Friday, April 19, 2013

South Africa Venetia diamond mine returning to normal production levels

Venetia diamond mine in South Africa is the largest diamond mine in the country, and also one of the largest diamond mines in the world. It is owned by the world's largest diamond company De Beers with the production of more than 3 million carats per year.

The first few months of 2013 weren't were good in terms of production for Venetia diamond mine because of unusually heavy rainfall and mine flooding. The extension of this year's rainfall hasn't been seen for decades and has led to flooding of the mine with 23 meters of water.

This has led to major decrease in production but the production should return back to normal in the second half of the year. At the start of this year De Beers invested  $2.27 billion in the Venetia mine that should be enough to guarantee production for the next three decades.

Venetia diamond mine represents around three quarters of total South-African diamond production for De Beers so this massive investment doesn't come as a big surprise.

De Beers have recently also announced the launching of the largest sea-going vehicle in the world for mining diamonds that should soon become responsible for a full 30% of the firm's annual diamond production, or in numbers should be able to recover approximately 350,000 carats of precious gems.


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