TORONTO (miningweekly.com) - TSX-listed Diamond Fields International has indefinitely suspended the operations of its diamond mining vessel, the DF Discoverer, which has been recovering diamonds off the coast of Namibia.

The suspension was prompted by "the severity of the global economic downturn and the sudden drop in the price of rough diamonds," the firm said in a statement.

Slowing economic activity and mounting pessimism around the world has weighed on prices and demand for diamonds, and several producers, including diamond giant De Beers, have announced plans to curtail production.

In the meantime, Diamond Fields said that it plans to "aggressively" move ahead with exploration drilling at a Liberian gold discovery, which it owns with joint venture partners partners Silverhill Enterprises and Ducor.

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.