"De Beers to spend $1 billion on Botswana mine expansion"

" De Beers to spend $1 billion on Botswana mine expansion \r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nDe Beers, the world\u2019s largest\u00a0diamond producer by value, said on Wednesday it\u2019s\u00a0 going ahead with a planned $1 billion investment \u00a0to extend the life of its flagship Jwaneng mine in Botswana by moving operations underground. \r\n\r\nThe decision comes amid ongoing weak conditions in the global diamond market, which saw prices for wholesale polished diamonds dropped by a fifth in 2023, dragging down with them rough diamonds.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nThe Anglo American\u00a0(LON: AAL) unit and the government of Botswana, which jointly own Debswana Diamond,\u00a0said the investment will fund establishing a drilling platform to facilitate sampling of kimberlite pipes. It would also allow developing essential infrastructure to support the project development\r\n\r\nInitial works at Jwaneng underground will begin in May this year and will be developed in two further phases, Phase 1 mining and Phase 2 mining. The gradual development is meant to support long-term future production at the mine in an environment of tightening long-term diamond supply, De Beers said.\r\n\r\n\u201cThe global supply of natural diamonds is falling, so moving forward with the Jwaneng underground project creates new value for investors,\u201d CEO Al Cook said in the statement.\r\n\r\nExtending the productive life of Jwaneng, the world\u2019s richest mine in term of diamonds value, has been in the cards since 2010. Debswana\u00a0 said in 2018 \u00a0it was in the final stages of a $3 billion project to\u00a0 extend the lifespan of the mine to 2024 , and noted it was planning a further investment to keep the mine running for 11 years from 2024.\r\n\r\nThe Jwaneng underground mine is forecast to produce\u00a0 as much as 9 million carats per year . Since 1982, when it began operations, it has produced an annual average of almost 11 million carats per year.\r\n\r\nDebswana is a major contributor to the national economy of Botswana, making up a fifth of the country\u2019s GDP.\u00a0 It is also critical to De Beers as it contributes nearly half the carats the company produces each year.\r\n\r\nAfter\u00a0 months of negotiations , De Beers agreed last year to\u00a0 a new diamond\u00a0sales pact \u00a0with Botswana, which will see the government\u2019s share of diamonds from the Debswana joint venture gradually increase to 50% over the next decade.\r\n\r\n \r\n \r\n \r\n "

"De Beers to spend $1 billion on Botswana mine expansion"

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