The global diamond mining giant, De Beers, has decided to halt operations at the Venetia mine, the largest diamond mine in South Africa.
This decision is a result of current market dynamics, where conditions for the sale of diamonds have been unfavorable.
The company came to the decision that it would halt the mining business in the region for two years, leaving a huge vacuum for an operation that employs over 3500 people.
De Beers also intends to cut capital expenditure for the mine, which accounts for 40% of South Africa’s annual diamond production, and 10% of its global operations, to reduce costs.
Anglo American is currently attempting to divest De Beers as part of a strategic turnaround intended to refocus the mining corporation's operations on copper.
