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De Beers Production and Sales Slide

Scheduled mine adjustments result in 5% decline in third-quarter output.
Oct 23, 2018 5:45 AM   By Rapaport News
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 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
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