De Beers sightholders: �whine and dine�...

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Analysts and journalists were quite surprised when Anglo American simply announced in its 2013 financial results that sales of De Beers last year had increased to $6.4 billion from $6.1 billion in 2012.


For the first time in decades, De Beers’ new controlling shareholder has made a policy decision to report natural rough and industrial synthetics sales in one figure. In contrast, the $6.1 billion figure from 2012 listed the company’s industrial synthetic sales (through Element 6), which, that year, amounted to $600 million, as part
of a sales breakdown.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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