1998 , 16 2019  

 




20
50
100




115-



-















" "

 

 

, 30% , . , , - , , . 70 , 8% , SPO 2016 (65 ).

, 25% , 84 . , .* , , e cash cow, ( ) free cash flow, - .

- - . ( 5% ) , . 2017-18 , . , luxury, , , , - .

. , 2016 . : ӭ , 3 2019 2019-2020 . , , . , buyback, - .

I - 100% free cash flow - . - 35% 2018 , 70% FCF, 100%. , , , , , 4 . (- ) , BCS GM.

. DPA - Petra, Gem Lucara 73%, 37% 44% , Trans Hex 30%. Mountain Province 50% Nasdaq - $1, . Signet, Tiffany 2019 37% 79% , . De Beers , . De Beers , . , , - .

2017 , 10% , , .. . , , , . , - , 700 . . I 10%, 17,6 . , 2019 500 . , - 38,5 .

, 27% , , " ". , 2018 2%, 148 . II 2019 , , 1% . - De Beers 11% I , 15,6 ; Rio Tinto 10%, 8,28 . De Beers 31 31-33 , .

έ , : , . . , , 57%, 22 , , , . , . , , - .

, , . , - . , , , - . , , , , , .

, . 16%, 18,9 , 38 32-33 . έ, . . . - , , midstream . , , - () .

, 2015 , 15% - midstream, . - , , .

- . 2009 , . 70% . . De Beers : , , , , - . , , . ; , , , . , , , - . . - , , . , - .

, . , 5-10% . . , - .

ѭ , . , . , , . price over volume , . 2009 . ( 2019 2020 10,5 ) . , - , - . , .

, , . : , , ; , . . , , . 2016 , 2013 , . .

* , - , - -.

: [ rough-polished.com ]

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(C) 1998-2017