The Conversation (0)
Forbes reported it is unlikely Russia’s recent announcement of a large diamond field will meet projections in terms of production and value.
Forbes reported it is unlikely Russia’s recent announcement of a large diamond field will meet projections in terms of production and value.
As quoted in the market news:
I wouldn’t doubt at all that there are the reported trillions of carats of diamonds in that asteroid impact crater. Such impacts are a known cause of diamonds forming after all. However, I am a great deal less convinced that the find will be of any value: or that it will ever be mined.
For the value of any mineral deposit is not the value of the minerals in it. It’s the value of those minerals minus the cost of extracting them. With gemstone diamonds this doesn’t usually matter: the value is so high that almost any mining technique is profitable. But these aren’t gemstone diamonds.