De Beers Inaugurates Voorspoed Diamond Mine

Calling it “the first of a new generation of mines,” De Beers officially opened the Voorspoed Diamond Mine in South Africa Tuesday. Voorspoed is expected to produce approximately 800,000 carats annually when in full production.

De Beers said in a release that the mine will be an important contributor to its future production at a time when known diamond reserves have never been lower. Last month the mine produced approximately 60,000 carats with a value of about $120 per carat, above the South African average of $100 p/c.

According to the diamond miner, Voorspoed sets new standards in environmental and social performance. About 25 percent of technical and mining jobs are held by women, while 36 per cent of the mine complement is female. Employees are young - less than 35 years - and all have fully completed secondary school and many have had tertiary education.

The mine has an environmental, rehabilitation and eventual closure plan that began to be implemented before construction of the mine

Voorspoed is the first De Beers mine to be opened in South Africa since its local mining company De Beers Consolidated Mines (DBCM) entered into the Broad Based Black Economic Empowerment (BBBEE) transaction with Ponahalo in 2006.

“This is an historic milestone for De Beers and our empowerment business partners,” Nicky Oppenheimer said. “Voorspoed is the embodiment of insights we have made throughout our years of operation, about how to operate an efficient mine in a way that helps our producer partners achieve their aspirations of turning natural resources into shared national wealth.”

“Voorspoed is the first major new diamond mine to be opened in South Africa for almost two decades, and is testament to our confidence in the robust future of the diamond industry," Oppenheimer added.