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De Beers: Production Report for the Third Quarter of 2019

Press Release

22 Oct 2019

De Beers1 (000 carats) Q3




Q3 2019


Q3 2018

Q2 2019 Q3 2019 vs.

Q2 2019

YTD 2019 YTD 2018 YTD 2019 vs.

YTD 2018

Botswana (Debswana) 5,699 5,699 0% 5,718 0% 17,367 17,786 (2)%
Namibia (Namdeb Holdings) 426 460 (7)% 335 27% 1,243 1,503 (17)%
South Africa (DBCM) 535 1,337 (60)% 571 (6)% 1,488 3,448 (57)%
Canada 779 1,178 (34)% 1,075 (28)% 2,891 3,432 (16)%
Total carats recovered 7,439 8,674 (14)% 7,699 (3)% 22,989 26,169 (12)%

Rough diamond production decreased by 14 per cent to 7.4 million carats due to planned reductions in South Africa and Canada. In addition, we continue to produce to weaker market demand due to macro-economic uncertainty as well as continued midstream weakness.

Botswana (Debswana) production was flat at 5.7 million carats. Orapa production increased by 22 per cent due to a planned increase in the grade of material treated. This was offset by an 18 per cent decrease at Jwaneng due to planned lower grade.

Namibia (Namdeb) production decreased by seven per cent to 0.4 million carats, as the Elizabeth Bay land operations were placed on care and maintenance in Q4 2018.

South Africa production decreased by 60 per cent to 0.5 million carats due to lower mined volumes at Venetia as it approaches the transition from open pit to underground. In addition, Voorspoed production ended in Q4 2018 when it was placed on care and maintenance in preparation for closure.

Canada production decreased by 34 per cent to 0.8 million carats primarily due to the closure of Victor which reached the end of its life in Q2 2019.

Rough diamond sales amounted to 7.4 million carats (7.1 million carats on a consolidated basis)2 from three sales cycles, which compares to 5.0 million carats of sales (4.6 million carats on a consolidated basis2 from two sales cycles in Q3 2018. Rough sales volumes were therefore higher due to an additional sales cycle in the period compared with the previous year; however, overall demand for rough diamonds remains subdued as a result of challenges in the midstream with higher polished inventories and caution due to macro-economic uncertainty.

Full Year Guidance

Production guidance1 is unchanged at ~31 million carats, subject to trading conditions.

1 De Beers Group production is on a 100% basis, except for the Gahcho Kué joint venture which is on an attributable 51% basis.
2 Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa.
3 Consolidated sales volumes exclude De Beers Group’s JV partners’ 50% proportionate share of sales to entities outside De Beers Group from Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).


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