Industry News by Nemesis

De Beers Putting Voorspoed Mine in South Africa Up For Sale

November 28, 2017


De Beers Group is looking for a buyer for its Voorspoed mine in Kroonstad, Free State, South Africa.


"After evaluating a range of options, the decision to place Voorspoed mine on the market has been taken to provide the opportunity for responsible lower-cost operators to employ a different operating model that could potentially extend the mine’s operating life beyond 2020, thereby contributing to the host community through continued employment opportunities and economic activity," the miner said in a statement.


"Potential buyers will be required to exhibit a record of success technically and financially, and to meet all applicable regulatory and social requirements while economically and sustainably operating the mine."


Phillip Barton, CEO, De Beers Consolidated Mines, said that based on the firm's experience with other operations "we believe the most responsible course of action is to give other lower-cost operators the opportunity to purchase the mine and potentially extend its life, as this will maximize the benefit for the community and the mine’s workers.”


The Standard Bank of South Africa Limited has been appointed as financial adviser to De Beers on the proposed disposal process of Voorspoed mine.


In its South African portfolio, De Beers also operates the Venetia mine in Limpopo Province and is making its largest ever investment in South Africa with a ZAR20 billion (approximately $1.4 billion) project to take the mine underground.


Source: Idex

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