[VIDEO] 2015: First half results for De Beers
Diamond extraordinaire De Beers announced its 2015 first half financial results last week, reporting a total sales decrease of 21 percent to $3 billion in the first six months.
The company, which is 85 percent owned by Anglo American, saw a 21 percent fall in the sale of rough diamonds to $2.7 billion, but said it this was offset by lower operating costs and positive exchange rates.
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“De Beers saw a continuation of the market weakness of late 2014 during the first six months of 2015, resulting in a 25 percent underlying EBIT decrease. In response to these market conditions, the business has revised production guidance for 2015 to 29 to 31 million carats, while continuing to focus on its operational metrics. De Beers also reduced unit costs by 10 percent in dollar terms,” said Mark Cutifani, CEO of Anglo American.
De Beers 2015 First Half highlights
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In its press release, De Beers said construction of its Venetia underground mine in South Africa is 18 percent complete, with production and services shaft pre-sink completed, and remains on track for first production in 2021.
Watch members of De Beers' leadership team give an update on the company's performance during the first half of 2015 and the outlook for the remainder of the year.
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