Market NewsCommentPower crisis closes SA diamond mines

Power crisis closes SA diamond mines

De Beers announced the immediate suspension of all diamond mining at its South African mines in response to the country’s power crisis that has been declared a national emergency. De Beers’ mines in South Africa produce about 15 million carats per annum. There are concerns that the power shortages in South Africa will ripple across into Botswana which relies on South Africa for the greater part of its electricity generation. Debswana, the joint venture mining company between government and De Beers in Botswana, is the world’s largest diamond producer by value with an annual production in excess of 30 million carats per annum.

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