Plus   Neg

Anglo American : De Beers Okays Custom-built Diamond Recovery Vessel For Namibia

Anglo American plc (AAUKY.PK,AAL.L) said that Debmarine Namibia approved construction of a new custom-built diamond recovery vessel. Debmarine Namibia is a 50:50 joint venture between De Beers Group and the Government of the Republic of Namibia.

At an expected total capital cost of $468 million ($234 million attributable to Anglo American), this new vessel will become the seventh in the Debmarine Namibia fleet. It is expected to begin production in 2022 with the capacity to add 500,000 carats of annual production, a 35% increase above Debmarine Namibia's current levels.

Anglo American said that it will continue allocating appropriate levels of capital cross its wider organic pipeline of near- and medium-term growth opportunities, including Quellaveco copper development in Peru, that it expects to contribute towards 20-25% production growth by 2023.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Alibaba is upgrading its intellectual property system using blockchain technology, according to local news outlet Sohu. Alibaba Platform Management expects this to benefit mainly small and medium-sized enterprises, brands and entrepreneurs. The technology will be fully implemented in September, and thereafter, the company intends to expand it to the field of digital copyright protection. Electronics retailer Best Buy Co., Inc. (BBY) reported Thursday a 27 percent increase in profit for the first quarter from last year, which was impacted by restructuring charges, and higher revenues. Both adjusted earnings per share and revenues for the quarter topped analysts' estimates. The company also provides guidance for the second quarter and reiterated its outlook for the full-year 2020. While reporting financial results for the second quarter on Thursday, Hormel Foods Corp. (HRL) lowered its earnings and net sales guidance for the full-year 2019. For fiscal 2019, the company now projects earnings in a range of $1.71 to $1.85 per share, and net sales between $9.70 billion and $10.20...
Follow RTT