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Botswana 3Q Rough Exports Drop 41%
Nov 3, 2015 5:54 AM
By Rapaport News
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RAPAPORT... Exports of rough diamonds from mines in Botswana fell 41
percent to $531.9 million in the third quarter to September, mirroring disappointing
sales at recent De Beers sights.
July exports from Botswanan mines were zero, while September
exports were low at $173.4 million, according to the Bank of Botswana. The
August figure was higher at $358.5 million.
Exports for the nine months to September were down 23
percent to $2.3 billion.
Most of the exports are from Debswana, a joint venture
between the Botswana government and De Beers. Production from Debswana, which accounts
for the vast majority of De Beers’ overall output, dropped 35 percent to 4.074
million carats in the third quarter of 2015.
De Beers produced 27 percent less in carats globally in
the third quarter compared with last year and cut output in response to
trading conditions, its parent Anglo American said in a statement October 22.
De Beers sightholders refused
about half of their allocated supply of rough diamonds in the October sight and
has given customers at the November sale the opportunity to defer
their allocations until December in reaction to the weak conditions
affecting manufacturers.
Debswana’s production for the first nine months of 2015 fell
15 percent to 15.6 million carats, De Beers said. De Beers’ overall production for the period fell
11 percent to 21.64 million carats. The company also lowered its
full-year production guidance in August to between 29 and 31 million carats and
said October 22 that output would likely be at the lower end of that estimate. |
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Tags:
Botswana, De Beers, Debswana, mining, Production, Rapaport News
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