Anglo reports De Beers Q3 production up 15 percent-Industry News-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Industry News > News Content

Anglo reports De Beers Q3 production up 15 percent

10/21/2010 7:45:41 PM

London—Diamond production at De Beers' mines picked up 15 percent in the third quarter 2010, mining company Anglo American plc, which owns a 45 percent stake in De Beers, announced Thursday.

Production increased to 9 million carats in the third quarter, compared to 7.9 million during the same period last year. Third-quarter 2010 production was up 7 percent as compared to the second quarter, when production totaled 8.4 million carats. Anglo attributes the third-quarter increase to more market demand ahead of the holiday seasons, including Christmas and the Indian holiday of Diwali. The company notes improved recoveries at De Beers' operations in Botswana and South Africa but lower recoveries in Namibia and Canada.

Headquartered in London, Anglo American is one of the world's largest mining companies, with a portfolio of mining businesses that span precious metals and minerals—including diamonds and platinum—base metals and bulk commodities.

For the third quarter, Anglo American reported that its refined platinum production increased to 697,000 ounces, up 11 percent from 629,000 ounces in the third-quarter 2009 and 554,000 ounces in the second-quarter 2010. The increase was driven largely by an increase in production at the company's own mines, namely Mogalakwena, Thembelani and Tumela. Anglo American's platinum business "remains confident" it will meet it full-year production target of 2.5 million ounces of refined platinum.

Refined production of palladium increased by 20 percent, while rhodium and nickel production declined 3 percent and 22 percent, respectively. Anglo American expects to release its preliminary results for the full year ended Dec. 31, 2010, on Feb. 17, 2011.

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