Company news in brief

Lucara finds blue diamond in Botswana

Canadian miner Lucara Diamond Corp said on Thursday it recovered a 9.74 carat blue gem diamond from its Karowe mine in Botswana, the latest in a series of high-value finds.

Lucara's find comes just three days after London-listed Petra Diamonds Ltd said it recovered an extremely rare 20.08 carat blue diamond from its flagship Cullinan mine in South Africa, the world's main source of blue diamonds.

Blue diamonds comprise only about 0.02% of mined diamonds and are highly sought after for their colour and rarity.

Lucara earlier this year unearthed the largest uncut diamond – 1 758-carat and weighing close to 352 grams - in recent history from the Botswana mine.

The company also said on Thursday it had found a 4.13 carat pink gem diamond. – Nampa/Reuters

Rio Tinto sees rosy future for gems

Rio Tinto is exploring for diamonds in Canada as part of its plans to stay in the sector despite the looming closure of its Argyle mine in Australia, known for extremely rare pink diamonds, the firm's head of copper and diamonds said.

Demand and prices for the wider market have fallen as concerns mount about the world economy, and laboratory-grown gems have added to supply.

Coloured or particularly large diamonds, however, have held value, especially pink diamonds, 90% of which are produced by Argyle. That mine, the world's biggest in carat terms, is expected to cease production by the end of next year.

Arnaud Soirat, Rio's chief executive for copper and diamonds, said pink diamonds had risen in price by 500% since 2000. He gave no figures for the overall market, but producers have reported lower overall demand and prices.

"Diamonds is a business we like a lot. It's a very high-margin business in line with our strategy of value over volume. It makes a lot of sense. We want to stay in the diamonds business," Soirat said in an interview. – Nampa/Reuters

Ryanair not interested in Cook airlines

Ryanair is not interested in taking over any of the airlines of travel firm Thomas Cook, which has gone into liquidation, its chief executive said on Thursday.

Thomas Cook's independent airline units Condor and its Nordic Ving group have both said they are looking for new owners.

"Ryanair has no interest in buying another airline," said Michael O'Leary at a news conference in Vienna.

However, Ryanair might be interested in some of Thomas Cook's slots in Britain, he said. – Nampa/Reuters

Eni CEO investigated in Congo

Italian oil and gas group Eni said on Thursday its chief executive, Claudio Descalzi, was under investigation for a conflict of interest issue over dealings in the Congo.

In a statement Eni said CEO Descalzi had been served notice by prosecutors he was being probed for not disclosing certain information regarding relations between Eni's Congo unit and a company called Petroservice. It gave no additional details.

A source close to the matter said prosecutors in the Congo probe were alleging Descalzi had not disclosed the fact that his wife, Marie Magdalena Ingoba, was behind Petroservice. Eni declined to comment.

State-controlled Eni is currently under investigation by Milan prosecutors for alleged corruption in the Congo Republic in the period between 2009 to 2015.

Descalzi, who has been at the helm of Eni since 2014, is one of the defendants in a corruption trial in Nigeria over a US$1.3 billion purchase of a giant oilfield. – Nampa/Reuters

Delta buys 20% in Latam Airlines

Delta will acquire a 20% stake in South American carrier Latam Airlines Group for US$1.9 billion, the companies announced Thursday.

The venture, described as a "strategic partnership," will add to the networks of both companies, which include Delta's existing partnership with AeroMexico, the companies said in a joint press release.

Under the transaction, Delta will invest US$350 million in the partnership, acquire four of Latam's Airbus A350 aircraft and assume the South American company's commitment to purchase 10 more of the planes.

Delta will also have board representation at Latam, the companies said.

"This transformative partnership with Latam will bring together our leading global brands, enabling us to provide the very best service and reliability for travellers to, from and throughout the Americas," said Delta chief executive Ed Bastian. – Nampa/AFP