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