De Beers says employees will be supported as production at Limpopo mine halted for 2 years

Production halted in the largest diamond mine Due to the outlook of rough diamond trading conditions, the mining giant said it will halt production at the Venetia mine in South Africa for two years to reduce costs while also rephasing capital expenditure on its underground project.

De Beers embarks on organisational changes The world’s leading diamond company on Monday said it is advancing the delivery of its business streamlining by outlining a number of planned portfolio and organisational changes to ensure an efficient cost base that strengthens resilience in the near term while enhancing future competitiveness and retaining optionality as industry conditions improve.“Whilst the increasing rarity of diamonds and the emerging signs of improvement in consumer demand are likely to support longer-term value creation, rough diamond trading conditions are expected to remain challenging in the near-term due to cyclical and industry-specific factors,” said De Beers.