De Beers eyes Zimbabwe, DRC after gaining SA permits | Fin24
In partnership with
  • Credit Rating

    Moody's has (again) said that weak state-owned entities are a risk to SA's sovereign credit rating.

  • SARS Inquiry

    Judge Nugent has recommended the president sack suspended SARS boss Tom Moyane.

  • Nene Rand Rollercoaster

    Simon Brown says savvy investors worked out how the rand would react to uncertainty at Treasury.


De Beers eyes Zimbabwe, DRC after gaining SA permits

Feb 07 2018 19:57
Felix Njini, Bloomberg

Nairobi - De Beers may follow its resumption of exploration for diamonds in the Northern Cape by looking in the longer term at opportunities in countries like Zimbabwe and the Democratic Republic of Congo.

"I’m excited about what I’m seeing in Zimbabwe," said Phillip Barton, chief executive officer of De Beers’ South African unit. "If we get licences, we would have a further look."

For now, the company is keeping its focus on seeking deposits in South Africa after gaining 16 exploration licences in the Northern Cape. Barton said it wants to extend searches to the Free State, North West and Limpopo, where De Beers is working on the $2bn Venetia project.

The company will take a “long-term view” on countries such as Zimbabwe and and the DRC when the time is right, he said.

“We have Venetia mine that’s literally 20km from the Zimbabwe border,” Barton said on the sidelines of the annual Mining Indaba conference in Cape Town. "Why would it be just on the one side?”

In addition, De Beers would consider seeking exploration licences in Congo if the legal situation improves, as well as adding another ship to its fleet of five looking for marine deposits off Namibia.

“The progress made in prospective countries like Zimbabwe and the DRC is encouraging,” Barton said in a separate statement.

“Our focus in De Beers remains on those countries where we have well established operations - South Africa, Namibia and Botswana.”

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.



Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The appointment of Tito Mboweni will:

Previous results · Suggest a vote