Huge diamond mine found in Liaoning

www.globaltimes.cn...

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.

....Someone's going to be getting a little wealthier....

After reading this article, it seems that this may be a significant discovery.

I could say some more, but I'm going to go dig in my backyard and look for diamonds.....

No more blood diamonds.
Very cool

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.

spec

See you in a couple weeks. I'm off for my first vacation.

reply to post by isyeye


Heck, since the Chinese are now wealthy through this find...I say that the US reneges on our debt. They can afford it after all.

I know, I know...

Bad Dawg! Bad!

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.

spec

A diamond mine in China paying it's miners fairly? Wut? Did we forget about how poorly China pays it's other miners of various materials? They won't pay their workers fairly because it's a diamond mine, they'll keep paying them pennies while pocketing the vast income because it's a money jackpot.

Africa has their "blood diamonds".....this find will no doubt lead to "death diamonds".

I think China has the very worst mine safety record going dont they?
Miners in these countries are after all expendable......they are merely assets of the state, to be squandered or spent, and discarded when drained.

reply to post by isyeye

The only country I am aware of that truly uses the money generated from diamond mining to "help the people" is Botswana.

Debswana, the largest diamond mining company operating in Botswana, is 50% owned by the government.[18] 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.

They are looking forwards too...

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.

Source wiki
I predict this will make little or no financial contribution to the quality of the average Chinese person's life. Unfortunately.

reply to post by Nyiah


Touche' friend.....

reply to post by isyeye

Tthe quality of Victor diamond mines outranks their South African counterparts for purity, with 90 percent qualifying as gemstones.

We take out well over 700,000 carrot a year out

See Here

www.abovetopsecret.com...