it is considering to once again cut diamond production amid persistent market challenges, complicating its plan to sell its De Beers unit as part of a radical overhaul of its business.amid a successful rebuttal of a $49 billion takeover approach from BHP , the world’s biggest miner. The plan includes a sale or divestment of its 85% stake in De Beers, the world’s largest diamond producer by value, to focus on copper, iron ore and the Woodsmith fertilizer project in the UK.
This would add to already implemented production cuts of about 10%, which resulted in second-quarter output, the company said on Thursday, announcing second quarters results. Production for most of the other commodities the company mines beat consensus analyst forecasts. “With higher than normal levels of inventory remaining in the midstream and an expectation for a protracted recovery, we are therefore actively assessing options with our partners to further reduce production to manage our working capital and preserve cash,” he said.