Botswana Plans Cut 8 to expands of biggest diamond mine until 2024

Botswana President Ian Khama on Friday announced a 24 billion pula (3.63 billion US dollar) project to extend the lifespan of the country's biggest diamond mine until 2024.
The plan, named Cut 8, is an initiative of Debswana, the state miner jointly owned by De Beers which is in charge of all diamond mining in the country. It will see new drilling technology deployed at Jwaneng mine.

"The project showcases Botswana's economic capacity and potential to undertake a project of this size during recessionary times," said Khama, adding that the expansion would add 1,700 jobs.

The project will prolong the life span of the mine by seven years. Mining activity had been scheduled to end by 2017.

Botswana is the world's top producer of diamonds, accounting for 22 percent of the of the world's supply.

The new project will see a three-fold increase in the volume of waste rock that would be mined, allowing cutters to access diamond bearing kimberlite.

Diamonds in Botswana were discovered in 1966, soon after independence from Britain.

The country was severely hit the recent global financial downturn which shrank export revenues, with some mines temporarily shuttered.