| De Beers Is Digging for Diamonds Like It’s 2008 | |
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De Beers plans to dig up more diamonds this year than at any time since the 2008 global financial crisis. The unit of Anglo American Plc will mine as much as 36 million carats this year, up from 33.5 million in 2017, on gains at its Gahcho Kue mine in Canada. The increase is a positive sign for an industry struggling with flat demand for diamond jewelry of around $80 billion a year since 2014 and subdued prices for polished gems. “The most important thing when we look at production going forward is to make sure it is matched by demand,” Chief Financial Officer Nimesh Patel said in a Bloomberg TV interview. De Beers has said economic conditions around the world support consumer demand. Still, its output may fall back to 32 million carats next year as it switches from surface mining to digging underground shafts at its Venetia mine in South Africa. More from Bloomberg.com: The Two Words That Will Help Get an Airline Upgrade Over the Phone Some observers warn that the market can’t bear a large increase in supply. “There could be the early signs of a market turnaround, but this hardly warrants production increases from the majors,” said Ben Davis, an analyst at Liberum Capital Markets in London. “If anything, production discipline has only just started to work and midstream need more margin expansion to be anywhere close to a healthy sustainable market.” More from Bloomberg.com Read De Beers Is Digging for Diamonds Like It’s 2008 on bloomberg.com |
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Anglo American plc
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PRODUCER |
CODE : AAL.L |
ISIN : GB00B1XZS820 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Anglo American is a nickel and zinc producing company based in United kingdom. Anglo American produces nickel, zinc, chromium, copper, gold, manganese, molybdenum, platinum, silver, uranium and zircon in Australia, in Brazil, in Canada, in Chile, in Namibia, in Peru, in South Africa and in Venezuela, develops coal, copper, gold and molybdenum in South Africa, and holds various exploration projects in Brazil. Its main assets in production are RUSTENBURG SECTION, MAMATWAN, MPONENG (WESTERN DEEP NO. 1 SHAFT), TAUTONA (WESTERN DEEP NO.3 SHAFT), MARIKANA, WESSELS and PALABORA MINE AND SMELTER in South Africa, COLLAHUASI MINE, MANTOS BLANCOS and MARICUNGA in Chile, CODEMIN in Brazil, NAVACHAB MINE and SKORPION MINE in Namibia, LOMA DE NIQUEL in Venezuela, GEMCO in Australia, QUELLAVECO in Peru and CALLINAN MINE in Canada, its main assets in development are ZONDAGSFONTEIN and PEBBLE in South Africa and its main exploration properties are LISHEEN and RATHDOWNEY TREND / MOATE in Ireland, SAN FERNANDO and PINABETE in Mexico, 777 PROJECT, BAY PAINE, NUVILIK, MUSKOX, RIVER VALLEY, RAGLAN / BELANGER and WEST RAGLAN in Canada, BOYONGAN (NORTH) in Philippines, RAKKURIJARVI in Sweden, ATASPACA and ANTAY in Peru, KOLWEZI in Congo Dem. Rep. of, SALOBO and ARIPUANA / AREX in Brazil, PLATREEF and SPITZKOP ZINC in South Africa and ZAMBEZI in Zambia. Anglo American is listed in Germany, in United Kingdom and in United States of America. Its market capitalisation is GBX 3 099.1 billions as of today (US$ 3 605.6 billions, € 3 368.0 billions). Its stock quote reached its lowest recent point on May 12, 2017 at GBX 1 001.00, and its highest recent level on April 24, 2024 at GBX 2 205.00. Anglo American has 1 405 465 000 shares outstanding. |