Work hard and you will find success

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De Beers lifts 2018 output to 35.3 mln cts

24 january 2019

de_beers_logo.pngDe Beers lifted its fourth quarter diamond output by 12 percent to 9.1 million carats, bringing total production for 2018 to 35.3 million carats compared to 33,5 million carats produced in 2017, according to Anglo American.
The diversified mining group said De Beers’ 2018 output was in the lower half of the production guidance range of 35-36 million carats.
Output was driven mainly by planned production increase at Orapa mine, in Botswana.
Rough diamond sales volumes totalled 9.9 million carats from three sales cycles during the fourth quarter compared with 8.2 million carats from the same number of sales cycles during the equivalent period in 2017. 
It said full year rough diamond sales volumes were 4% lower at 33.7 million carats compared with 35.1 million carats in 2017.
“2018 sales volumes were also lower than production, driven by lower demand for lower value rough diamonds in the second half of 2018,” said Anglo.
Meanwhile, Anglo said De Beers’ 2019 production guidance was between 31 and 33 million carats, subject to trading conditions.
The lower production, it said, was driven by the process of exiting from the Venetia open pit with the underground becoming the principal source of ore from 2023. 

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