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High Potential in Kimberley Mine Dumps

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History of the Kimberley Diamond Fields

South Africa’s first diamond was found in 1866 in the Northern Province, along the Orange River banks. Following the discovery of the diamond, there was a extensive diamond rush, with thousands of hopeful prospectors flooding the area in search of alluvial diamonds along the river’s banks as well as by the banks of the nearby Vaal River.

Within a few years, several large diamonds were found, among them one located on a farm called Jagersfontein, which later became a famous diamond mine. After a number of discoveries, the area became known as Beaconsfield, which is today a suburb of Kimberley. One year after the discovery of the Jagersfontein diamond, the Kimberley and De Beers pipes were discovered nearby Bultfontein, and similar discoveries were made at farms such as Benaauwheidsfontein, Dorstfontein and Vooruitzicht. A fifth was found 20 years later, known as the Wesselton pipe.

While the pipes were initially worked by individuals, as the depth of the digging increased a more effective solution became necessary. In 1888 the De Beers Consolidated Mines came into being, under ownership of Cecil John Rhodes, a combination of the Kimberley and De Beers Mines.

In 1897, the rights to dig the Kimberley Mines were bought by a new company – Kimberley Mining Limited (KML). They mined until 1914, using a method known as opencast pit mining. This continued until World War I, in 1914. After the war ended in 1918, the mine was simply maintained for the next 8 years. At that point De Beers Consolidated took charge, but other than a few samplings of the mine’s contents, once in the 1950s and again in the 1980s, the mine has lain dormant. In 2002, the New Diamond Corporation (NDC) took control, but without funding the dumps and the mine became available. Today the Meepo Investment Consortium, part of the New African mining operations, has the rights to both the Caravan Park Dumps and the Kamfersdam Dumps of the Kimberley mines.

Town of Kimberley

Kimberley itself was established in 1871 following the diamond discoveries, and the town’s growth was largely as a result of the various mines built in the surrounding area. The town is named after kimberlite rocks – geologic volcanic rock formations that occur in vertical pipes, and which contain diamonds. Over time, the formations erode and the diamonds are carried downstream by rivers and streams to collect in alluvial diamond deposits. Not all kimberlites contain diamonds, and of those found not all are of sufficient quality or quantity to attract interest. However the alluvial diamonds found are usually of higher quality than those found inside the kimberlite pipes – because by the time the alluvial diamonds are discovered in their riverbed locations, low quality stones have been destroyed by the river’s current and only high quality stones remain.

One of the world’s premier areas for diamond mining, the Kimberley area is known today globally by members of the industry. It is nearly 500 km from Johannesburg and nearly 1,000 km from Cape Town.

Abandoned Mine Dumps

Today, in the area surrounding Kimberley there are a number of abandoned mine dumps that may have economic potential. Three of those dumps are: The Caravan Park dumps, the Kamfersdam dumps and the Eddie Williams Oval dumps. The Kimberley Municipality owns the mining rights to these areas, which they hope to turn one day into low-cost housing. Diamond Recovery can be carried out at the plant which is secured, and has both water and electricity. There is a perfect area for disposing of tailings. Kimberley’s infrastructure means it can be easily reached by airplane, railway or other means of public transport, a great boon to mining the area.

Reliability of Reports

While surveying has been done of late, it is not easy to judge the reliability of the resultant report. Primarily, both tailings and waste material have been dumped together, making the grades somewhat unreliable and although samples were taken from certain areas, the grades in other areas not tested could be vastly different. Today’s successful diamond recoveries from the Kimberley tailing dumps could be indicative of poor techniques used initially in the diamond recovery plants of the previous century. Another possible explanation is that previously the material was ground too coarsely and the smaller stones were not released or that the poorer graded material was dumped along with the tailings. As an experienced investor in New Africa Mining, I would say that this material’s diamonds, through the processes of weathering, have been released and are turning up in great quantities, also increasing the number of diamonds being recovered.

Caravan Park dumps

West of the Kimberly Mine Museum, these dumps hold material originally mined from the Kimberley mine – one of the biggest mines that existed as the 19th century drew to a close – from 1871 until 1914. The diggers mined to an ultimate depth of 1,097 meters. The caravan park sits on top of material that is between 1 and 2 meters thick, and as it contains some 595,000 tons of tailings, graded 9 cpht, there are approximately 53,550 carats worth of total diamonds located in the grounds here, with the largest diamond recovered from this dump so far weighing in at nearly 23 carats. In 2005, the dumps were mined for a total of 187 days and 1,122 hours. A total of 74,800 tons were mined and 4,874.28 carats were recovered at an average grade of 6.7 cpht. Estimates are that some 42% of the original dump material exists, which means that there is extraordinary potential for mining and a great return on the investment it will require to bring these mines to a fully active working state.

Kamfersdam dumps

Some six kilometers north of Kimberley, the Kamfersdam dumps hold material from the Kamfersdam mine, first discovered in 1880 and mined until 1914, when World War I broke out. By that time it had been mined to 104 meters deep. The Kamfersdam tailings dumps are all situated next to the abandoned Kamfersdam Mine north of Kimberley. The historically head grade of Kamfersdam was 28 carats per 100 tons (cpht). The two tailings of this dump total 5.2 meters or 5.4 million tons of tailings, which means there are an inferred.63 million total carats at 12 cpht. If 1 million tons are mined here per year, there should be another 4 – 6 years in which to make use of this resource. Despite the 12 cpht inferred, it is actually quite difficult to ascertain the grade of the material located in this dump, though it can be used for now. It will be important to discover the actual grade, as well as the average value per diamond carat – especially if it is to be compared with the diamonds found in the Caravan Park dumps so that a true estimate of its economic value can be ascertained. Over the next 4-6 years,mining these dumps should be an extremely lucrative venture, well worth the investment and a reliable source of income and investment return.

Eddie Williams Oval dumps

Some 3 kilometers north of Kimberley, these are a number of dumps that have very few resources left inside and are not worth discussing much further, so this paper will refrain from providing any more details at this stage.

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TA: Bitcoin Lacks Momentum Above $56K, Why Rally Isn’t Over Yet

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Bitcoin

Bitcoin is showing positive signs above $54,000 against the US Dollar. BTC could accelerate higher if there is a clear break above the $56,000 resistance zone.

  • Bitcoin remains well supported above the $54,500 level.
  • The price is now trading above $55,000 and the 100 hourly simple moving average.
  • There is a key declining channel forming with resistance near $55,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh rally if there is a clear break above the $56,000 resistance.

Bitcoin Price Remains In Uptrend

Bitcoin price remained in a positive zone and climbed above the $55,000 resistance. BTC even broke the $56,000 resistance level and settled above the 100 hourly simple moving average.

However, the price failed to gain strength above the $56,000 zone. A high was formed near $56,500 before there was a downside correction. The price corrected lower below the $56,000 level. The price even traded below the $55,000 level and spiked below the 100 hourly SMA.

Bitcoin found support near $54,500 and a low was formed at $54,396. The price is now rising and it is trading above the $55,500 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $56,500 swing high to $54,396 low.

It is now facing resistance near the $55,500 level. There is also a key declining channel forming with resistance near $55,650 on the hourly chart of the BTC/USD pair. The channel resistance is close to the 50% Fib retracement level of the recent decline from the $56,500 swing high to $54,396 low.

Source: BTCUSD on TradingView.com

The main resistance is forming near the $56,000 zone, above which the price could accelerate higher. The next major resistance sits near the $57,200 level. Any more gains could set the pace for a move towards the $58,000 level.

Dips Supported In BTC?

If bitcoin fails to clear the $56,000 resistance zone, it could correct lower. An immediate support on the downside is near the $55,000 level.

The first major support is now forming near the $54,500 level. The next major support is near the $54,000 level, below which there is a risk of a larger decline.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $54,500, followed by $54,000.

Major Resistance Levels – $55,500, $55,650 and $56,000.

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Court Ruling Endangers Russia’s 17 Cryptocurrency Exchanges

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Court Ruling Endangers Russia's 17 Cryptocurrency Exchanges
  • Russia’s cryptocurrency exchange is currently in its nascent stages.
  • Roskomsvoboda maintains a list of prohibited Russian websites.
  • The district judge noted that there are no prohibitions on their transfer.

Russia’s cryptocurrency exchange is currently in its nascent stages as it assesses its regulation position on different facets of the investment class. Due to the country’s legislative environment, Bitcoin or other crypto assets not accepted as a mode of payment in Russia like in other countries. Cryptocurrency ownership is also illegal for anyone working in only specific positions in government. 

Moreover, several websites offering opportunities to trade, payout, and transfer bitcoin using different payment methods may prohibited by Russia’s telecom regulator, Roskomnadzor. A court decision that classifies their material as illegal poses a threat to online crypto marketplaces.

Decision of the Court

According to Forklog, the Kushnarenkovsky District Court in Bashkortostan, a republic of the Russian Federation, declared in September whether the material they are sharing is illegal under existing legislation. More so, the non-governmental organization Roskomsvoboda maintains a list of prohibited Russian websites, including 17 websites.

The regional CourtCourt states in its finding that in all of those cases, the networks provided free accessibility without needing registration. Every user can familiarise themselves with the contents and replicate the material in electronic form. The district judge noted that there are no prohibitions on their transfer, copying, or distribution.

 Digital Rights Council’s lawyers presently drafting complaints filed to get the Court’sCourt’s decision completely overturned. Furthermore, the government did not go down the road of outright banning cryptocurrencies but instead limited the possibilities and their use and criminal justice turnover, Darbinyan said.

This is a major decision and has affected the market significantly

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Bitcoin (BTC) Price Will Hit Six-digit Predicted by Crypto Analyst

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Bitcoin (BTC) Price Will Hit Six-digit Predicted by Crypto Analyst
  • Bitcoin (BTC) price will hit six-digit predicted by Crypto Analyst
  • BTC handled to record an intraweek high of $56,100.
  • For the first time, Bitcoin reached over $55,000 price after the flagship.

Crypto giant Bitcoin (BTC) is an amazing phenomenon in and of itself. The blockchain technology of Bitcoin allows various industries to transform from finance to healthcare. In the past week, BTC breaks the strong support line and cracks the September high of $52.9K. BTC handled to record an intraweek high of $56,100, diving deeper into the resistance level of $55,000 to $58,000.

According to cryptocurrency analyst Michaal van de Poppe, with this continuous increase of Bitcoin price, it is expected to hit the six-digit price. Currently, Bitcoin’s support level is around the $49,800 to $51,000 level, as per the crypto analyst, since may for the first time Bitcoin reached over $55,000 price after the flagship. Eventually, Bitcoin may also drop between $40,000 and $44,00 in case of any corrections.

Moreover, the crypto analyst also believes that Bitcoin will range before increasing over the current record high of $64,804. Van de Poppe mentioned, 

“So we get some sideways action, get to watch the all-time high. And then we probably assume that we’re going to get towards $260,000 or higher”.

BTC Current Market Status

Henceforth, as per CoinMarketCap, Bitcoin’s (BTC) price was waving in the range of $54,906, with the 24-hour trading volume of $36,869,563,115. At the time of writing, BTC’s price has increased 0.29% in a day. The circulating supply of Bitcoin is 18,839,650.00 BTC. In the last 7 days, Bitcoin price has increased by over 14%, and in the last 30 days, it has surged by nearly 18.92%. According to this continuous bullish trend, we expect BTC to hit a six-digit price, also it will hit a new all-time high (ATH) soon.

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Ethereum $ETH Is Maintaining a Consistent Uptrend

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ETH constant uptrend
  • Standard Chartered released a report entitled Ethereum Investor Guides that the asset could potentially reach a price of between $27k and $35k.
  • ETH’s price fell by around $900, or 25%, in a matter of hours.
  • Even though the survey item circulated for several days through cryptocurrency news sites and Ethereum-focused organizations, the document’s release date coincides with the severe flash collapse on September 7th.

Standard Chartered released a report entitled Ethereum Investor Guides in early September, just a few weeks after August’s EIP-1559, stating that the asset could potentially reach a price of between $27K and $35K. Even though the survey item circulated for several days through cryptocurrency news sites and Ethereum-focused organisations, the document’s release date coincides with the severe flash collapse on September 7th; ETH’s price fell by around $900, or 25%, in a matter of hours. 

However, it was the claim that Ethereum (ETH/USD) is set to exceed Bitcoin (BTC/USD) in the following months that piqued my curiosity (ETH to BTC ratio predicted in the paper at 0.16 with the current ratio at its lowest since August).

With the ETH/BTC trading at its lowest point in many weeks. We have already a feel about what may happen in this combination. We should wait for another daily candle to close above 0.683 (the top of last Wednesday’s red daily candle) before considering a prominent position. This level of 0.682-0.683 is comparable to 0.65 from 5 months ago.

ETH Properties

  1. That total quantity of ETH traded on exchanges is at its lowest point in years.
  2. On some days, ETH was a deflationary currency.

According to EIP-1559, many coins were destroyed than were minted, with the melting rate increasing.

  1. Settings for ETH2.0 have exceeded 7.95 million ETH. They are potentially freezing roughly 7% of the available supply until ETH 2.0 is made public. They are removing yet another piece of collection from the market.
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Anonymous Whale Transfers Six Trillion SHIB to Unknown Wallet

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Anonymous Whale Transfers Six Trillion SHIB to Unknown Wallet
  • DefiLlama said the TVL is now under $300 million.
  • Fans expect a debut on RobinHood soon.

An unidentified investor bought 6.3 trillion SHIB coins in two days. On October 1, the whale purchased a massive 6 trillion SHIB coins valued at approximately $43,838,900. The whale then bought another 116 billion coins the next day, followed by two more 159 billion coin transactions and a 1 billion coin buy all in the span of a few hours.

The whale bought 276 billion SHIB coins on Saturday, October 2. Due to the large volume, the SHIB coin price rose 5% before settling at 3%. But this isn’t the first time a whale has helped a meme currency. Shiba Inu was launched in August 2020 to capitalize on the success of Dogecoin, which drew thousands of investors. Unlike Dogecoin, Shiba Inu levelled instantly.

The total value locked (TVL) for Shiba Inu in June and July rose close to $2 billion. DefiLlama said the TVL is now under $300 million. No matter, unknown SHIB whales have bought huge parts of the asset.

The SHIB was re-transferred. The money was transferred many times before landing in an unknown wallet. The crypto community is wondering who anticipated and profited from this surge. A whale that travelled 6 trillion SHIB at dusk.

Who would be so taken by the asset? While it could be anybody in the community, imagine a well-known industry figure and a big lover of meme tokens – Elon Musk.

Debut on RobinHood Soon?

Whales’ curiosity has bolstered Shiba Inu’s market standing in recent months. SHIB was first listed on eToro, an Israeli-based worldwide social trading platform, in late June, and subsequently on CoinBase Pro and WeBull in early August, fueled by whales purchasing billions of coins. In September, SHIB joined Binance’s portfolio.

The ‘Doge-killer’ meme coin also has a large social media following, having over a million Twitter followers. Fans expect a debut on RobinHood soon that would further help the price reach new levels. SHIBA INU’s current price is $0.000026 USD, and its 24-hour trading volume is $4,122,223,187 USD, according to CoinMarketCap.

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Series Of Crypto Heist Increases Fear In Investors

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Series Of Crypto Heist Increases Fear In Investors