De Beers targets Venetia starting a year early
Work done between De Beers and Anglo American experts will result in $2bn Venetia mine project in SA coming into production a year earlier
De Beers will bring its $2bn Venetia underground mine in SA into production a year earlier, bringing the largest project in its stable into earlier cash flows. This will allow the group to set a 37-million carat target by 2021. De Beers, which is 85% owned by Anglo American, is the world’s largest source of rough diamonds by value. Venetia is the last mine De Beers has left in SA, its birthplace, and it is moving the operation from an open pit to a 1km-deep underground mine, with production expected to start in 2022. Venetia is important because itproduces about 40% of SA’s annual diamond output. The cooperation between De Beers and Anglo was manifested by the work done by Bruce Cleaver, CEO of De Beers, and Tony O’Neill, Anglo’s technical director. “Bruce and Tony got together and looked at the ways we could improve the efficiencies on that project. With that we think we can bring it in a year early, another good outcome from work done at grassroots level,” Anglo CEO Mark Cutifani ...
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