De Beers to invest billions in prized SA mine

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Cape Town - The De Beers Group UK is planning to invest around  $3bn (R33bn) over the next 10 years on its diamond mining operations with the bulk of that spend on its key South African mine, Venetia in Limpopo.

The De Beers Group on Friday reported an operating profit up 36% to $1.4bn driven by higher demand owing to a strong performance and increased production.

Its chief financial officer Gareth Mostyn reported from London that revenue growth was up 11% - some $7.1bn - in 2014.

READ: De Beers diamond division becoming crown jewel

"There has been good demand in the diamond market... and we have had an operationally ... really strong performance."

Mostyn noted that diamond production was up 5% to 32.6m carats, ascribed largely to the stronger performance of Debswana, the De Beers and Botswana government operation.

The Forevermark, the group's retail stores, now have 1 500 outlets in 34 markets including in China, the United States and a presence in South Africa.

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