Debswana approves $1bn investment for Jwaneng underground project

In a significant development for the global diamond industry, Debswana, a joint venture between De Beers Group and the Government of the Republic of Botswana, has announced a substantial investment of approximately $1 billion (BWP 13.6 billion) for the Jwaneng underground project. This critical phase of the project marks a pivotal shift from open pit to underground operations at the world’s most valuable diamond mine.

Exploration Access Development Phase: Key to Future Production

This investment is allocated for the Exploration Access Development Phase, primarily focused on establishing a drilling platform for comprehensive kimberlite pipe sampling, initiating the underground mine’s early access decline, and developing infrastructure for future project stages. Scheduled to commence in May 2024, this initiative follows successful feasibility studies, laying the groundwork for the mine’s long-term future amidst a tightening global diamond supply.

Debswana to invest $1bn in Jwaneng mine‘s transition to underground operations

De Beers and Botswana Government: A Strategic Partnership

Al Cook, CEO of De Beers Group and Deputy Board Chairman of Debswana, emphasized the strategic importance of the Jwaneng mine, stating, “Jwaneng stands proudly as the world’s greatest diamond mine. It is a central pillar of both the Botswana economy and the De Beers Group business.” He highlighted the project’s alignment with the company’s strategy to invest in high-quality projects, bringing new technology, skills, and gems to the global market.

Jwaneng Mine: A Legacy of Diamond Production

Since its inception in 1982, the Jwaneng Mine has been a cornerstone of Botswana’s economy, producing nearly 11 million carats annually. Employing over 5,300 individuals, the mine’s underground project is poised to create additional jobs, securing a long-term future for the mine and continuing its significant economic contribution to Botswana.