| TORONTO, March 14
TORONTO, March 14 Diamond Fields International
Ltd, a Canadian mining company that shot to fame
following the discovery of the massive Voisey's Bay nickel
deposit, said on Thursday it is being de-listed for failing to
meet Toronto Stock Exchange requirements.
The company, originally founded as Diamond Fields Resources
Inc by Jean-Raymond Boulle in 1993, was credited with finding
the Voisey's Bay deposit - widely viewed as one of the greatest
mineral finds in Canada in decades - in the eastern province of
Newfoundland and Labrador.
Diamond Fields gained fame after mining financier Robert
Friedland engineered a bidding war for the company before
selling it and the yet undeveloped Voisey's Bay asset to
then-Canadian nickel miner Inco for C$4.3 billion ($4.19
billion). (Inco was subsequently acquired by Brazilian miner
Vale in 2006.)
The diamond assets of the once tiny exploration company were
later spun-off into Diamond Fields International, which is now
being axed for not meeting the continued listing requirements of
the Toronto Stock Exchange.
Diamond Fields fate is a reminder of the challenges being
faced by many tiny mining and exploration companies, which have
been squeezed for capital.
Bankers and mining executives expect a purge of
exploration-stage mining companies over the next 18 months as
cash shortages threaten hundreds with extinction, de-listing or
Diamond Fields still owns the diamond concessions along the
coast of the African country Namibia and also owns assets in
Madagascar and other parts of Africa.
Friedland went on to found Ivanhoe Mines and develop the
huge Oyu Tolgoi copper-gold project in Mongolia. Ivanhoe changed
its name to Turquoise Hill Resources after mining giant
Rio Tinto acquired a majority stake in the company in 2012.
The outspoken financier, who is now actively promoting his
new venture Ivanplats Ltd, no longer has any ties with
Shares of Diamond Fields, which have traded for under 10
Canadian cents a share for nearly a year, closed on Thursday at
4 Canadian cents a share.