Debswana production drops, De Beers cuts forecast

Debswana production drops, De Beers cuts forecast
Debswana production drops, De Beers cuts forecast

Debswana's production fell by five percent in the first quarter of the year, as its parent, De Beers, cut its forecast output for 2020 to a maximum of 27 million carats from an initial target of 34 million carats.

Debswana is by far the biggest producer in De Beers’ group of mines worldwide, accounting for 76% of output in 2019. De Beers also has mines in South Africa, Namibia and Canada.

In a statement to investors earlier today, Anglo American, De Beers’ majority owner, said Debswana’s mines produced 5.6 million carats between January and March 31, 2020, down from about six million carats in the corresponding period last year. As a group, De Beers produced 7.8 million carats for the quarter, down from 7.9 million in the corresponding period last year.

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