De Beers to Boost Output by 50%

6 October 2010 (Last Updated October 6th, 2010 18:30)

Diamond mining specialist De Beers said it hopes to increase production in South Africa by 50% this year as global demand recovers. The company expects to boost diamond output in South Africa to about seven million carats, up from 4.8 million carats last year, when some mines were tempora

Diamond mining specialist De Beers said it hopes to increase production in South Africa by 50% this year as global demand recovers.

The company expects to boost diamond output in South Africa to about seven million carats, up from 4.8 million carats last year, when some mines were temporarily shut due to reduced demand.

De Beers expects to produce an estimated 31 million carats in 2010 compared with 24.6 million carats produced in 2009.

The company is also planning for a $2.18bn investment over ten years at its Venetia mine to maintain output and extend mine life to 2043, reports Reuters.