De Beers Receives Eight SA Mining Rights

De Beers announced Thursday the successful conversion of seven of its old order mining rights to new order rights under the provisions of the Minerals and Petroleum Resources Development Act in South Africa.

The miner also received a new order mining right over an area in Namaqualand, where it previously did not hold one. 

“The complexity and scope of the Act as an instrument to further social and economic development and to foster transformation (…) is something often not fully appreciated,” David Noko, De Beers Consolidated Mines (DBCM) managing director said.

The converted licenses were for the Finsch Mine, and for the Buffels Marine, Buffels Inland, Dikgat, Brand-se-Baai, Koingnaas and a new right application was granted for the Verdun area which forms a part of Namaqualand Mines in the Northern Cape.

Conversions have also now been executed for Venetia Mine in the Limpopo Province.

The company has already received its mining right for its new billion rand ($104 million) investment in the Voorspoed Mine in the Free State, which is scheduled to open Tuesday.