CAPE TOWN, South Africa (AFX) - Diamond miner De Beers SA said Friday that full-year earnings rose 32 percent after the company boosted sales.
Net income for the 12 months through Dec. 31 rose to $730 million, from $554 in the previous year, the company said in a statement. Revenue rose 12 percent to $1 billion.
'The outlook for further growth in retail diamond jewelry sales remains positive, with India and China likely to be leading growth markets,' De Beers said.
De Beers also said it entered an agreement with South Africa's Department of Minerals and Energy to combine the West Coast operations of Alexkor and De Beers Consolidated Mines into a standalone company. Under the terms of the transaction, the company will issue a 20 percent stake in its Namaqualand Mines to the department.
De Beers also said that Rene Medori, finance director of Anglo American, will join the board of De Beers with effect from Feb. 6. David Hathorn, executive director of Anglo American, will step down with effect from the same date.
In addition, the company said Ollie Oliveira will step down from the De Beers board Feb. 28.
De Beers is 45 percent-owned by resource giant Anglo American PLC, while the Oppenheimer family holds 40 percent and the government of Botswana 15 percent.
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