South Africa’s top gold miner names Nel new CEO amid copper pivot
Harmony Gold appointed Beyers Nel as chief executive officer.
Rough diamond sales by Debswana Diamond Co dropped slightly in the first three months of the year, data released by the Bank of Botswana showed on Friday, as the market was more cautious about the current uncertain global macroeconomic outlook.
Debswana, a joint venture between Anglo American Plc unit De Beers and Botswana’s government, sells 75% of its output to De Beers with the balance taken up by state-owned Okavango Diamond Co.
Sales of diamonds from Debswana fell 1.4% and stood at $1.077 billion in the three months to March, compared with $1.092 billion in the same period last year.
In pula terms, the rough sales however recorded a 10.1% jump to 14.005 billion pula, pointing to the effects of a stronger dollar during the period.
De Beers and Botswana are currently renegotiating their mining rights and sales agreements, with President Mokgweetsi Masisi saying his government was looking to get more rough diamonds for trading outside the De Beers system.
Debswana accounts for almost all diamonds produced in Botswana, with Lucara Diamond Corp’s Karowe mine being the only other operating diamond mine in the country.
Botswana gets about 30% of its revenues and 70% of its foreign exchange earnings from diamonds.
(By Brian Benza; Editing by Bhargav Acharya and Jonathan Oatis)
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