diamond prices.

Making that case is harder than ever. Lab-grown diamonds are chemically identical to their natural counterparts. Even trained gemologists need specialized equipment to tell them apart. The core difference now lies not in composition, but in story.

Lab-grown diamonds may be more affordable and visually identical to natural ones, but they typically don’t hold their value. While mined diamonds can resell for 20% to 60% of their original retail price, lab-grown gems often fetch just 10% to 30%, sometimes even less.

In a recent interview with The Wall Street Journal, De Beers CEO Al Cook predicted that as lab-grown diamonds become more abundant, their value will continue to fall. He warned they risk being seen more like low-cost imitations such as cubic zirconia or moissanite, which have different chemical compositions and are easily recognized as fakes.

The Luanda Accord was signed in June to pool resources and boost global marketing efforts for natural diamonds. (Image courtesy of the Natural Diamond Council.)

For buyers who spent thousands on lab-created stones, Cook didn’t sugar-coat the outlook. “I weep for you,” he said.

To sway a younger, more value-conscious generation, the industry has turned to fresh campaigns. De Beers and Signet launched “Worth the Wait” in October 2024, targeting so-called Zillennials — those born between 1993 and 1998 — with messaging about milestones, meaning, and the uniqueness of natural diamonds.

In June, a coalition of producing countries and De Beers inked the Luanda Accord, pledging 1% of rough diamond revenues toward a marketing fund run by the Natural Diamond Council. The NDC has since rolled out a new short film series and an educational website aimed at helping retail staff better articulate the case for natural gems.

A previous campaign that branded lab-made stones as “dupes” and urged buyers to “swipe left” backfired and was taken down.

Changing values

Even as traditionalists double down, the cultural ground is shifting. Young buyers care about origin and ethics. They want proof their purchase doesn’t fund conflict or exploit workers. Danish retailer Pandora switched entirely to lab-made diamonds in 2021, citing environmental and social concerns as well as lower prices.

Even experts need specialized equipment to tell the difference between quality lab-grown and mined diamonds. (Image courtesy of the Natural Diamond Council.)

Zimnisky notes that for economies “sensitive” to changes in the diamond market, such as Botswana, Canada, Namibia, Angola and Russia, the stakes are high. “This is a luxury product,” he said. “It needs to be merchandised as such. All stakeholders must contribute to shaping the message.”

The mystique of mined diamonds may be fading, but the desire for something meaningful remains. For the industry to stay relevant, it must shift from legacy to legitimacy, replacing old myths with modern values.

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RELATED: Gem Diamonds to cut jobs, salaries amid industry crisis

Gem Diamonds (LON: GEMD) has become the latest casualty in a deepening crisis engulfing the global diamond industry, announcing sweeping cost-cutting measures as the market buckles under falling prices and the growing popularity of lab-grown alternatives.

The Africa-focused diamond producer reported a 43% drop in revenue to $44.7 million for the first half of its financial year. Carat sales fell 22% to 44,360, while the average price per carat plunged 26% to $1,008.

In response, Gem Diamonds said it would reduce operating costs by $1.4 million to $1.6 million per month and cut around 250 jobs, or 20% of its workforce, at its Letšeng mine in Lesotho. Executives have also taken voluntary salary reductions.

“Considering the prolonged weakness in global diamond prices, compounded by a weak dollar and ongoing US tariff uncertainties, Gem has implemented decisive measures to conserve cash and protect shareholder value,” the company said.

Despite meeting production targets, Gem Diamonds admitted it has not been shielded from sustained pressure on rough diamond prices and adverse currency movements. Investors reacted accordingly, with the company’s shares falling more than 20% in early trading on the London Stock Exchange. They partially rebound to 5.5 pence in late trading, valuing the company at £7.7 million ($10 million).

Lab-grown gems put squeeze on diamond mining industry

Gem Diamonds’ measures mirrors those of its peers. just last week, Burgundy Diamond Mines (ASX: BDM) halted open pit operations at its Ekati mine in Canada’s Northwest Territories, triggering mass layoffs. 

All three operating diamond mines in the region — Ekati, Diavik and Gahcho Kué — are now facing eventual closure, with Diavik scheduled to close in 2026 and Gahcho Kué expected to cease operations by 2030. Ekati’s long-term future remains uncertain.

Getting worse

Signs of a worsening crisis in the diamond sector were already clear in the first three months of 2025. De Beers, the world’s largest producer by value, saw a 44% drop in revenue in Q1 and is sitting on $2 billion in unsold inventory. It plans to cut over 1,000 jobs at its Debswana joint venture in Botswana. 

Russia’s Alrosa, hampered by sanctions, reported a 77% plunge in profits and has halted production at key sites.

Petra Diamonds (LON: PDL) is fighting to survive after a 30% drop in sales and the sudden departure of its CEO. 

Lucapa (ASX:LOM) entered voluntary administration in Australia, and Sierra Leone’s Koidu Limited shuttered operations and laid off more than 1,000 employees after losing $16 million to labour strikes. 

Even Lucara (TSX: LUC), which operates in both Botswana and Canada, has flagged an  “ongoing concern” risk despite hitting production records.

All eyes are now on De Beers. Once synonymous with manufactured scarcity and aggressive branding, the company is up for sale. Parent company Anglo American (LON: AAL) has cut its valuation by $4.5 billion in just over a year. No buyers have emerged, but Botswana is reportedly pushing to take a controlling stake.

Glencore (LON: GLEN) is set to shut its final two copper mines in Mount Isa, Queensland, next week, ending more than six decades of operations and marking the company’s exit from upstream copper production in Australia.

The closure, first announced in October 2023, includes the Mount Isa copper mines and associated operations, including smelters and concentrators.

Initial estimates put job losses at more than 1,200, but Glencore revised that figure in April to around 500, citing progress in workforce redeployment. “We are also actively working to redeploy as many people as possible over the coming months,” Sam Strohmayr, chief operating officer for Glencore’s Australian zinc and copper assets said at the time.

An internal memo circulated this week by Glencore Australia’s metal business interim chief operating officer Troy Wilson confirmed the company is nearing a financial breaking point with its processing operations and needs swift government intervention. Glencore is considering shutting down the nearby copper smelter and Townsville refinery and may offer governments an equity stake to keep them running.

“Glencore is now urgently seeking details from the federal government on their proposed national smelting/refining strategy,” Wilson wrote, The Townsville Bulletin reported.

For months, the Swiss company has lobbied both state and federal governments for support to keep the smelter operating, which processes third-party ore from companies including BHP. But Suresh Vadnagra, a senior Glencore executive, said the Queensland government’s latest proposal falls short.

“Time is running out, he told The Australian. “We need to know whether there is a viable solution on the table from governments or whether we start planning to transition the copper smelter and refinery to care and maintenance.”

Vadnagra outlined three possible paths: direct government support to close the economic gap, a joint venture with Glencore, or a shutdown until market conditions improve.

Not subsidising dividend

Queensland Minister for Natural Resources and Mines Dale Last defended the state’s position. “The Queensland Government has put a genuine and responsible offer on the table to help secure the future of the Mount Isa copper smelter and Townsville refinery,” he told Bloomberg News, adding that a federal response was also required. 

Last emphasized that the state would not be “writing a blank cheque for a multinational company that returned $2.2 billion to its shareholders just months ago.”

Wilson said in June there was “no longer a level playing field” with China, pointing to significant subsidies for Chinese smelters. Glencore expects to make a final decision on the smelter by the end of September.

The Mount Isa smelter currently processes over one million tonnes of concentrate annually from across Australia. Its potential closure reflects a wider crisis in the sector. 

Despite a strong long-term outlook for copper, Western smelters—many of them Glencore-owned—are under pressure from plummeting treatment and refining charges, ore shortages and relentless competition from Chinese facilities.

The memo to workers comes on the heels of Glencore’s decision to sell its Lady Loretta zinc mine and associated landholdings to Austral Resources Australia (ASX: AR1) earlier this week.

Copper futures hit a new record on Tuesday as the US market continues to brace itself for a 50% tariff next month.

The most active September contracts on the CME soared as much as 1.6% to $5.732 per lb., a new all-time high.

Since US President Donald Trump’s tariff announcement earlier this month, copper prices have soared past the $5/lb. level to new heights. Following a double-digit move on July 8 (see chart below), the metal has risen by another 2%.

Click on chart for live prices.

This takes copper’s year-to-date gains to over 40%, making it one of the best performing commodities of 2025, even surpassing that of gold.

Meanwhile, corresponding contracts in London rose 0.8% to approximately $9,860 a tonne.

Despite the rally, ANZ Bank analysts told Reuters that the copper tariff is expected to lead the US market to rely more heavily on domestic inventories in the near term, which could place downward pressure on prices in both New York and London.

Meanwhile, copper inflows into the US have slowed as traders prepare for the implementation of tariffs ahead of the August 1 deadline.