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DE BEERS CONTINUES RESTRAINED DIAMOND PRODUCTION POLICY
21 July 2016
Anglo American plc.'s production report for the second quarter of 2016 shows a decrease of 19 percent in diamond production from De Beers during the quarter, which totalled 6.4 million carats, compared with 7.963 million in Q2 2015. This reflects the decision made by the company "to reduce production in response to prevailing trading conditions in H2 2015."

Looking at a breakdown of the production, Anglo reports as follows:

Debswana (Botswana): Production for the quarter decreased by 12 percent to 5.2 million carats, with Orapa reduced by 27 percent and the placing of Damtshaa on care and maintenance from  January 1st, 2016.

DBCM (South Africa): Production decreased by 26 percent to 0.8 million carats due mainly to the completion of the sale of Kimberley Mines in January 2016.

Namdeb Holdings (Namibia): Production decreased by 31 percent to 0.3 million carats with reduced production at Debmarine Namibia because of extended planned in-port maintenance of the Mafuta vessel and lower grades at Namdeb's Land operations.

Canada: Production decreased by 71 percent to 0.1 million carats due to Snap Lake being placed on care and maintenance in December 2015. Production at Victor was in line with Q2 2015.

Diamond Sales

The second quarter of 2016 saw consolidated rough diamond sales totalling 9.6 million carats from three Sights, almost double the 4.9 million carats sold, from two Sights, in Q2 2015. Anglo says the increased sales volume reflects higher midstream restocking from lower inventory levels in 2015. Consolidated sales volumes for the first half of 2016 came to 17.2 million carats, compared with 13.3 million carats for H1 2015.

De Beers rough price index was reportedly an average of 16 percent lower in H1 2016 compared with H1 2015, with the average realised price at US$177 per carat, 14 percent lower than H1 2015.

Full year production guidance (on a 100% basis) remains unchanged at 26-28 million carats, subject to trading conditions.
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