Diamond mining giant De Beers is likely to have to cut jobs, its chief executive said on Thursday, as it outlined plans for an overhaul of its business after the coronavirus hit jewellery demand.
FILE PHOTO: A truck drives amongst workings at the De Beers Voorspoed Diamond mine near Kroonstad, South Africa May 3, 2017. REUTERS/James Oatway/File Photo
Underlying earnings before interest, tax, depreciation and amortization were just $2 million in the period, down from $518 million in the first half of last year. Cleaver said the process would last for three months and involve a review of mining, rough sales, retail and the corporate centre, but exclude joint venture businesses in Botswana and Namibia which have different governance structures.The country’s coronavirus state of emergency, which ends in October, prohibits businesses from laying off workers.
South Africa’s National Union of Mineworkers did not immediately reply to a request for comment on possible job cuts by De Beers.
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