WA diamond mine closes
Thursday, July 16 2015 By Courtney Pearson A rare yellow diamond mine in the Kimberley will close due to disappointing revenue at auction, putting nearly 100 employees in limbo. The Ellendale diamond mine in north-west WA was suspended by Kimberley Diamonds due to lower grades, size distributions and prices, and subsidiary, Kimberley Diamond Company (KDC), put into administration. “Prices achieved at the auction held last week in Antwerp were significantly lower than those forecasted, resulting from a sharp, unexpected decline in the rough diamond market,” the company said in a statement. “As a result, KDC is unable to continue trading solvently and the KDC board has been left with no option but to place KDC into external administration.” Administrators for…