One of the gems in the crown of the continent’s diamond mining sector is going underground.

De Beers has signed off on a US$1 billion project to extend the life of its flagship Jwaneng diamond mine in Botswana.

The project will see the Jwaneng pit being converted into an underground mine, reports Engineering News.

In 2023, De Beers started mining at its new Luele mine in Botswana – the biggest in the country and one of the world’s largest by estimated resources – despite a decline in demand for natural diamonds.

However, the commitment to extending Jwaneng’s mine-life comes as long-term global supply of rough diamonds is falling.

‘The global supply of natural diamonds is falling, so moving forward with the Jwaneng underground project creates new value for investors,’ says  De Beers CEO Al Cook.

16 January 2024
Image: Jwaneng Mine