Anglo American sells diamonds worth US$445m

Anglo American rough diamond sales amounted to US$445 million in the third cycle of 2024.
The mining giant also operates in Namibia through the 50/50 joint venture between the government and De Beers.

Anglo American has joint ventures with the Namibian government in Namdeb, Debmarine Namibia and the Namibia Diamond Trading Company.

The company said the provisional rough diamond sales figure quoted for Cycle three represents the expected sales value for the period and remains subject to adjustment based on final completed sales.

Al Cook, CEO of De Beers, said: “Many diamond businesses are continuing to take a cautious approach to purchases amidst the uncertain economic landscape and the slow pace of growth in China. However, we saw a further uptick in our rough diamond sales in our third sales cycle, ahead of what is usually a slower period for rough diamond demand in the second quarter of the year.”

The company has a primary listing on the main market of the London Stock Exchange and secondary listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock Exchange and the SIX Swiss Exchange.

According to the Bank of Namibia, Namibia recorded a 9% increase in diamond production in 2023. The country produced 2,3 million carats of rough diamonds last year, up from 2,137 carats in 2022. Namibia’s land-based production recorded an increase of 14% in 2023 compared to the previous year. The company produced 468 000 carats, up from 412,000 carats.

The country’s offshore production in 2023 – overseen by marine diamond mining company, increased by 8% to 1,8 million carats from 1,72 million carats in 2022.

Despite an overall production increase of 9% in 2023, Namibia’s total production declined by 4% to 590,000 carats in the fourth quarter of last year.

De Beers Group recovers diamonds from four countries, Botswana, Canada, Namibia and South Africa. In Botswana, via a 50:50 joint venture with the government known as Debswana, the company recovers diamonds from four mines, including Jwaneng, one of the world’s richest diamond mines.

In Canada, De Beers Group is majority shareholder and operator of Gahcho Kué mine, in the Northwest Territories, which began commercial production in 2017.

In Namibia, De Beers Group works in 50:50 partnership with the government through Namdeb (land-based diamond recovery) and Debmarine Namibia (offshore diamond recovery).

In South Africa, De Beers Consolidated Mines – a joint venture with Ponahalo Holdings, recovers diamonds from Venetia mine in Limpopo Province.

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