BHP Diamond and Specialty Products Earnings Fall 24.3%

Rough diamond sales by mining giant BHP Billiton have decreased compared to last year, a result of inventory sales in the prior year, the company said as it released its results for the fiscal year ended June 30.

Underlying EBIT of the Diamonds and Specialty Products group was $261 million, a decrease of $84 million, 24.3 percent over last year. The group includes exploration for and mining of diamonds and titanium minerals.

The decrease was due to a 23 percent drop in sales of diamonds by volume, and rising costs due to variations in the mix of ore processed. This was partially offset by higher value per carat.

BHPB reported that total EBITDA was up 27.1 percent to $23.0 billion and Underlying EBIT increased 31.4 percent to $20.1 billion.