News

Advanced Search

De Beers Production and Sales Slide

Oct 23, 2018 5:45 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
 De Beers’ production fell 5% to 8.7 million carats in the third quarter due to planned reductions in mining volumes in Botswana and South Africa.

The miner processed lower-grade ore at its Jwaneng mine in Botswana, resulting in overall output for Debswana — its joint venture with the nation’s government — declining 6% to 5.7 million carats.

It also carried out a scheduled shutdown of its Venetia mine in South Africa to upgrade the processing plant ahead of the asset’s transition from open-pit to underground operations. Total production in South Africa slid 14% to 1.3 million carats.

Production in Canada grew 5% to 1.2 million carats amid higher grades at the Victor mine, which will close in 2019. Its share of production at Gahcho Kué, the miner’s other asset in Canada — which it owns in partnership with Mountain Province — remained flat at 927,000 carats. Namibian output increased 1% to 460,000 carats.

Rough-diamond sales fell 28% to 5 million carats as De Beers allowed sightholders to defer their allocations of some smaller, lower-value goods during its seventh cycle in light of weak market conditions. Revenues from rough sales for the quarter were “broadly in line” with a year ago, the miner added.

Production increased 3% to 26.2 million carats in the first nine months of the year, while sales slipped 11% to 23.9 million carats. The company has maintained its 2018 production forecast of 34 million to 36 million carats, but expects the actual number to be in the higher end of that range.

Image: De Beers’ Orapa mine. (De Beers)
Tags: De Beers, Debswana, Gahcho Kué, Jwaneng, mountain province, Rapaport News, venetia
Similar Articles
Alrosa Gokhran newGokhran May Purchase Alrosa Rough
May 13, 2020
Alrosa is in talks to sell a considerable volume of diamonds to Gokhran, Russia’s repository for precious metals and gems.The
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2020 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.