[miningmx.com] – DE BEERS said it would invest R20bn building an underground diamond mine that would extend the life of its Venetia operation in South Africa’s Limpopo province to 2042.
The company, in which Anglo American has an 85% stake, said the underground extension of Venetia would yield about 96 million carats. Starting in 2021, it would create 1,000 jobs over nine years while open pit mining operations continued, and secure 3,000 jobs over the longer term.
“Our investment in Venetia enables us to provide greater certainty around long-term supply for our sightholders, particularly those with manufacturing operations in South Africa,” said Philippe Mellier, CEO of De Beers Group.
“Our sightholders have significant investments in the local cutting industry and this new underground mine will provide a large and predictable supply of rough diamonds for decades to come,” Meillier added.
The announcement followed receipt by De Beers of the final outstanding regulatory clearances earlier this month.
The project was approved in July 2012 by the boards of De Beers and Anglo American while the environmental plan for the project was accepted by the mineral resources department in October, said De Beers.
