Gaborone, Botswana— The Board of Debswana, the 50:50 diamond mining joint venture shared by De Beers Group and the Government of the Republic of Botswana, has officially sanctioned a pivotal phase in the development of the Jwaneng underground project. This landmark decision marks a significant shift for the world’s most valuable diamond mine, transitioning it from open-pit to underground operations.
A substantial investment of approximately $1 billion (BWP 13.6 billion) has been allocated for the Exploration Access Development Phase, designed to establish a drilling platform for comprehensive sampling of the kimberlite pipes. The funding will also facilitate the creation of an early access decline for the underground mine and the development of crucial infrastructure to support subsequent stages of the project. Commencing in May 2024, these initial works follow the successful completion of comprehensive feasibility studies.
Following the Exploration Access Development stage, the project will progress through two additional phases: Phase 1 mining and Phase 2 mining. These phases are integral to ensuring long-term future production at the Jwaneng mine, particularly in the face of a tightening long-term diamond supply globally.
Al Cook, CEO of De Beers Group and Deputy Board Chairman at Debswana, emphasized the significance of Jwaneng as the world’s premier diamond mine. He noted its pivotal role in both the Botswana economy and the overall business strategy of De Beers Group. Cook highlighted that the global supply of natural diamonds is decreasing, making the advancement of the Jwaneng Underground Project a strategic move to create new value for investors, introduce cutting-edge technology to the country, develop essential skills for the workforce, and provide a continued supply of high-quality gems to customers worldwide. He underscored the alignment of this investment with the company’s strategy to prioritize the highest quality projects.
Operating since 1982, the Jwaneng Mine has consistently produced an annual average of nearly 11 million carats. Presently, the mine employs 2,100 permanent staff and 3,200 contractors. Pending forthcoming approvals from the Debswana Board, the Jwaneng underground project is poised to secure a long-term future for the mine, generate new employment opportunities in Botswana, and ensure Debswana’s sustained significant contribution to the nation’s economy.
