De Beers sold 30 million carats in rough diamonds last year
23 Feb 2017 14:30pm
WINDHOEK, 23 FEB (NAMPA) The De Beers Group of Companies sold about 30 million carats in rough diamonds in 2016 compared to 20 million carats sold in 2015.
In a message to employees uploaded on video sharing network, YouTube, De Beers Group Chief Executive Officer, Bruce Cleaver described the 2016 production as going according to plan. The aim was to produce 27 million carats.
We see more production in 2017 because the market has recorded more than it was at the end of 2015, he said.
Cleaver said the group is now aiming for production of between 31 and 33 million carats in the next few years.
De Beers 2016 performance results availed to Nampa on Wednesday said the group recorded about US.dollars 1.4 billion (approximately N.dollars 18 billion) in earnings before interest, tax, depreciation and amortisation (EBITDA) in 2016 - an increase of 42 per cent driven by higher rough diamond sales volumes.
The report said the sales volumes in turn support higher rough diamond revenues of about US.dollars 5.6 billion (approximately N.dollars 73 billion).
We also saw the benefit of cost-saving programmes and portfolio changes, it said.
The report noted that the overall production of 2016 was in line with expectations, reflecting the decision in 2015 to reduce production in response to prevailing trading conditions.
In Namibia, the group of companies has successfully completed the first stage sea trials of DebMarine Namibias new N.dollars 150 million offshore exploration and sampling vessel, SS Nujoma.
The vessel will be commissioned and formally handed over later this year.