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Jwaneng goes underground at P65 billion cost

patriot by patriot
April 26, 2021
in Business
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Jwaneng goes underground at P65 billion cost

Jwaneng mine

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MINING.COM Editor 

Debswana Diamond, equally owned by De Beers and the Botswana government, has earmarked $6 billion (65 billion pula) to build the world’s largest underground diamond mine at Jwaneng, already the richest mine in term of diamonds value.

The new section of the mine will have more than 360 km (224 miles) of tunnel development and is expected to achieve full production by 2034, Debswana’s head of transformation and innovation, Thabo Balopi, said on Friday.

Jwaneng underground mine is forecast to produce as much as 9 million carats per year, extending the current operation’s lifespan by 20 years. Debswana’s board is yet to make a final decision on how to finance the project, one of several executed since Jwaneng opened in 1982. The last expansion cost 24 billion pula (just over $2.2bn) and transformed the operation into one of the world’s largest open-pit diamond mines.

Jwaneng is critical to De Beers as it contributes nearly half the carats the company produces a year. In 2020, Jwaneng yielded 7.5 million carats of the group’s 2020 output of 25.1 million carats.

The mine produced 3.2 million carats in the first three months of 2021, De Beers said on Thursday, which is equivalent to 41% of the miner’s total production for the quarter.

Botswana, which is used to having an influx of international diamond buyers from Mumbai and Antwerp and traders from China, recently decided to close its Damtshaa diamond mine for three years.

The government said at that time that weak demand and trading disruptions caused by the ongoing global pandemic triggered the decision. Debswana provides the country with around two-thirds of its foreign exchange and contributes a fifth of its GDP.

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  • Killings of journalists up 50% in 2022, half targeted off duty    January 25, 2023
    Eighty-six journalists and media workers were killed around the world in 2022 – one every four days, according to UNESCO data, highlighting the grave risks and vulnerabilities that journalists continue to face in the course of their work.   […]
  • Judge Tau; please don’t stifle public scrutiny of the Court of AppealJanuary 25, 2023
    Her utterances are misplaced and must be condemned with the contempt it deserves ADAM PHETLHE The Patriot on Sunday dated 15 January 2022 carried an article titled ‘Judge Tau defends CoA Integrity’, with sub-headings “Complains of discrediting reckless statements; […]
  • Miss Botswana 2022 is the Face of KGK DiamondsJanuary 19, 2023
    Its been an exciting first week back to her MBW duties and we kick off the year with an official announcement that Our Queen is The face of KGK Diamonds. Lesego Chombo alongside Nigel Amos was the show stopper […]
  • Executives to watch in 2023January 19, 2023
    A year is often too short to demonstrate your worth, yet that’s exactly what the newly appointed Chief Executive Officers (CEOs) have to do to show that they deserve their enviable roles. PATRIOT BUSINESS looks at CEOs who shall […]
  • BLP TEST AP/BCP UNITY TALKSJanuary 19, 2023
    BAKANG TIRO editors@thepatriot.co.bw The new entrant in the cooperation talks between Alliance for Progressives (AP) and Botswana Congress Party (BCP) – Botswana Labour Party (BLP) has thrown spanner in the works by demanding that both AP and BCP yield […]
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