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De Beers lowers production guidance as Q2 output drops 14% to 7.7Mcts

19 july 2019

de_beers_logo.pngAnglo American has revised downwards the production guidance of De Beers for the year to about 31 million carats from the previous range of 31-33 million carats, in response to weaker trading conditions.
De Beers’ diamond production dropped 14% to 7.7 million carats in the second quarter as it continues to produce to market demand and as Venetia mine, in South Africa transitions from open pit to underground.
De Beers Consolidated Mines (DBCM) production in South Africa decreased by 44% to 600 000 carats due to lower mined volumes at Venetia.
It said Debswana’s production in Botswana decreased by 9% to 5.7 million carats.
This was due to a 23% drop in output at Orapa to 2.5 million carats following a planned plant shut down brought forward from the second half of the year.
Namdeb Holdings, in Namibia also eased 35% to 300 000 carats, driven by Elizabeth Bay transitioning onto care and maintenance in the fourth quarter of 2018 and planned maintenance for the Mafuta crawler vessel. 
De Beers’ output in Canada production also fell by 9% to 1.1 million carats due to planned lower grades at Gahcho Kué.
“Demand for rough diamonds remains subdued as a result of challenges in the midstream with higher polished inventories, and caution due to macro-economic uncertainty, including the US –China trade tensions,” said Anglo American, which has an 85% stake in De Beers.
De Beers sold 9 million carats from three sales cycles compared with 10 million carats from the same number of sales cycles in the second quarter of 2018.

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