De Beers closing Damtshaa mine in Botswana

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 De Beers closing Damtshaa mine in Botswana

In an important development, Debswana, in which De Beers holds fifty percent partnership with the Govt, has decided to close its Damtshaa mine and also scale down production at Orapa no 1 for the next three years due to downturn in global diamond market. Earlier, the Debswana had forecast production of 22 million carats for 2015, but it had to revise it to 21 million in the later months. 

The news assumes significance in the wake of De Beers’ earlier announcement of closure of its Kimberley Mines in South Africa and its decision to close Snap Lake in Canada. 

Botswana’s economy will also be affected due to this closure as diamond exports make up 70 per cent of its total exports and about 25 per cent of its GDP. Moreover, it will also render more than 1000 workers jobless.



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