Debswana Announces $500 Million Investment at Jwaneng

Shareholders of Debswana, a joint venture between De Beers and the Government of Botswana, announced Tuesday their approval of a $500 million investment for an extension project at Jwaneng, the world's richest diamond mine.

Called the "Cut-8" project, the extension is aimed to extend the life of the mine from 2017 to 2024, while substantially helping Botswana's local economy in the process.

The project will create 1,000 jobs at its peak, according to the media release by De Beers. With an estimated total investment of $3 billion over the next 15 years, the company believes the project will create access to 95 million carats, worth over $15 billion.

The Jwaneng Mine contributes approximately 70 percent of Debswana’s total revenue. Diamonds from Debswana contribute 50 percent Botswana's of public revenue, 33 percent of its GDP, and over 80 percent of its foreign earnings.