4th Mar 2020 08:00
(Alliance News) - Anglo American PLC on Wednesday reported a substantial decline in rough diamonds sales from its De Beers unit in its second sales cycle for 2020 as it deferred allocations amid the coronavirus outbreak.
The London and Johannesburg-listed miner said the value of rough diamond sales in the second 2020 cycle totalled USD355 million.
This provisional figure represents a 28% fall from USD496 million reported for the same cycle the year before, and down 36% from USD555 million for the first cycle of 2020.
"Following an improvement in demand for rough diamonds during the first sales cycle of 2020, we recognised the impact of Covid-19 Coronavirus on customers focused on supplying the Chinese market and put in place additional targeted flexibility to enable customers to defer allocations of the relevant rough diamonds," said De Beers Chief Executive Bruce Cleaver.
Shares in Anglo American were down 1.3% at ZAR375.55 on Wednesday in Johannesburg.
By Dayo Laniyan; [email protected]
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