Anglo Approves New Diamond Mine

Bloomberg reported Anglo American Plc (LSE:AAL) Namdeb Diamond Corp. approved 280 million Namibian dollars for a new mine.

As quoted in the market news:

Diamond producers are adding mines as prices for the stones advance. Rough-diamond prices rose 24 percent last year after climbing the two previous years as producers struggled to keep pace with consumption. The use of diamonds may grow at double the pace of supply through 2020 because of an expanding middle class in China and India, according to consultants Bain & Co.

Click here to read the full Bloomberg report.