Debswana did not commit to absorb Majwe employees -Armstrong
Jwaneng Mine to go underground – Balopi
PHILLIMON MMESO
editors@thepatriot.co.bw
Debswana Diamond Company a joint venture between Botswana government and Anglo American’s De Beers is going into full swing to ensure that their new business strategy adopted last year is yielding desired results.
The Debswana Executive Management recently took the media through their strategy and how they have started to implement it. The strategy is anchored in restructuring of mines and improving efficiencies throughout the group’s operations.
First to take the cue was the General Manager for Jwaneng Diamond Mine Koolatotse Koolatotse who briefed the media about the transition of the Cut 9 expansion project from Majwe Mining Joint Venture (MMJV) to Debswana Diamond Company. Koolatotse revealed that the transition was successfully completed at the beginning of April and that the Cut 9 contract was a P12 billion waste stripping p
DuPont Reports First Quarter 2021 Results
- 1Q21 GAAP EPS from continuing operations of $0.89; adjusted EPS of $0.91
- 1Q21 Net Sales of $4.0 billion, up 8 percent; organic sales up 7 percent versus the year-ago period
- 1Q21 GAAP Income from continuing operations of $541 million; operating EBITDA of $1.05 billion, up 15 percent versus the year-ago period
- Earnings leverage of 1.9 times driving operating EBITDA margin expansion of 160 basis points
- Approximately $660 million of capital returned to shareholders during the quarter through share repurchases and dividends
- Raises full year 2021 guidance for net sales, operating EBITDA and adjusted EPS
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Operator
Good morning, and welcome to Rexnord First Quarter 2021 Earnings Results Conference Call with Todd Adams, Chairman, President and Chief Executive Officer; and Mark Peterson, Senior Vice President and Chief Financial Officer. This call is being recorded and will be available on replay for a period of two week. The phone numbers for the replay can be found in the earnings release the company filed 8-K with the SEC yesterday, April 27th.
At this time, for opening remarks and introduction, I will turn the call over to Mark Peterson.
Mark W. Peterson
Senior Vice President and Chief Financial Officer
A successful transition of the Cut 9 expansion project from Majwe Mining Joint Venture (MMJV) to Debswana Diamond Company was reached on 4
th April 2021. The Cut 9 contract was a P12 billion waste stripping project that started in 2019 and was expected to end in 2027. The Cut 9 operation will continue with its intent to extend the life of mine of diamond mining in Jwaneng Mine to 2035.
To date the transition has been smooth. No safety incidents have been recorded and this gives Debswana confidence that critical controls have been implemented and are delivering the expected results. Production has been stable throughout the transition from Contract Mining to the interim ‘Project’ arrangement, which entails Jwaneng mine directly operating and managing the Cut 9 mining operation and only outsourcing some key services and resources. Re-tendering process for Cut 9 Labour Sourcing services is planned to be concluded in December 2021.