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Mining Weekly reported that Anglo American plc (LSE:AAL) has cut its full-year diamond production forecast to 29 million carats. That’s down from the 32 to 34 million carats it predicted at the beginning of the year.
Mining Weekly reported that Anglo American plc (LSE:AAL) has cut its full-year diamond production forecast to 29 million carats. That’s down from the 32 to 34 million carats it predicted at the beginning of the year.
As quoted in the market news:
… the group on Thursday reported that its 85%-owned De Beers subsidiary had recorded a 27% drop in output to six-million carats in the third quarter of this year, following the decision to reduce production to better reflect current trading conditions.
Production from the Debswana operation, in Botswana, decreased by 35% to 4.1-million carats as a result of planned maintenance being prioritised in light of current trading conditions at the nearby Jwaneng and Orapa mines.
Production at De Beers Consolidated Mines, in South Africa, decreased 8% to one-million carats, largely owing to reduced throughput and the processing of lower grades at the Venetia mine, in Limpopo, in response to current trading conditions.
Production in Namibia increased by 4% on the back of higher volumes from the marine operations, partly as a result of increased availability of De Beers’ diamond-mining Mafuta vessel.
Production in Canada, meanwhile, increased by 11%, owing principally to improved grades at the Snap Lake mine, in the Northwest Territories.