Debswana cuts output target, suspends Damtshaa

Debswana head of corporate affairs, Esther Kanaimba-Senai
Debswana head of corporate affairs, Esther Kanaimba-Senai

Debswana has reduced its forecast for 2016 production from 21 million carats to 20 million as the diamond giant seeks to reduce the oversupply of polished stones upstream in the market that has weakened prices this year.

For 2015, Debswana had forecast production of 22 million carats. However, a senior finance ministry official revealed in October that the figure had since been revised to 21 million.

Yesterday, Debswana head of corporate affairs, Esther Kanaimba-Senai said the reduction for 2016 would be achieved by shifting priorities within the diamond giant’s mines, which include Jwaneng and Orapa, Letlhakane and Damtshaa Mines (OLDM).

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