Company Comment
De Beers in SA is a shadow of what it was
Diamond company has merged its local and Canadian assets into a single business unit
It’s telling that De Beers has merged its SA and Canadian assets into a single business unit. Both countries are single-mine countries despite De Beers’ best efforts to grow its Canadian footprint in what proved to be a costly mistake at Snap Lake and the short-lived Victor mines. The geographies could hardly be more diverse for the new MD of the merged entities, Nompumelelo Zikalala, who has cut her teeth over the past 18 years at the shrinking asset base in SA. The last remaining mine in Canada, the Gahcho Kue mine is on the edge of the Arctic Circle and operates in the most hostile environmental conditions imaginable for half the year, while in SA the Venetia mine in Limpopo province bakes in blue-sky heat for most of the year. For SA, to be bundled together with Canada, is a rather ignominious end to what has been a major business unit in De Beers, the world’s largest source of diamonds by value. SA was home to the formation of the company 131 years ago and De Beers dominated SA...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.