Anglo-American reports 27% decline in revenues
The rough diamond mining company also saw its sale fall by 30% as it was hit by the pandemic
Anglo-American has reported a 27% decline in revenues in its preliminary financial results for 2020.
The rough diamond mining company saw revenue drop from $4.6bn (£3.3bn) in 2019 to $3.4bn (£2.4bn) last year.
Furthermore, Anglo-American’s sales fell by 30% over the same period, dropping to $2.8bn (£2bn), as the company was hit hard by the economic downturn resulting from the Covid-19 pandemic.
The average realised price for a rough diamond decreased by 3% to $133/ct, followed by a 10% decline in the average rough index largely offset by an increased proportion of higher value rough sold in 2020.
Shares in the company rose by 4.6% in early trading as the diamond industry expects to return to form as lockdown restrictions ease up and vaccination programmes pick up the pace around the globe.
