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Market NewsNewsDe Beers suspends SA exploration budget

De Beers suspends SA exploration budget

De Beers, which will be down to a single mine in South Africa from 2020, has 54 exploration applications stuck with the Department of Mineral Resources, some for two years, and has suspended its R40m annual exploration budget in the country, Business Day reported.

The focus of De Beers Consolidated Mines (DBCM), the South African subsidiary of De Beers, the world’s largest producer of rough diamonds by value, is on bringing its $2bn Venetia mine into production and managing the transition from opencast mining to underground mining, minimising the anticipated dip in production at that time, said DBCM CEO Philip Barton, said the Business Day report.

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