De Beers Q3 Di­amond Out­put +4% To 6.3 Mn Ct

Solitaire - - SPECTRUM -

Di­amond pro­duc­tion in­creased by 4% to 6.3 mil­lion carats com­pared with Q3 2015 when pro­duc­tion was re­duced in re­sponse to the pre­vail­ing trad­ing con­di­tions.

Mark Cu­ti­fani, An­glo Amer­i­can chief ex­ec­u­tive, said “The mod­estly higher pro­duc­tion at De Beers is re­flec­tive of im­proved mar­ket con­di­tions rel­a­tive to Q3 2015, but we main­tain a cau­tious out­look.”

At Deb­swana, Botswana, pro­duc­tion in­creased by 12% to 4.5 mil­lion carats with pro­duc­tion at Jwa­neng in­creas­ing by 47% as a re­sult of planned main­te­nance in Q3 2015 be­ing pri­ori­tised in light of trad­ing con­di­tions. This was partly off­set by a planned 22% de­crease at Orapa to align ag­gre­gate pro­duc­tion to trad­ing con­di­tions.

Di­amond out­put at De Beers Con­sol­i­dated Mines, South Africa, in­creased by 6 % to 1.1 mil­lion carats largely as a re­sult of pro­cess­ing higher grades at Vene­tia and in­creased through­put at Voor­spoed. This was partly off­set by the early com­ple­tion of the sale of Kim­ber­ley Mines in Jan­uary 2016.

Namdeb Hold­ings, Namibia, saw its di­amond pro­duc­tion de­crease by 13% to 0.4 mil­lion carats with lower grades at Namdeb Land, and the Deb­mar Pa­cific ves­sel be­ing in port for planned main­te­nance in Q3 2016 at Deb­ma­rine Namibia.

Di­amond pro­duc­tion in Canada de­creased by 48% to 0.2 mil­lion carats due to Snap Lake be­ing placed on care and main­te­nance in De­cem­ber 2015. This was par­tially off­set by first pro­duc­tion at Gah­cho Kué, which was of­fi­cially opened on Septem­ber 20 2016 and ramp-up is pro­gress­ing well.

Con­sol­i­dated rough di­amond sales in Q3 2016 in­creased by 77% to 5.3 mil­lion carats, re­flect­ing im­proved trad­ing con­di­tions from those ex­pe­ri­enced in Q3 2015, when higher pipeline stock im­pacted mid­stream de­mand.

De Beers said its full year pro­duc­tion guid­ance re­mains un­changed at 26-28 mil­lion carats, sub­ject to trad­ing con­di­tions.

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