Latest news with #ThomasBiesheuvel
Bloomberg
5 days ago
- Business
- Bloomberg
Flooded Mine in Congo Is Latest Threat to Global Copper Supply
By , Thomas Biesheuvel, and Jack Farchy Save The status of one of the world's most important copper mines remains clouded in uncertainty, more than a week after seismic activity caused widespread flooding deep below ground. Ivanhoe Mines Ltd. 's Kamoa-Kakula complex in the Democratic Republic of Congo is one of the world's top sources of copper and was on course to become the third-biggest supplier of the key energy-transition metal this year. Yet its current condition is a mystery, with contrasting messages from its biggest shareholders.
Bloomberg
26-05-2025
- Business
- Bloomberg
Big Miners Want New Blood to Tackle an Old Problem
Welcome to our guide to the commodities markets powering the global economy. Today, reporter Thomas Biesheuvel takes a look at changes at the top of the world's largest mining companies and the challenges ahead. Rio Tinto Group has decided it needs a new boss.
Business of Fashion
08-05-2025
- Business
- Business of Fashion
De Beers is Closing Its Man-Made Diamond Jewellery Business
De Beers is closing down its lab-grown diamond business, cementing an earlier decision to stop selling the stones as jewellery as it commits to traditional gems. The diamond miner announced last year that it would cease selling its own man-made gems, but was unsure what it would do with the Lightbox business that made them. On Thursday, it said it's discussing the sale of some assets — including inventory — with potential buyers. While having the technology to make synthetic gems, the company had long refused to sell them as jewelry, fearing they would undercut the allure of natural stones. Yet as man-made gems gained traction and started competing directly with natural diamonds, De Beers started its own jewellery brand in 2018. Lightbox was introduced to sell synthetic diamonds at a steep discount to rival producers in an attempt to drag prices lower and create a clear divide in consumers' minds between traditional and lab-grown products. Synthetic diamond prices have now collapsed, though how much of that is down to De Beers rather than a flood of new supply from places like China is open to debate. The problem for De Beers is that wholesale prices of lab-grown diamonds have now become much cheaper than those of Lightbox, undermining the reason for continuing with the brand. 'The persistently declining value of lab-grown diamonds in jewellery underscores the growing differentiation between these factory-made products and natural diamonds,' De Beers chief executive officer Al Cook said in a statement. 'The planned closure of Lightbox reflects our commitment to natural diamonds.' De Beers is in the process of trying to cut costs as it navigates a crisis within the diamond industry and prepares to be cast adrift by Anglo American Plc, which is trying to sell the famous gem company. By Thomas Biesheuvel Learn more: De Beers Takes Another Hit as Diamond Woes Bite Owner Anglo American posted a $3 billion writedown on the unit, which is struggling to navigate a collapse in Chinese demand and increasing competition from lab-grown stones.
Bloomberg
28-03-2025
- Business
- Bloomberg
Rio Tinto Talks With Congo Over Developing Prize Lithium Deposit
By , Thomas Biesheuvel, and Michael J Kavanagh Save Rio Tinto Group has held talks with the Democratic Republic of Congo about developing one of the world's biggest hard rock lithium deposits, in the latest sign of the miner's enthusiasm for the battery metal. The conversations in recent weeks with Congolese authorities focused on Rio getting involved in transforming the Roche Dure resource into a lithium mine, according to people familiar with the matter. The discussions are at a preliminary stage and might not result in any agreement, the people said.
