2024-01-10 15:49:08
Botswana and mining giant De Beers have approved a billion-dollar investment to extend the operation of the world’s richest diamond mine by volume, they announced on Wednesday.
The board of directors of the Debswana Diamond Company says it has given the go-ahead for work to extend the life of the Jwaneng mine, transforming it from an open pit to an underground operation.
The mine accounts for about 70% of the profits of Debswana, a joint venture between the Botswana government and De Beers, which auctions most of Debswana’s diamonds.
This decision comes against a backdrop of a global decline in demand for diamonds. It will extend the life of the mine by 20 years and is expected to produce up to nine million carats per year, the company announced last year.
“Investing in underground mining is… crucial for the future of Botswana, as well as for the long-term ambitions of the De Beers group and for the supply prospects of the global diamond industry,” he said. said Al Cook, CEO of De Beers.
A southern African country, Botswana is Africa’s leading diamond producer and diamond mining accounts for a third of its GDP.
Last year, the government and mining giant Anglo American, majority owner of De Beers, reached an agreement to sell rough diamonds produced by Debswana for 10 years and a 25-year extension of its mining licenses.
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