Saturday, April 11, 2009

De Beers: Exploration halted in DRC

April 6, 2009 - Business Report

According to Bloomberg, Diamond producer De Beers has halted exploration in Democratic Republic of Congo (DRC) as the declining value in gems makes the project unviable. "The DRC remains highly prospective, but we cannot ignore the current global economic crisis," Marie-Chantal Kaninda, De Beers' head of administration in the DRC, said on Friday. "When economic conditions improve, De Beers will assess new opportunities … in this country." In February the firm suspended mining at a Botswana venture.