The head of the De Beers diamond company says that he aspires to find a new diamond deposit of very large proportions, something that has not been done in the diamond industry for fifteen years. Mining Weekly reports that De Beers chief executive officer Phillippe Mellier, at the helm of the company for just under a year, dreams of finding another Jwaneng – a reference to the world's richest diamond mine by value, located in the Kalahari Desert in Botswana and co-owned by De Beers.
Mellier is instead confronted with a decidedly different set of circumstances: existing alluvial diamond mines that are reaching decreasing scales of efficiency and which must receive large infusions of cash in order to construct the appropriate infrastructure if diamond mining is to continue below ground.
One such diamond mine is the Venetia project, South Africa's biggest diamond producer, located in the Limpopo province. The mine, expected to produce until 2021, would need a cash investment of about $2.1 billion in order for De Beers to unearth its underground diamonds.
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