De Beers Diamond Production -16% in Q1

(IDEX Online News) – Diamond production by De Beers decreased to 6.2 million carats in the first quarter. This is a decline of 16 percent year-over-year and 4 percent compared to the fourth quarter of 2011.

The decline mainly reflects De Beers’ continued scheduled maintenance and waste stripping activities, reported 45 percent shareholder Anglo American.

Anglo is in the process of receiving regulatory and competition approvals for purchasing another 40 percent stake in De Beers in a $5.1 billion deal with the Oppenheimer family.

Currently Anglo is awaiting the consent of the South African Diamonds and Precious Metals Regulator and the consent of the South African Minister of Mineral Resources in terms of the relevant legislation.

Completion of the acquisition is expected in the second half of 2012.