De Beers reports first production from Venetia underground mine

Global diamond giant De Beers on Tuesday reported its first production from its new $2.2 billion (R39bn) underground operations at Venetia mine in South Africa.

De Beers, a unit of Anglo American, stopped its 30-year open pit mining operations at Venetia in December 2022 to transition to the underground mining project it started developing 10 years ago.

The highly mechanised underground operation is currently 70% complete and would produce between 4.5 million and 5.5 million carats of diamonds annually, De Beers said in a statement. De Beers produced 34.6 million carats in 2022 and its 2023 output was forecast in the 30 million to 33 million carat range.

“The investment in taking the world-class Venetia mine underground enhances De Beers Group’s global production for the long term and is an indication of our commitment to South Africa,” Moses Madondo, the managing director of De Beers Group Managed Operations, said.

Construction and production ramp-up at Venetia would continue over the next years, extending the mine’s life to at least 2046, De Beers said.

REUTERS

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