The indelicate balance of ethics against profit

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Vin Lee, the King of Luxury, doesn’t need any introduction. He is a self-made billionaire CEO of Grand Metropolitan. The Beverly Hills' family office Grand Metropolitan is $7 billion AUM privately-held luxury goods holding company with a 60-brand...

01 november 2021

De Beers to further reduce output next year

09 december 2015
De Beers said it is expecting to produce between 26 million and 28 million carats next year down from this year’s target of 29 million carats.
The diamond giant dropped its full-year production target to 29 million carats last October.
It had revised the target last July to between 29 million and 31 million carats from the previous estimate of 31 million and 32 million carats.
This was again a revision to the initial production target of 34m carats for 2015.
The multiple revisions were said to be a result of the prevailing weak diamond market due to liquidity crunch, strengthening US dollar and sluggish Chinese economy.
De Beers chief executive Philippe Mellier said in Anglo American’s Investor Day report that Debswana’s production would be reduced to about 20 million carats next year and average mix would be improved by less production at Orapa and more at Jwaneng.
Orapa Plant 1 and Damtshaa Mine would be on care and maintenance, he said.
Mellier also noted that Venetia tailing treatment plant in South Africa turned down and openpit production would be curtailed in 2016.
In Namibia, the group through Namdeb, in which it controls a 50 percent stake, would see an extended in-port for its largest vessel and reduced, albeit, planned mining grade from other vessels.
De Beers had placed Snap Lake mine in Canada on care and maintenance from end 2015.
Mellier said De Beers’ cost per carat was expected to go down from $111 in 2014 to $101 in 2016 despite production cut.
He also said that project its capital expenditure (capex) was projected to drop by about $200 million to $500 million in 2017.
Total capex in 2015 was $700 million and this would fall to $650 million in 2016.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished