2023-07-25 15:53:48 ET
Anglo American ( OTCQX:AAUKF ) ( OTCQX:NGLOY ) said Tuesday its De Beers diamond mining subsidiary achieved first production from the underground operations at the Venetia mine, which it built at a cost of $2.3B.
De Beers said the overall construction of the mine is now 70% complete, with construction and production ramp-up to continue over the next few years.
Venetia has long been a leading diamond mine in South Africa, but it ended open pit mining operations in December following 30 years of production; the company began underground expansion in 2012.
De Beers expects the highly mechanized underground operation will produce ~4M carats/year.
The company said the $2.3B project not only enhances its global production for the long term, but also shows its commitment to South Africa.
More on Anglo American:
- Financial and valuation comparison to sector peers
- Analysis: Anglo American: Even For A Slowdown, Its Price Has Overcorrected
- Stock price return: Down 17% YTD, down 2.5% in the past 12 months
For further details see:
Anglo's De Beers delivers first production from $2.3B Venetia mine expansion