DE BEERS' Q3 OUTPUT GROWS 21%
Post Date: 21 Oct 2013 Viewed: 370
Anglo American reports that De Beers increased its rough diamond production by 21 percent to 7.7 million during the third quarter ending September 30, 2012.
The third-quarter growth was largely due to the full restoration of operations at the Jwaneng mine in Botswana following the slope failure in June 2012, notes Anglo American, which owns an 85 percent share in De Beers.
By unit, Debswana, De Beers' joint venture with the government of Botswana, produced 5.45 million carats during the third quarter, a 24 percent increase year over year. However, quarter to quarter, Debswana's production decreased by 14 percent due to the unplanned maintenance at one of the two Orapa processing plants, as well as lower grades at Jwaneng.
Namdeb, De Beers' joint venture with the government of Namibia, saw a 6 percent increase in third-quarter production to 445,000 carats, but a 5 percent fall in output compared to the second quarter of the year.
During the third quarter, production for De Beers Consolidated Mines (DBCM) in South Africa grew 9 percent year over year to 1.36 million carats. Production at the Venetia mine "continues to improve following the recovery from the impact of the pit flooding earlier in the year," reports Anglo American, which recorded a 112 percent jump in output for DBCM compared to the second quarter of the year.
De Beers Canada saw a 50 percent increase in its output for the third quarter to 485,000 carats. However, the company saw a 3 percent decline compared to the previous quarter. Production from Canada was significantly higher due to increased mining volumes and grade at Snap Lake, notes Anglo American.
While De Beers' output fell 3 percent compared to the second quarter of the year, for the first nine months of the year, the miner's production grew 11 percent year over year to 22.03 million carats. Debswana's output for the nine-month period grew 11 percent year over year to 16.4 million carats. Namdeb's production for the period grew 8 percent year over year to 1.3 million carats. De Beers Consolidated Mines also experienced production growth of 4 percent, while De Beers Canada saw a 30 percent jump in output for the first nine months of the year.