The Board of Debswana, the 50:50 diamond mining joint venture between De Beers Group and the Government of the Republic of Botswana, today announced it had approved investment for a key development phase of the Jwaneng underground project, paving the way for the world’s most valuable diamond mine to transition from open pit to underground operations.
The ~$1 billion (BWP 13.6 billion) investment in this phase of works, known as the Exploration Access Development Phase, is for establishing a drilling platform to facilitate comprehensive sampling of the kimberlite pipes, delivering the early access decline for the underground mine and developing essential infrastructure to support forthcoming stages of the project.
The initial works, to start in May 2024, follow the successful completion of feasibility studies. Following the Exploration Access Development stage, the project will be developed in two further phases, Phase 1 mining and Phase 2 mining, to support long-term future production at the mine in an environment of tightening long-term diamond supply.
De Beers Group CEO and Debswana Deputy Board Chairman, Al Cook, said: “Jwaneng stands proudly as the world’s greatest diamond mine. It is a central pillar of both the Botswana economy and the De Beers Group business.
The global supply of natural diamonds is falling, so moving forward with the Jwaneng Underground Project creates new value for investors, brings new technology to the country, creates new skills for our workforce and provides new gems for customers around the world.
This investment is aligned with our strategy to prioritise investments in the highest quality projects. We are proud to work in partnership with the Botswana Government in creating a bright future for Debswana.”
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
