De Beers, the diamond mining subsidiary of mining giant Anglo American, saw a sharp rise in earnings last year.
De Beers's achieved underlying earnings of $968m in 2011, against a 2010 figure of $598m.
The 62% rise in earnings was revealed by Anglo American, the long time major stakeholder in the firm which took a controlling interest in November of last year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
For full year 2011 however, Anglo will only receive 45% of the earnings - the level of its stake before the takeover. This amounts to $443m.
The significant increase in earnings over 2011 emphasises the case for the $5.1bn transaction, which ended the Oppenheimer family's 80-year involvement in De Beers.
BS
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
