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BHP's Diamond Revenues, Earnings Slump in 1H

Feb 8, 2012 3:47 AM   By Avi Krawitz
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RAPAPORT... BHP Billiton reported that revenue from its diamond operations fell 16 percent year on year to $357 million in the first fiscal-half that ended on December 31, 2011. Earnings before interest and tax (EBIT) at the diamond business fell 41 percent to $120 million.

The declines came as production slumped 32 percent to 938,000 carats. The company explained that production at the Ekati mine in Canada, its sole diamond asset, is expected to remain constrained for the time being as the operation extracts lower grade material according to the mine plan.

BHP Billiton is currently reviewing its options for the diamond business and said the process will continue through the first half of 2012.

Tags: Avi Krawitz, BHP Billiton, diamonds, Ekati mine, Rapaport
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