De Beers to invest additional ZAR 5bn in South African mine.

By bne IntelliNews November 4, 2011
Worlds largest diamond producer De Beers pledged to raise its investment in its new underground mine in Venetia, South Africa, by ZAR 5bn to ZAR 15bn aiming to prove its belief in the countrys mining future, Business Day reported. The move came after a mineral resources committee expressed concerns at a hearing in Parliament that the company was withdrawing from South Africa. International market leaders, including BHP Billiton and Rio Tinto have recently sold several mineral assets in South Africa and showed concerns about a call for nationalisation of mines, surging electricity and labour costs, power shortages and rail and port constraints. De Beers has sold five mines in South Africa over the past three years in order to focus on higher-yielding projects, according to CEO Phillip Barton. The diamond mine in Venetia is one of the largest deposits in the world. De Beers expects to start mining works in Venetia in 2012.

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