Liberia Diamond Output Plunges in Third Quarter

Mining and Exploration
08/02/2016 09:14

Liberia's diamond output in the third quarter of last year almost halved from the year-earlier figure and the preceding quarter. Production dropped to 11,796 carats from more than 20,000 carats in the comparable quarter of 2014 and from over 22,000 carats in the second quarter of 2015, according to a bulletin from the country’s banking sector, the IDI news site reports. The drop in output is due to seasonal factors such as flooding of mining areas.

The West African country’s diamond exports were worth $6.4 million in the third quarter of 2015, exactly half the $12.8 million achieved in the year-earlier quarter, and down almost 40% on the $10.1 million generated in the second quarter of this year. Meanwhile, Liberia's gold production fell by nearly two-thirds during the third quarter of 2015 as a decline in global gold prices led to a reduction in output.