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.
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

South Africas Exxaro mulls firing striking coal miners.

South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more

South Africas Telkom says there is no decision to lay off 13,000 employees.

South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more

BP, Masana Petroleum Solutions sell LPG business in South Africa.

Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more

Follow Us On

Most Read

  1. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  2. Don't mention the "D" word - Ukraine
    6 days ago
  3. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    9 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    4 days ago
  5. The models are wrong, climate change is accelerating faster than predicted
    1 day ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    27 days ago
  2. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  3. BRICS announce a blockchain-based payment system to create a common currency
    29 days ago
  4. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    1 month ago
  5. Saudi Arabia to scale back plans for Neom city
    16 days ago

Reports

Dismiss