De Beers' third-quarter output rises on higher grades, strong production in Namibia

27th October 2022

By: Chanel de Bruyn

Creamer Media Senior Deputy Editor Online


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Diamond miner De Beers – a subsidiary of diversified mining group Anglo American – increased its rough diamond production by 4% year-on-year to 9.6-million carats for the third quarter ended September 30.

The higher output was achieved on the back of the treatment of higher-grade ore at Orapa, in Botswana, and at the miner's South Africa operations, as well as strong production growth in Namibia.

In Botswana, production increased by 4% to 6.6-million carats, primarily driven by the treatment of higher-grade ore at Orapa, but partly offset by the processing of lower-grade ore at Jwaneng.

Production in Namibia increased by 33% to 500 000 ct, primarily driven by the continued strong performance from the Benguela Gem vessel.

De Beers' South African operations produced 1.7-million carats of diamonds in the quarter – a 5% year-on-year increase – as a result of the treatment of higher-grade ore and the benefit of plant upgrades.

Production in Canada decreased by 7% to 700 000 ct, owing to the treatment of lower grade-ore and the impact of tight labour markets.

De Beers says demand for rough diamonds remained steady in the third quarter, reaching 9.1-million carats from three sights, compared with 7.8-million carats from two sights in the third quarter of 2021.

Sales were, however, lower than the 9.4-million carats sold from three sights in the second quarter of this year.

"While consumer demand for natural diamonds continues to be robust, a deterioration of global economic conditions, reduced consumer spending and continued Chinese Covid-19 lockdowns have the potential to impact demand for diamond jewellery," the diamond miner states.

"In line with normal seasonal trends, we anticipate that sales in the final quarter of the year will be affected by the normal temporary closure of cutting and polishing factories for the religious holidays in India," it adds.

De Beers maintains its full-year production guidance at 32-million to 34-million carats.

Edited by Creamer Media Reporter



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