GemNotes

REDAURUM: BARGAIN MINING AT KELSEY LAKE In the increasingly competitive world of diamond mining, Redaurum, developer of the Kelsey Lake deposit in Colorado, gets the job done for a fraction of what the big guys spend. De Beers spends upward of half a billion dollars to develop its mines; BHP expects to spend almost the same bringing the Lac de Gras deposit in Northern Canada on line. But Redaurum's tab for developing Kelsey Lake is only $2 million. "We like to characterize ourselves as a small, low-cost producer," says Tony Hamilton, Redaurum's London-based managing director. "We use reconditioned equipment, manage our own operations instead of bringing in outside contractors and keep costs under tight control." Of course, Redaurum isn't developing million-carat-yearly diamond mines in remote, hostile environments like some other mining companies. ("We target smaller deposits that
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