Related Articles
Top Stories
Feb 10 2012 18:19
The rand tumbled against the dollar in late afternoon trade as the local currency tracked a jittery euro.
Feb 10 2012 17:28
President Jacob Zuma will make an announcement "of national importance" on Saturday, says a central bank statement.
Feb 10 2012 14:37
A weak euro has dragged down the rand, causing it to extend losses against the dollar as the eurozone debt crisis affected investor sentiment.
Kimberley - Diamond group De Beers is looking forward to a revival in the demand for diamonds this year.
David Noko, managing director of De Beers Consolidated Mines (DBCM), said he would like to see the demand for diamonds again reach the 51 million carats sold in 2008.
In 2009 diamond sales fell 30% owing to the global recession.
Noko said he is not overoptimistic that the recession is completely over, although demand for diamonds increased in January. The increased demand can be ascribed to a number of factors.
Noko said that at this stage it is not clear whether there is a welcome recovery in demand or whether the demand is simply the result of low stocks.
During the recession many dealers sold the stocks that they had and did not replenish them. It could be that they are now restocking in order to offer a wider product range.
In October and November production at DBCM's mines was increased after having been tremendously downscaled earlier last year. Noko said that in last year's difficult conditions the company's operations were restructured.
From time to time every business requires adjustments in order to survive and ensure sustainability, which ultimately leads to growth, Noko explained.
At De Beers' Kimberley mines 2.6 million tons of ore from old mine dumps were processed last year, producing 397 011 carats of diamonds.
Christie Pisane, operations manager at the Kimberley mines, said the old mine dumps can be worked until 2018 if processing costs can be reduced.
Should both processing costs be reduced and processes improved, the dumps could be worked until 2030.
No metals occurring in the diamond-bearing ore are currently being produced by De Beers. Pisane is certainly considering collaborating with AngloGold Ashanti in marine mining of gold.
De Beers's best output is currently at its Venetia Mine in Limpopo, and the newest De Beers diamond mine is Voorspoed, in the vicinity of Kroonstad, which was opened in 2008.
The group is exploring throughout South Africa and would consider first prize to be another diamond mine in this country.
De Beers will announce its results for the financial year to end-December this week.
- Sake24.com
For more business news in Afrikaans, visit Sake24.com.