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De Beers Production Slumps in 4Q
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De Beers diamond production slumped in the fourth quarter of 2011 as the company carried out maintenance at key mines while the market softened.
Output fell 24 percent year on year to 6.489 million carats during the three months that ended December 31, 2011, according to a report by Anglo American, which currently owns 40 percent of De Beers. For the full year, production decreased by 5 percent to 31.328 million carats.
“Carats recovered decreased … primarily reflecting a deliberate focus by De Beers to increase waste stripping, as well as scheduled maintenance at the Debswana and De Beers Consolidated Mines (DBCM) operations in recognition of short-term global macro-economic volatility,” Anglo explained.
During the year, Anglo agreed to buy an additional 45 percent stake in De Beers held by the Oppenheimer family. The deal is expected to close in the second half of 2012.
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