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. It ceased openpit operations in December 2022 after 30 years of openpit 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 × 120 m – will be the source of the majority of production, with the ramp-up plan to mine up to 4.5-million tonnes a year of material. 

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

The project has delivered the sublevel cave mining solution for the underground operation to extract material from the K01 and K02 orebodies. Continuous optimisation studies are being completed to enhance the business case of the 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 will assist 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 about 76% 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 to an expected steady-state production of about 4-million to 4.5-million carats a year by the mid-2030s.

Latest Developments
During 2025, a project review was undertaken to optimise phasing and capital allocation in the current market environment while preserving long-term optionality.

The underground project is progressing in line with the reconfigured plan.

Key Contracts, Suppliers and Consultants
Not disclosed.

Contact Details for Project Information
De Beers external communications manager Lesedi Ntuli, tel +27 11 374 7173 or email lesedi.ntuli@debeersgroup.com.