De Beers to Suspend Production at Venetia Mine

De Beers halts Venetia diamond mine for 2 years

De Beers has confirmed it will suspend production at its Venetia diamond mine, South Africa’s most valuable diamond operation, for two years as part of a wider cost-cutting drive. The decision forms part of efforts to steady the business through a prolonged slump in the rough diamond market. Cape {town} Etc Discount Alert! Unlock Cape Town’s best experiences for half the... Read more → The post De Beers halts Venetia diamond mine for 2 years ap…

De Beers to ‘pause’ Venetia Mine as diamonds’ sparkle fades

De Beers said it plans to pause production at Venetia for two years to reduce costs while also rephasing capital expenditure on its underground project

De Beers to Suspend Production at Venetia Mine

De Beers will pause production at its Venetia mine in South Africa for two years in a fresh cost-cutting drive that reflects the market’s shift to higher-value diamonds. “The changes we are making to our business are focused on underpinning our efficiency now and into the future, favorably positioning De Beers in its leadership role,” De Beers CEO Al Cook said in a statement Monday. The move comes amid parent company Anglo American’s efforts to …

De Beers to pause work at S.Africa's largest diamond mine

De Beers is majority-owned by British mining giant Anglo American, which is seeking to offload its stake as the natural diamond market faces intense pressure from laboratory-grown gems. It said "rough diamond trading conditions are expected to remain challenging in the near-term" with production decreasing and several producers closing mines. "Consistent with recent actions to improve business resilience, De Beers intends to pause production at…

De Beers Pauses Venetia Mine Amid Market Downturn

De Beers plans to halt production at its Venetia diamond mine in South Africa for two years as a persistent global market downturn forces the company to slash operational spending.According to the company’s announcement, the suspension will defer capital expenditure on the mine’s newly transitioned underground operation. Management intends to maintain essential infrastructure spending at the site to preserve a fast ramp-up capability once rough …

To reduce costs: De Beers to pause work at S.Africa's largest diamond mine