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De Beers Places Kimberley Tailings Operation on the Market

May 21, 2015 8:35 AM   By Jeff Miller
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RAPAPORT...  De Beers has placed its Kimberley mines tailings operation on the market and has been investigating ways to extend the economic life of the operation, which is located in South Africa. The company stated that over the course of the past decade, it has taken steps to sustain the operation and did succeed in maintaining production during the economically challenged period.

Phillip Barton, the CEO of De Beers Consolidated Mines, said, “It is encouraging that our work, to date, in considering all options, has shown that Kimberley mines may not have to close in the near future. We are liaising with directly affected stakeholders outlining feasible options to extend the potential of the mine and its assets. We are engaging fully with employees, union representatives and with the government at national and other levels; most importantly with the Northern Cape government and the municipality. The asset has a superb team of managers and operators and we are keen to offer the mine as a going concern to facilitate a greater degree of job security. The mine is De Beers’ second-largest producer in South Africa with production in 2014 of 722,000 carats. With an appropriate operator, this asset has potential into the next decade.”

De Beers anticipates wrapping a sales agreement in just a matter of months, after which the transfer of the operation to a new owner must meet all regulatory requirements, and be handled with appropriate care to avoid unnecessary delay, according to the company's statement. 

Tags: De Beers, diamonds, Jeff Miller, Kimberley mines, mining, South Africa, tailings
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