Anglo American to Add 500,000 High-Value Carats to Marine Production on Commissioning of Benguela Gem

By Sabela Ojea

Anglo American PLC said Friday that it has commissioned the Benguela Gem diamond recovery vessel, which will add 500,000 carats of high value diamonds to annual marine production.

The FTSE 100 diversified mining company said that the commissioning, which took place ahead of schedule and below budget, has allowed it to increase annual marine production by around 45% following an investment of around $420 million, of which around $210 million is attributable to the company.

"The commissioning of the Benguela Gem... marks further progress toward Anglo American's margin-enhancing organic growth of more than 20% over the next three years," Chief Executive Mark Cutifani said.

The company said that Benguela Gem is part of the fleet operated by the joint venture between De Beers Group and the government of Namibia.

Write to Sabela Ojea at [e-mail]; @sabelaojeaguix

(END) Dow Jones Newswires

03-18-22 0438ET