(IDEX Online News) –De Beers has begun construction of a new underground mine at its open pit Venetia mine in South Africa.

 

The $2 billion investment will extend the life of Venetia beyond 2040 and replace the open pit as South Africa’s largest diamond mine.

 

With underground production expected to commence in 2021, over its life, the mine will treat approximately 130 million tonnes of ore, containing an estimated 96 million carats. The mine will also support over 8,000 jobs directly, and a further 5,000 through the supply chain.

 

South Africa's President Jacob Zuma symbolically turned the first earth at a ceremony held at the Venetia mine on October 22.

 

The event was also attended by Susan Shabangu, Minister of Mineral Resources; Sir John Parker, Chairman of Anglo American plc; Mark Cutifani, Chief Executive of Anglo American plc and Chairman of The De Beers Group, Philippe Mellier, CEO of De Beers; Barend Petersen, Chairman of De Beers Consolidated Mines (DBCM), Manne Dipico, Chairman of DBCM empowerment shareholder Ponahalo Holdings; and Phillip Barton, CEO of DBCM.