BHP Annual Diamond Revenues $583 Million (Corrected)

Backed by rising prices in the market, multi-commodity miner BHP Billiton posted a 25.3 percent rise in annual revenues to $59.47 billion, citing higher volumes of copper, iron ore, manganese ore, energy coal and diamonds.

Revenue from diamonds totaled $583 million, marking an 11.9 percent year-over-year increase and a decline of 13.45 percent to $103 million in terms of underlying earnings before interest and taxes.

In a release, BHP reported strong operating earnings at Ekati resulting from higher diamond prices and lower unit costs, mainly due to higher per carat value and higher grade underground production, as well as tight cost control and improved plant recoveries.

These higher earnings were offset by an increase in exploration and development expense for diamonds in Angola, potash in Canada and titanium minerals in Mozambique. The weakening U.S. dollar also took its toll.