De Beers Extends Jwaneng Mine Life

RAPAPORT... Debswana, De Beers' Botswana joint venture, has launched a new project set toextend the life of its Jwaneng mine until 2035. The Cut-9 expansion, which will cost Debswana approximately$2 billion, is expected to produce an estimated 53 million carats of roughdiamonds, the company said Monday. "With global consumer demand for diamonds reaching recordlevels in 2018, the extension will enable us to continue to meet the needs ofour consumers all over the world," said Debswana chairman and De Beers CEOBruce Cleaver. The extension will create about 1,000 jobs, most of whichwill be given to citizens of Botswana, the company said. Majwe Mining, a jointventure between Bothakga Burrow Botswana and Thiess Botswana, will providemining services for the project. In 2010, Debswana began its Cut-8 project, which extendedJwaneng's life until 2033. Debswana is a 50-50 partnership between De Beers and thegovernment of Botswana. Image: Jwaneng mine. (Debswana)