De Beers Commits to Invest $2.3B to Expand SA Diamond Mine

Bloomberg reported that De Beers SA, which is 85% owned by Anglo American Plc, will invest $2.3 billion to construct an underground diamond mine in South Africa, below its Venetia-open pit operation.

As quoted in the market news:

Construction of the mine will create about 1,000 jobs, De Beers said. It forecasts underground output to begin in 2021, yielding about 96 million carats during the mine’s life.

Click here to read the full Bloomberg report.