De Beers’ production slips by 19% in Q2’16

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 De Beers’ production slips by 19% in Q2’16Anglo American announced its production performance for the second quarter of 2016. It noted diamond production at De Beers dipped by 19 per cent to 6.4 million carats, reflecting the decision to reduce production in response to prevailing trading conditions in the second half of 2015. At Debswana (Botswana), production decreased by 12 per cent to 5.2 million carats with Orapa Mine reduced by 27 per cent and the placing of Damtshaa Mine on care and maintenance from 1 January 2016.

The De Beers Consolidated Mines (South Africa) recorded a production of 821,000 carats after a 26 percent drop mainly owing to the completion of the sale of Kimberley Mines in January.

The Namdeb Holdings (Namibia) mine recorded production drop by 31 per cent to 296,000 carats with reduced production at Debmarine Namibia because of extended planned in-port maintenance of the Mafuta vessel and lower grades at Namdeb’s Land operations. Production at De Beers Canada decreased by 71 per cent to 147,000 carats due to Snap Lake Mine being placed on care and maintenance in December 2015. Production at Victor Mine was in line with the second quarter of 2015.

The company’s consolidated rough diamond sales in the said quarter of 2016 stood at 9.6 million carats (from three Sights) compared with 4.9 million carats (from two Sights) in the second quarter of 2015. Apart from the additional Sight in 2016, this increase reflected higher midstream restocking from lower inventory levels in 2015.

Consolidated sales volumes for the first half of 2016 were 17.2 million carats, compared with 13.3 million carats for the first half of 2015.

The De Beers rough price index was on average 16 per cent lower in the first half of 2016 compared with the first half of 2015. The average realised price at $177/ct was 14 per cent lower than the first half of 2015.

The company maintained full year production guidance (on a 100 per cent basis) remains unchanged at 26-28 million carats, subject to trading conditions.



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