Name of the Project
Venetia Underground Project (VUP).

Location
Venetia mine, in Limpopo, South Africa.

Project Owner/s
Anglo American subsidiary De Beers Consolidated Mines.

Project Description
Venetia is currently the biggest diamond mine development under way anywhere in the world.

Venetia ceased open pit operations in December 2022 after 30 years of open pit production.

The VUP will extend the mine life to 2046 and yield about 81-million carats from about 115-million tonnes of ore.

The project comprises the K01 and K02 orebodies. Both kimberlites extend below surface, enabling De Beers to mine to depths of up to 1 000 m. There are indications that K01 extends below 1 000 m, and De Beers may explore options to extend the underground operation’s life beyond 2046.

K01 – a sizeable orebody measuring 550 m x 120 m – will be the source of the majority of production, with the ramp-up plan to mine up to 4.5 million tonnes per year of material.

The K02 orebody – measuring 200 m x 300 m – will provide the balance, producing about 2.5 million tonnes per year at peak production.

The project delivered the sub level cave mining solution for the underground operation to extract material from both the K01 and K02 orebody. Continuous optimisation studies are being completed to enhance the business case of both K01 and K02 mining methods.

Underground infrastructure comprises two vertical shaft systems for personnel transport, ore transport and the routing of services, as well as lateral access to levels on the 54L , 91L and 94L stations for the services shaft, and on the 100L station for the production shaft.

The service shaft has a completed internal diameter of 7 m and will eventually provide all the services and people transport for the underground workings, while the production shaft, with the same internal diameter, was fitted with two rock winders, each having two 24 t payload skips.

The service and production shafts will serve as downcast air intakes to the underground workings, while a decline and pit ramp assists with early underground access for the construction of the production infrastructure for K01 and K02.. They will also serve as additional air intakes and logistical access points.

Surface infrastructure, which includes change houses, a heat-tolerance testing centre, a lamp room, a proto room, a control room, winder houses, workshops, warehouses, ventilation systems and a state-of-the-art training facility, were completed in early 2021. In total, the project is approximately 77% complete.

De Beers also plans to have Venetia operating as carbon neutral by 2030.

Potential Job Creation
Venetia Mine remains a major employer  in the area, with the majority of employees living in the surrounding Musina and Blouberg communities.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
De Beers’ $2.3-billion investment in the VUP represents the biggest single investment in South Africa’s diamond industry in decades.

Planned Start/End Date
First production from VUP was achieved in June 2023. The underground operation continues to ramp up at a steady state. 

Latest Developments
In response to prevailing market challenges, the VUP is undergoing a rescoping process to optimise capital deployment and production schedules. De Beers' production guidance for 2025 has been revised, reflecting continued challenges in rough diamond trading conditions.

Output remains below historical levels achieved during openpit operations, as the underground operation is still in the ramp-up phase.

According to Anglo American, De Beers is closely monitoring conditions in the rough diamond market and will adjust output in line with demand. Production is expected to increase gradually, reaching between 28-million and 31-million carats (100% basis) by 2027, in line with an anticipated market recovery.

Meanwhile, the electrification of the Venetia mine – an essential part of its transition to underground operations – is progressing well. However, meaningful reductions in the mine’s carbon footprint will only be realised once Envusa Energy’s renewable-energy projects are operational. Envusa Energy, a joint venture between Anglo American and EDF Renewables, aims to establish a regional renewable-energy ecosystem in South Africa to meet the group’s long-term power requirements.

Contact Details for Project Information
External Communications Manager, South Africa Lesedi Ntuli, tel +27 11 374 5406 or email Lesedi.Ntuli@debeersgroup.com.