DeBeers Group presented Production Report for the First Quarter of 2023 & said, rough diamond production was flat at 8.9 million carats, as the planned treatment of higher grade ore and strong operational performance across most of the assets was offset by the planned end of operations in Venetia’s open pit in December 2022 as the mine transitions to underground operations during 2023.
In Botswana, production increased by 12% to 6.9 million carats, primarily driven by the planned treatment of higher grade ore and continued strong plant performance at Orapa. Namibia production increased by 37% to 0.6 million carats, primarily driven by the contribution from the Benguela Gem vessel, which commenced production in March 2022.
South Africa production decreased by 56% to 0.7 million carats, due to the planned completion of the Venetia open pit in December 2022. Venetia continues to process lower grade surface stockpiles, which will result in temporary lower production levels as it transitions to underground operations.
Production in Canada increased by 11% to 0.7 million carats, despite unplanned maintenance challenges.
Sales were in line with expectations given that Sightholders have taken a more cautious approach in planning their 2023 allocation schedule in light of the current uncertain macroeconomic outlook, with a greater weighting of goods expected to be purchased as the year progresses.
Rough diamond sales totalled 9.7 million carats (8.9 million carats on a consolidated basis) from three Sights, compared with 7.9 million carats (7.0 million carats on a consolidated basis) from two Sights in Q1 2022, and 7.3 million carats (6.6 million carats on a consolidated basis)(2) from two Sights in Q4 2022.
Production guidance for 2023 is unchanged at 30–33 million carats (100% basis), subject to trading conditions. Unit cost guidance for 2023 is unchanged at c$80/ct.
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