Anglo American diamond sales down; agrees new Australian power supply

(Alliance News) - Anglo American PLC said on Tuesday its rough diamond sales fell between its ...

Alliance News 16 November, 2022 | 10:17AM
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(Alliance News) - Anglo American PLC said on Tuesday its rough diamond sales fell between its eighth and ninth cycles, while it also has agreed a new 10-year deal to source 100% renewable electricity for its Australian operations.

The London-based mining company reported rough diamond sales value for its De Beers arm fell to a provision USD450 million from USD508 million in the previous cycle. However, this was up 2.7% from USD438 million in the ninth cycle of 2021.

"We saw good demand for our rough diamonds during cycle 9 with sales reflecting what is traditionally a quieter time for the diamond midstream ahead of polishing factories reopening in India following the Diwali holidays," said De Beers Chief Executive Officer Bruce Cleaver.

Anglo American has agreed a 10-year partnership with the Queensland government-owned electricity provider Stanwell Corp for the supply of 100% renewable electricity for its Australian metallurgical coal operations.

From 2025, Anglo American said the deal will remove all Scope 2 emissions from its steelmaking coal operations, supporting its target of carbon neutral operations in Australia, and globally, by 2040.

Australia CEO Dan van der Westhuizen said Anglo also is accelerating a number of technologies to reduce on-site emissions, such as using electric trucks and capturing methane from steelmaking coal seams.

"Combined with the agreements we already have in place for all our South America operations, from 2025 we expect to be drawing 60% of our global electricity requirements from renewable sources, transforming our Scope 2 emissions profile," said Anik Michaud, director of Corporate Relations & Sustainable Impact.

Anglo American shares were marginally higher at 3,3457.00 pence in London on Wednesday morning. In Johannesburg, the stock was down 0.2% at ZAR685.21.

By Greg Rosenvinge;

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Anglo American PLC 2,177.50 GBX -2.53

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