• 11 hours Which Country Is The World’s Largest Investor In Batteries?
  • 2 days Are Bitcoin’s Environmental Risks Overblown?
  • 2 days Why The Gold Rush Ran Out Of Steam
  • 5 days Coinbase IPO Explodes, But Fails To Keep Its Momentum
  • 5 days China Slaps Alibaba With Record $2.75B Antitrust Fine
  • 6 days The Pandemic Has Culled The Middle Class
  • 7 days Legacy Automakers See Massive Spike In Sales
  • 8 days Tesla's Biggest Competitor Is Going Cobalt-Free
  • 9 days Stocks That Could Benefit From Biden’s $2.5 Trillion Infrastructure Plan
  • 11 days The Mafia Has Expanded Its Influencer Under COVID-19
  • 12 days How Fintech Will Get Skeptics Into Crypto
  • 13 days Monday Markets Rise On Stellar Jobs Report
  • 16 days Not Even Bribery Allegations Can Crush Cannabis Boom
  • 20 days Canada May Become Leader In Booming Battery Market
  • 21 days Nearly 42% Of All Amazon Reviews Are Fake
  • 22 days Kidnapping Is Big Business In Nigeria
  • 23 days COVID Fraud Amounts To Nearly $570M
  • 26 days Art Is Now An Algorithm
  • 27 days TikTok Threatens America, Tesla Threatens China
  • 27 days Small-Cap Energy Sectors With Big Upside
Gold Output Set To Decline

Gold Output Set To Decline

The suspension of mining activities…

Where Will Gold Go From Here?

Where Will Gold Go From Here?

The Fed recently issued a…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Commodities
  3. Precious Metals

De Beers To Expand World’s Most Profitable Diamond Mine

Diamonds

Botswana's Debswana Diamond Mining, a joint venture between De Beers and the southern Africa country's government, have awarded Thiess’ subsidiary CIMIC a $1.2-billion contract to extend the lifespan of their Jwaneng mine.

Jwaneng, which began operations in 1982, is currently 650 metres deep, but its owners want to deepen the pit to 830 meters (2,700 feet), which will allow continuing operations for another 11 years, to 2035, and extracting a further 53 million carats.

Debswana will invest approximately $2 billion over the life of the project, dubbed Cut 9, which involves removing waste from the bottom of the mine to both widen and deepen the pit.

Jwaneng, which began operations in 1982, will continue in operations unit 2035.

At its peak, Cut-9 is expected to create more than 1,000 jobs, the majority of which will be held by locals.

“With global consumer demand for diamonds reaching record levels in 2018, the extension will enable us to continue to meet the needs of our consumers all over the world,” Debswana’s chairman Bruce Cleaver said in the statement.

This is not the first time Debswana decides to invest in expanding Jwaneng, the world’s No.1 diamond producing mine by value, which contributes almost 70 percent of the partnership’s total revenue. Related: Major Gold Analysts Predict A Good Year For Precious Metals

The company completed in November a $3-billion, 10-year-long expansion plan, Cut 8, which extended the lifespan of the mine to 2024.

Debswana was formed in 1969 as a 50/50 partnership between the Botswana’s government and De Beers Group. The unit is a significant contributor to the country’s economy with more than 80 percent of its profits going back to Botswana’s citizens.

Diamonds from Debswana bring in about 50 percent of public revenue, representing 33 percent of GDP and over 80 percent of foreign earnings to Botswana.

By Mining.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment