ANGLO AMERICAN REPORTS HIGHER SALES OF DIAMONDS TO DE BEERS

WINDHOEK-- International mining giant Anglo American has reported an increase in its rough diamonds sold for De Beers, its 85 per cent subsidiary which dominates the world diamond industry, during the fourth sales cycle of 2018.

Anglo American announced on the Namibian Stock Exchange (NSX) Tuesday that sales for De Beers for the fourth sales cycle amounted to 500 million US dollars -- more than 6.3 billion Namibian dollars (NAD ) -- as at 21

May 2018.

This represents an increase of 550 million USD from 524 million USD in cycle three of 2018.

Last year, the company only sold 522 million USD during the same cycle in 2017.

De Beers' Chief Executive Officer Bruce Cleaver said the company, which mines diamonds in Namibia in partnership with the government, saw a robust demand for its rough diamonds, reflecting continued strong demand for diamond jewellery, especially from American consumers during the fourth sales cycle of the year.

Anglo American is a global diversified mining business and is responsible for the mining of diamonds (through De Beers), copper, platinum and other precious metals. The company, whose primare listings on the stock exchanges of London and Johannesburg, is also listed on the NSX.

Source: NAM NEWS NETWORK