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Petra Diamonds Ltd said it had recovered an "exceptional" 122.52 carat blue diamond at its Cullinan mine in South Africa, just months after it sold a 29.6 carat blue diamond from the same mine for more than $25 million. _0"> "The rarity of a blue diamond of this magnitude sets it apart as a truly significant find," the company said in a statement. Shares in the diamond miner rose almost 7 percent to a year high in early trading, making them the top percentage gainers on the FTSE-250 Midcap Index. Petra, which acquired the famed diamond mine in 2008, said it would evaluate the optimal route to market for the stone after a further analysis to assess its potential value. "So far, the highest price on record paid for a rough diamond was $35.3 million, paid in February 2010 for a 507 carat white stone, also recovered from Cullinan. We think that this stone may break that record," finnCap analyst Martin Potts said. The Cullinan mine boasts the lar

Ukrainian forces regained control of the port of Mariupol on Friday, raising the national flag over the southeastern city's main administrative building, Interior Minister Arsen Avakov said. _0"> "At 10:34 a.m. (0734 GMT) the Ukrainian flag was raised over City Hall in Mariupol," he wrote on Facebook after Ukrainian forces attacked the city as part of a broader military operation to reclaim territory seized by pro-Russian separatists. There was no immediate comment by the rebels on his remarks. (Reporting by Pavel Polityuk, Editing by Timothy Heritage)

Indonesian government officials met with major foreign copper miners on Friday, with the chief economics minister hoping a quick deal can be reached to overcome a controversial tax that has halted concentrate exports for five months. Richard Adkerson, the CEO of Freeport McMoRan Copper & Gold Inc and Newmont Mining Corp CEO Gary Goldberg are in the capital Jakarta, signalling a fresh effort to reach a settlement over the export tax that the miners say they should not have to pay. The tax is part of a government drive to force miners to build smelters and processing plants in Southeast Asia's largest economy, but a lack of progress in resolving the dispute has led Newmont to declare force majeure and Freeport to slash output. "We hope this happens quickly, everyone wants it to happen quickly," said chief economics minister and billionaire businessman Chairul Tanjung, who is spearheading a new government push aimed at brokering a deal. Asked about a possible timefr

North-Sea focused oil producer EnQuest has agreed to take over ExxonMobil's share in the Malaysian Seligi oil field, expanding its production portfolio outside of its core UK market. Upon completion of the deal, which is subject to regulator approval, EnQuest will become operator of the field and own 50 percent alongside Malaysian state-owned oil company Petronas. "We continue to look at the UK as our major hub, but because of these movements of companies back to North America we're seeing opportunities specifically in places like Malaysia," said EnQuest chief executive Amjad Bseisu. His company specialises in maximising oil output from old fields by applying new technology that allows it to retrieve oil that is typically hard to reach. As large oil majors look to divest late-life assets that have seen a decline in output, EnQuest sees an opportunity in snapping up old fields where it can apply its expertise. The Seligi oil field, EnQuest's third Malaysian

EU energy ministers agreed a deal on Friday to limit production of biofuels made from food crops, responding to criticism these stoke inflation and do more environmental harm than good. The ministers' endorsement of a new compromise overcomes a stalemate hit late last year when European Union governments failed to agree on a proposed 5 percent cap on the use of biofuels based on crops such as maize or rapeseed. Friday's deal would set a 7 percent limit on the use of food-based biofuels in transport fuel. The new deal must now be considered by the newly-elected European Parliament. "We think this proposal is much better than nothing," European Energy Commissioner Guenther Oettinger told the Luxembourg meeting of ministers. "We need to support research and development in advanced biofuels so we can move forward from generation one into generation two and generation three," he added, referring to more sophisticated biofuels which do not compete with growi

A rare 122.52-carat blue diamond found in South Africa could fetch more than $35 million for a London-listed mining company. Only three or four blue diamonds over 100 carats have ever been recovered, according to Cathy Mallins, corporate communications manager at Petra Diamonds Ltd. So far, the highest price on record for a rough diamond is $35.3 million, paid in February 2010 for a 507-carat white stone recovered from the same mine, finnCap analyst Martin Potts said in a research note. "We think that this stone may break that record," he said. Both diamonds were recovered from the Cullinan mine, the source of many large diamonds, including the largest rough gem diamond ever recovered - the 3,106-carat Cullinan Diamond found in 1905. That diamond was cut into two stones that are part of Britain's Crown Jewels held in the Tower of London. Petra's shares rose as much as 7 percent on Friday, making them the top percentage gainer on the FTSE-250 Midcap Index . Pet

The leader of South Africa's AMCU union said on Friday a wage deal with the top three platinum producers was imminent, signalling a possible end to a crippling five-month strike that has disrupted global output of the metal. Workers from the Association of Mineworkers and Construction Union (AMCU) begged leader Joseph Mathunjwa on Thursday to end the country's longest mining strike and sign the latest offer - an increase of about 20 percent, or 1,000 rand ($93) a month. Mathunjwa told Johannesburg radio he would take the offer to more AMCU members at mines on Friday, before meeting with management at Lonmin , Anglo American Platinum and Impala Platinum later or over the weekend to relay the response of his miners to their offer. "At least there is light at the end of the tunnel, which is not the light of a goods train," he told Talk Radio 702. The main outstanding sticking point was whether the wage deal should stretch over three or five years, he said. "W