March 29, 2017 6:19 AM ET

Metals and Mining

Company Overview of De Beers Consolidated Mines Limited

Company Overview

De Beers Consolidated Mines Limited produces, mines, and trades rough diamonds, as well as retails premium diamond jewelry in South Africa. It owns interests in Venetia and Voorspoed mines, as well as in Krone-Endora diamond deposit. The company was founded in 1888 and is based in Kimberley, South Africa. De Beers Consolidated Mines Limited operates as a subsidiary of De Beers Société Anonyme.

36 Stockdale Street

Kimberley,  8301

South Africa

Founded in 1888

16,000 Employees

Phone:

27 53 839 4111

Fax:

27 53 839 4210

Key Executives for De Beers Consolidated Mines Limited

Chief Executive Officer
Age: 60
Executive Officer
Executive Officer
Executive Officer
Compensation as of Fiscal Year 2016.

De Beers Consolidated Mines Limited Key Developments

De Beers Consolidated Mines Limited Presents at Investing in African Mining Indaba, Feb-07-2017 04:30 PM

De Beers Consolidated Mines Limited Presents at Investing in African Mining Indaba, Feb-07-2017 04:30 PM. Venue: Cape Town, South Africa. Speakers: Innocent Mabusela, Head of Corporate Affairs.

DeBeers Reports Earnings Results for the First Half of 2016

DeBeers reported earnings results for the first half of 2016. For the period, the company reported profit growth of 2% during the to USD 585 million as a result of higher revenues from stronger rough diamond demand. Revenues increased by 8% to USD 3.3 billion compared to USD 3 billion, driven mainly by rough diamond sales which increased by 11% to USD 3.1 billion.

De Beers Consolidated Mines Limited Plans to Reduce 189 Positions

De Beers Consolidated Mines Limited announced that over the past two years, it has become a much smaller organization consisting now of Venetia Mine in Limpopo Province, Voorspoed Mine in the Free State Province and its Sight holder Sales South Africa diamond trading function based in Kimberley in the Northern Cape Province. Consequently, DBCM cannot maintain the current overhead structures designed to support a much larger company. DBCM will therefore seek to reduce its 2,236 workforce by 189 positions of which 68 positions may be reduced without retrenchments and by natural attrition from retirements and the redeployment of employees. The remaining 121 affected positions will be concentrated at the corporate offices in Kimberley and Johannesburg, at Venetia Mine and in the Venetia Underground Project (VUP). The Venetia Underground Project is in its third year of development with a project strategy which has evolved from the set-up and ramp-up phases which required a substantial increase in the size of the VUP project team. The company will follow the prescribed steps to ensure fair and proper consultation with affected employees and their representatives and it commenced this process on 15 February 2016 by issuing s189 of the Labour Relations Act notices to the specific areas affected in the business.

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Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

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