DeBeers Post Profit!

[Michael Alexander]

De Beers, one of the world's largest diamond producers, posted a 55 per cent jump in first-half earnings on the back of record sales and an unprecedented jump in prices, driven by China, India and unexpectedly strong demand from the United States.
De Beers, 45 per cent owned by miner Anglo American, said yesterday earnings before interest, tax, depreciation and amortisation (Ebitda) totalled US$1,2 billion.
The diamond miner, which controls around 40 percent of the rough diamond market, said sales of rough diamonds by the Diamond Trading Company were up 33 per cent at US$3,5 billion, the highest ever sales figure recorded for the first half.
Prices for diamonds are now well above their 2008 pre-crisis levels, having been one of the best performing commodities this year. Rough diamond prices have been boosted by a dearth of new mines, low inventories at cutting centres and increasing demand.
"Not only have we seen continued growth in rough diamond prices, but we have seen [the strongest] growth in polished prices in the six month period in the last 30 years, which is very healthy for us," Bruce Cleaver, chief operating officer, told reporters on a conference call.
De Beers did not give a forecast for price growth for the second half, but said it expected prices to continue growing, with the all-important Christmas season in the United States, the world's largest jewellery market, and Indian Diwali celebrations expected to produce strong demand.
It expects US demand growth over the year to be in line with 2010 at around seven per cent, almost double previous forecasts.
Anglo American, which controls De Beers alongside the Oppenheimer family, said it would report underlying earnings of US$299 million for the first half from its investment in De Beers, and the numbers helped lift its shares in early London trade.
De Beers, which vies for the spot of the world's largest diamond producer in carat terms with Russian state-owned miner Alrosa, said it recovered 15,5 million carats over the six months, broadly in line with the previous year, despite plans to boost output.
The miner said plans to increase production were hampered by heavy rainfall in South Africa and skills shortages at the artisanal level, which delay repairs.
"We are busy addressing this and production in the second quarter and the second half of the year will be much improved," chief financial officer Stuart Brown said.
De Beers said its production in South Africa had not yet been affected by strikes over wage negotiations – which are currently hitting the country's entire mining sector – thanks to the group's advance planning and stockpiling.

[Robert Bruce]

I didn't get mine. The privatised Royal Mail delivery stinks.

[Charles Scheepers]

That explains this then..........

Myne gooi verbete wal

NAMIBIESE mynbase was teen gister steeds in die hoofstad saamgetrek as deel van 'n verbete walgooi-aksie teen die horde nuwe belastings waaraan die Regering die steunpilaar van die ekonomie wil onderwerp. "Dit is so," het mnr. Veston Malango, hoofbestuurder van die Kamer van Myne, gesê oor inligting dat al wat 'n grootbaas in die bedryf is vroeër vandeesweek inderhaas na Windhoek gevlieg of gery het. "Ons vergader al vanaf verlede week," is gesê na 'n verkennende gesprek verlede Woensdag met die Adjunkminister van Finansies, mnr. Calle Schlettwein, gevoer was.

Volgens mnr. Malango het die bedryf Woensdag vir sowat een en 'n halwe uur met me. Saara Kuugongelwa-Amadhila, die Minister van Finansies, gesels. Dinsdagmiddag was daar 'n ontmoeting met Eerste Minister Nahas Angula. "Ons het dit alles gedoen," het mnr. Malango gesê oor mnr. Schlettwein se versoek vir rekenkundige bewyse van die ernstige druk op groei wat myne weens 'n na hul mening, onnodig moordende belastinglas verwag. "Dit is wat ons bespreek."

Om van die somme uit te lap, het mnr. Malango gesê, sal onderhandelinge ondermyn. "Ons gesels steeds met die Regering om duidelikheid te kry, ons standpunt te stel en alternatiewe aan die hand te doen," is benadruk. "Ons sal die saak aanhou verder neem." Volgens mnr. Malango wil die bedryf graag ook met mnr. Isak Katali, die Minister van Myne en Energie, gesels, wat reeds benadruk het dat dit 'n finansiële aangeleentheid is. Hulle wag egter om 'n onderhoud met hom te kry.

Bespiegelinge dat sekere myne reeds met sekere werk begin briek trek het in afwagting op die nuwe belastingbedeling, is kategories ontken. "Ek is onbewus daarvan," het mnr. Malango gesê. "Nog nie in dié stadium nie, en die mynbase sit hier rondom my." Oponthoude in sekere projekte is volgens mnr. Malango suiwer die gevolg van faktore soos vanjaar se rekordreënseisoen en ander veel ouer kwessies. Volgens die voorgenome wysigings aan die Belastingwet wat me. Kuugongelwa-Amadhila verlede maand aangekondig het, sal myne 15% se BTW op die uitvoerwaarde van onverwerkte minerale moet betaal asook 'n verdere uitvoerheffing van 5%. BTW-terugbetalings op sulke uitvoere sal verval.

Die inkomstebelastingkoers vir die bedryf sal vanaf 37,5% tot 44%, of 40% plus 'n toeslag van 10% verhoog. Jan Taks sal voorts ook sy deel aan inkomstebelasting en oordragkoste eis op transaksies in minerale regte en aandele in mynmaatskappye – maak nie saak waar dit plaasvind nie. Hierbenewens sal die belastingaanslag op aandele van nie-burgers van 10% tot 20% verdubbel. Behalwe dat die staat sy belastingbasis dringend moet verbreed om op te maak vir verlore inkomste uit Sacu se doeanepoel, wil die Regering met die nuwe bedeling industrialisering, waardetoevoeging en gepaardgaande werkskepping vir eens en altyd op 'n ferm koers plaas.

Volgens die Kamer van Myne is Namibië se status as beleggingseindpunt egter in gedrang weens die nuwe maatreëls. "Ons het die saak hanteer," was mnr. Malango se kort en kragtige antwoord op die vraag of die Regering se reservering van sekere strategiese mineraleregte vir die staatsmaatskappy Epangelo steeds deel van die huidige agenda is. "Hierdie is iets anders – dit gaan nou oor die belastings."

Hoewel die vleis-en landboubedrywe ook vertoë tot die Minister oorweeg, is verset teen die nuwe regime in ander sakekringe as nutteloos bestempel. Die wysiging kan reeds so vroeg as volgende maand voor die Nasionale Vergadering dien en met 'n Swapo-meerderheid in 'n ommesientjie deur beide huise van die Parlement gedruk word.

Dani Booysen