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De Beers Diamond Reserves +28% to 480M Cts

Mar 17, 2016 9:52 AM   By Rapaport News
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RAPAPORT... De Beers diamond reserves were raised by 28 percent last year as the miner increased its resource estimate for two mines in Botswana.

Reserves were increased to 479.7 million carats as at December 31, compared with 375.4 million carats a year earlier, according to a statement March 14. A mineral reserve is the economically mineable material derived from a measured or indicated mineral resource or both, according to the SAMREC Code.

“The increase is a result of revised resource estimates at Jwaneng and Orapa, informed by new drilling information,” David Johnson, head of midstream communications for De Beers, told Rapaport News. “The associated classification of new indicated resources resulted in a substantial increase in the diamond reserves at these operations.”

De Beers latest estimates are revealed in parent company Anglo American’s annual report that was released earlier this week.

The report shows the overall increase of just over 100 million carats is almost entirely attributed to a 28 percent rise in reserves at Debswana, De Beers joint venture with the government of Botswana, which advanced to 313.8 million carats from 212 million carats a year before.

Reserves in Canada were almost unchanged at 59.9 million carats, while South Africa was also stable at 101.5 million carats. De Beers reserves in Namibia soared 76 percent to 4.5 million carats although it remained a small fraction of the total.

De Beers estimated reserves lag behind ALROSA’s 1.11 billion carats reported at the start of the year, which in turn represented an increase of 43.6 million carats from 12 months earlier.
Tags: De Beers, mining, Rapaport News, reserves
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