De Beers to invest EUR 1.7bn to build new mine in South Africa.

By bne IntelliNews February 18, 2013
Botswana-based De Beers, one of the largest diamond producers in the world, plans to invest about ZAR 20bn (EUR 1.7bn) to build a new underground mine beneath the currently operating open pit Venetia Mine in the Limpopo Province of South Africa, the company said in a statement on its website. The new underground mine will extend the life of Venetia until 2042 and replace the open pit as South Africas largest diamond mine. De Beers, majority-owned by global mining group Anglo American, said it had received all necessary regulatory approvals for the mine development, which is expected to create 1,000 jobs over the next nine years while open pit mining operations continue. Underground operations are planned to begin production in 2021, yielding approximately 96 million carats during the life of the mine, and securing more than 3,000 jobs. Anglo American owns 85% of De Beers with the Botswana government holding the remaining 15% stake. In South Africa, De Beers operates through De Beers Consolidated Mines (DBCM), a 74/26 Black Economic Empowerment (BEE) partnership with Ponahalo Holdings. DBCM manages Venetia Mine, Voorspoed Mine and the Kimberley tailings dumps, and is in the process of selling Namaqualand Mines and the Rooipoort Mining Right.

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