Maharashtra clears 937 hectares for Gadchiroli steel expansion Steel stock surges 29% in just two days Steel output rises 14% to 9.25 MT Infrastructure boom fuels India’s steel consumption
De Beers, the world’s largest diamond producer by value, said on Wednesday it’s going ahead with a planned $1 billion investment to extend the life of its flagship Jwaneng mine in Botswana by moving operations underground.
The decision comes amid ongoing weak conditions in the global diamond market, which saw prices for wholesale polished diamonds dropped by a fifth in 2023, dragging down with them rough diamonds.
The Anglo American (LON: AAL) unit and the government of Botswana, which jointly own Debswana Diamond, said the investment will fund establishing a drilling platform to facilitate sampling of kimberlite pipes. It would also allow developing essential infrastructure to support the project development
Initial works at Jwaneng underground will begin in May this year and will be developed in two further phases, Phase 1 mining and Phase 2 mining. The gradual development is meant to support long-term future production at the mine in an environment of tightening long-term diamond supply, De Beers said.
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