HomeDiamonds & GemstonesDe Beers' Voorspoed mine up for sale

De Beers’ Voorspoed mine up for sale

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.

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.

“I am very proud of the Voorspoed mine team, who have contributed so much to the operation’s success to date and ensured it has always operated to the highest standards of environmental and social performance,” says Phillip Barton, CEO De Beers Consolidated Mines.

“However, based on our 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 maximise 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.

Those interested in participating in the Voorspoed mine proposed disposal process should, contact Sandra du Toit on +27(0) 11 344 5819 / sandra.dutoit@standardbank.co.za or Randall Starkey on +27(0) 11 721 9169 / randall.starkey@standardbank.co.za.

Following the sale, De Beers Consolidated Mines will own one operation in South Africa – the Venetia mine which is currently undergoing a major expansion project to transition from open cast to underground.

Feature image credit: De Beers (Voorspoed mine)