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Jan
11
2024
By The African Mirror
De Beers approves $1 billion spending at Botswana mine

De Beers approves $1 billion spending at Botswana mine

NEWS
Global diamond giant De Beers said it will go ahead with a planned $1 billion investment to extend the life of its flagship Jwaneng mine in Botswana, even as last year's downturn in gem demand persists. The Anglo American unit and the Botswana government, which jointly own Debswana Diamond Company, have approved the spending that will convert the Jwaneng pit into an underground operation. Debswana said in 2018 it planned an investment to extend the lifespan of the mine by 11 years from 2024. De Beers said the spending is necessary as the long-term supply of rough gems is expected to…
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Dec
17
2023
By FELIX NJINI and OLIVIA KUMWENDA-MTAMBO
South African court denies class action against Anglo American

South African court denies class action against Anglo American

NEWS
SOUTH Africa's High Court has ruled that a class action lawsuit against miner Anglo American brought by victims of alleged historic lead poisoning in Zambia should not go ahead, lawyers for the claimants said. Victims of the alleged poisoning had accused Anglo's South African unit of negligence in controlling emissions of lead into the local environment at a mine it part-owned 50 years ago in Zambia's Kabwe district. Anglo has previously denied the allegations and vowed to defend itself. "We have stated from the outset that this claim is entirely misconceived and it is clear that the court recognised its multiple legal…
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Nov
14
2023
By BRIAN BENZA
De Beers keeps production target despite supply glut

De Beers keeps production target despite supply glut

BUSINESS
DE BEERS, a unit of Anglo American, is sticking to its 2023 production target because it is confident of the long-term outlook, its chief executive said, despite a glut in diamond supply amid weakening demand. Global demand for diamonds has fallen to levels not seen since the pandemic and De Beers, at its latest sale in October, recorded an 82% decline in demand from a year earlier to $80 million as global economic challenges continue to impact appetite for luxury goods. In recent months major industry players have taken measures to ease the supply glut, with India - which cuts and polishes…
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Nov
04
2023
By The African Mirror
De Beers agrees five-year wage deal with S.African union

De Beers agrees five-year wage deal with S.African union

BUSINESS
ANGLO American Plc's De Beers signed a five-year wage deal with the National Union of Mineworkers (NUM) which represents workers at its South African diamond operations. The agreement will see employees receiving a 7% increase in 2023, and 6% in the subsequent years until April 30 2028, De Beers said in a statement. The increase takes the minimum entry-level basic wage to 17,630 rand ($954.30) per month, excluding allowances, De Beers said in a statement. The agreement also allows for participation in Anglo American employee share ownership plans, it added. De Beers Group Managed Operations Managing Director Moses Madondo said the…
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Oct
06
2023
By The African Mirror
Anglo CEO says miners must make “tough decisions” to remain profitable

Anglo CEO says miners must make “tough decisions” to remain profitable

BUSINESS
ANGLO AMERICAN CEO Duncan Wanblad said that mining companies have to confront tough decisions such as cutting costs as weak metal prices hit earnings, a day after the group announced plans to shed an undisclosed number of jobs. The industry, including South Africa, where Anglo owns iron ore, platinum and diamond mines, is going through "challenging times", Wanblad said in a virtual address to a South African mining conference. "We know that securing long-term competitive advantage and establishing a more resilient platform involves tough choices along the way," Wanblad said. Weaker metals prices and concerns of a global economic slowdown…
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Oct
22
2020
By The African Mirror
Anglo American’s South Africa unit faces class action over Zambia lead poisoning

Anglo American’s South Africa unit faces class action over Zambia lead poisoning

NEWS
HELEN REID and TANISHA HEIBERG ANGLO American's South African division is being sued over allegations of negligence at a lead mine it part-owned in Zambia nearly 50 years ago, according to a class action filed in South Africa's High Court. South African law firm Mbuyisa Moleele and UK-based Leigh Day said they filed the suit "on behalf of a class estimated to comprise more than 100,000 individuals" thought to have been poisoned by lead from the mine in Zambia's Kabwe district. "The application is brought by 13 representative plaintiffs on behalf of children under 18, and girls and women who…
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Aug
05
2020
By The African Mirror
South Africa’s diamond polishers look to lockdown lovers to add shine

South Africa’s diamond polishers look to lockdown lovers to add shine

BUSINESS
TANISHA HEIDBERG and SISIPHO SKWEYIYA SOUTH Africa's diamond industry, famed for sales the world over and supplying gems for the British crown jewels, is looking closer to home to revive its fortunes following the coronavirus slump. Even before the new virus triggered the COVID-19 pandemic, diamond prices and demand were weak. Global economic weakness has exaggerated that and Anglo American's De Beers unit last week reported a plunge in earnings. Some of the many small players who polish the rough diamonds that De Beers and other miners unearth say they have been pleasantly surprised by the extent of lockdown jewellery-buying…
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