Standard Bank provides R4bn to De Beers for Venetia underground project
Financial institution Standard Bank has provided R4-billion of a total R10-billion syndicated debt funding package required by diamond miner De Beers for the largest single investment in South Africa’s diamond industry and one of the largest mining investment projects currently under way in Africa.
As one of the financers, Standard Bank was responsible for the largest debt funding allocation, providing a revolving credit facility to help the Venetia diamond mine fund the completion of its strategic underground project, which will convert the mine from an openpit to an underground operation and extend its life to at least 2047.
“Our appointment by De Beers gives us the opportunity to leverage our specialist knowledge within the mining industry,” Standard Bank corporate financing solutions manager Kesh Ramlakun says.
The Venetia mine, which first opened in 1992, is De Beers’ flagship operation in South Africa, situated 80 km from Musina, in Limpopo, and is South Africa’s largest diamond producer. With the conversion to underground mining, the site is expected to maintain production at about four-million carats a year.
De Beers managed operations MD Moses Madondo says that, during the project phase, Venetia mine created about 3 000 jobs, of which about 1 700 are occupied by local community members.
For every job on the mine, De Beers aims to create five jobs in the surrounding communities by 2030.
“The mining sector has a crucial role to play in laying the foundation for sustainable communities,” Madondo says.
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