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RAPAPORT... The De Beers Group of Companies began construction of its new underground mine beneath the open-pit Venetia diamond mine in Limpopo Province, South Africa. This $2 billion investment is expected to extend the life of Venetia beyond 2040 and replace the open pit as South Africa’s largest diamond mine, according to De Beers. With underground production expected to begin in 2021, over its life of the mine, De Beers anticipates producing 96 million carats from approximately 130 million tonnes of ore. The underground mine will support over 8,000 jobs directly and another 5,000 across the supply chain, according to De Beers. South Africa's President Jacob Zuma symbolically turned the first earth at the mine during a ceremony today. “Let me, again, welcome the launch of this construction phase of the Venetia underground project,'' Zuma said. ''This 20 billion rand investment in the diamond industry, the biggest single investment in the diamond industry in decades, signals that indeed our mining sector is poised for growth, and that it has a bright future.” 
Mark Cutifani, the CEO of Anglo American plc, added, “Anglo American’s roots are firmly in South Africa and we have been a proud investor here for almost 100 years. Over the last 14 years alone, Anglo American has invested nearly 200 billion rand in South Africa, emphasizing our commitment and making a real difference for South Africa and all South Africans. The positive social impact of skills development, the acquisition of economically valuable experience and the potential to uplift rural and sometimes poorer communities, is what exists here at the heart of Venetia.”
Philippe Mellier, the CEO of the De Beers Group, concluded that 125 years ago, De Beers created an industry in South Africa that it has led ever since. ''As De Beers expanded beyond borders and into new markets, our heritage has always been inextricably linked with South Africa. There can be no greater vote of confidence by our shareholders in South Africa and De Beers than the decision to build an underground mine of the future here at Venetia, one of a handful of world-class diamond mines around the world. With production set to continue into the 2040s, Venetia will support South Africa’s mining economy for generations to come, and make diamond moments possible for millions of people around the world.”
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