Three Diamond Mines Poised to Extend Life
By Rob Bates | January 11, 2024
"Three diamond mining companies have announced plans to extend the lives of their prime assets for at least the next 15 years.
Most notably, Debswana—the joint venture between De Beers Group and the government of Botswana—has approved an approximately $1 billion investment that will transition the Jwaneng mine from open pit to underground operations. The initial work will start in May, follow the successful completion of feasibility studies.
The Jwaneng mine has been open since 1982, and, prior to this investment, was scheduled to remain in use through 2035. Underground mining could extend its life through 2050.
Called the “world’s greatest diamond mine” by De Beers CEO Al Cook, Jwaneng produces an average 11 million carats per year. It currently employs 2,100 permanent workers and 3,200 contractors. The mine recently hosted Gina Drosos, CEO of Signet, which has a diamond factory in Botswana that employs over 200 people.
Also in Botswana, Lucara has signed a new financing arrangement that will start underground mining at Karowe, which is meant to extend the mine’s life through at least 2040.
Finally, Burgundy Diamond Mines, which last year purchased the Ekati mine in Canada’s Northwest Territories, says it has developed a plan that will possibly prolong that asset’s operation until 2040. This will be achieved through ... "
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