May 17, 2020

[VIDEO] 2015: First half results for De Beers

De Beers
Anglo American
2 min
[VIDEO] 2015: First half results for De Beers
Diamond extraordinaire De Beers announced its 2015 first half financial results last week, reporting a total sales decrease of 21 percent to $3 billion...

Diamond extraordinaire De Beers announced its 2015 first half financial results last week, reporting a total sales decrease of 21 percent to $3 billion in the first six months.

The company, which is 85 percent owned by Anglo American, saw a 21 percent fall in the sale of rough diamonds to $2.7 billion, but said it this was offset by lower operating costs and positive exchange rates.

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“De Beers saw a continuation of the market weakness of late 2014 during the first six months of 2015, resulting in a 25 percent underlying EBIT decrease. In response to these market conditions, the business has revised production guidance for 2015 to 29 to 31 million carats, while continuing to focus on its operational metrics. De Beers also reduced unit costs by 10 percent in dollar terms,” said Mark Cutifani, CEO of Anglo American.

De Beers 2015 First Half highlights

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In its press release, De Beers said construction of its Venetia underground mine in South Africa is 18 percent complete, with production and services shaft pre-sink completed, and remains on track for first production in 2021. 

Watch members of De Beers' leadership team give an update on the company's performance during the first half of 2015 and the outlook for the remainder of the year.

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Jun 29, 2021

Vale invests $150mn to extend life of Manitoba operations

battery metals
2 min
Vale’s $150mn investment in operations at Thompson, Manitoba will extend mine life by 10 years

Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.

Global energy transition is boosting the market for nickel

The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.

“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.

“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”

Vale continues drilling program at Manitoba

Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.

“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.

“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”

The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history.  Mining of the Thompson orebody began in 1961.

“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.

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