De Beers Group
De Beers Group
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Diamond miner De Beers has seen a pick up in demand for its gems in the final months of 2012, after a year of subdued spending on luxury goods and tighter funding that has held back its trade customers.
It expects production to be down to around 27Mcts this year, below 2011 and below forecasts of 28M-30Mcts given in July, with prices 12% weaker at the end of this year than at the end of 2011 and 10% lower on average.
De Beers is counting on Santa for an end of year upswing after a bad year. Clara Ferreira-Marques reports.
Botswana’s Debswana has cut its diamond output forecast for 2012 by nearly 17% to 19.9Mct as a result of weak global markets.
Output was also impacted by disruptions at Debswana’s flagship Jwaneng project, which include a four week stoppage following an accident earlier this year.
Debswana, a joint venture between De Beers and the government of Botswana, produced 22.8Mct last year.
Botswana is close to completing its first coal exports to international markets after a 34-wagon train delivered 1,600t of crushed and screened coal from the Sese and Morupule mines to the Maputo coal terminal in Mozambique.
The coal will be stockpiled for eventual sale by international energy trader Vitol Coal South Africa.
Mountain Province Diamonds aims to raise $C47.1M via a rights issue to fund its 49% of initial capital costs for its Gahcho Kué diamond mine joint venture with De Beers Canada (51%).
The company says the proceeds should cover its share of the costs through to the completion of permitting for the Gahcho Kue project at Kennady Lake in Canada's Northwest Territories in 2013.
UK-based global miner Anglo American has locked up its 85% shareholding of diamond mining and marketing icon De Beers in a $US5.2B deal to acquire a 40% shareholding from interests associated with the founding Oppenheimer family.
De Beers has welcomed its new dominant shareholder, saying that combining Anglo American’s scale and resources with its own diamond expertise and iconic brand will further capture the potential of a rapidly evolving diamond industry.
De Beers Group has formally launched its worldwide diamond aggregation centre in Botswana, beginning the transformation of the country into a leading international diamond centre.
The move, part of a new sales agreement between De Beers and Botswana, has occurred two months ahead of schedule.
Aggregation, described as an integral part of De Beers’ business, involves the mixing of like-for-like diamonds from De Beers’ global production. Until this week, aggregation had taken place in London for nearly 80 years.