De Beers to Maintain South African Diamond Exploration Spending

Mining Weekly reported that De Beers plans to maintain its South African diamond exploration spending at 30 to 35 million rand per year. “We’ve got to find the next mine for De Beers,” Phillip Barton, CEO of De Beers Consolidation Mines (DCBM), told the news outlet.

As quoted in the market news:

DBCM, which currently mines at Venetia in Limpopo province and at Voorspoed in the Free State, has built up a large volume of geological data in South Africaover the years, including in areas were it mined in the past.

Barton said the country remained one of the top three world destinations for diamond exploration, which was being enhanced by the introduction of new technologies.

The economic crisis of 2008 was the only reason the company pulled back fromexploration spend, but exploration in close liaison with South Africa’s Department of Mineral Resources (DMR) is now gaining momentum.

‘We’re starting to get the turnover on ground that we require and we’re finding kimberlites,’ he said.

Click here to read the full Mining Weekly report.