De Beers has reduced its production guidance for 2024 to between 23 million and 26 million carats from the previous target of 26 million to 29 million carats in response to the prolonged period of lower demand, higher-than-normal levels of inventory in the midstream, and a focus on working capital.
It said Production remains subject to trading conditions.
The group produced 13.3 million carats in the first half of 2024, down from 16.5 million carats, a year earlier.
Its production in Botswana eased 24% to 9.7 million carats compared to the previous year’s 12.7 million carats, driven by intentional lower production and short-term changes in plant feed at Jwaneng and Orapa.
Namibia's production decreased by 3% to 1.2 million carats from 1.2 million carats recorded during the same period in 2023, with planned lower production at Debmarine Namibia partially offsetting planned mining of areas with higher grades and recoveries at Namdeb.
De Beers said South Africa production also decreased by 8% to 1.1 million carats from the previous year’s 1.2 million carats, due to the planned processing of lower-grade stockpiles at Venetia. At the same time, underground operations will ramp up over the next few years.
Venetia is expected to ramp up to steady-state levels of c.4 million carats per year in production over the coming years.
Production in Canada was largely flat at 1.3 million carats compared to 1.4 million carats a year earlier.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
