De Beers Focuses Exploration Efforts On ‘Big Five’
March 15, 04
De Beers invested more than $90 million in diamond exploration during 2003 in 13 countries and refocused exploration efforts towards the “Big Five”: Central and Southern Africa, Canada, India, Eastern Europe and Russia, to improve its chances of discoveries in the short to medium term.
But Africa is a key area of focus and while exploration continues in Canada, India, Eastern Europe and Russia with joint ventures and other partners, the group’s current focus remains on Africa.
Exploration expenditure in Africa increased from $25 million to $38 million in 2003 and capital spending on operations from $255 million to $320 million, contributing more than $3 billion annually to the continent’s foreign exchange earnings.
De Beers is refocusing its efforts on diamond-rich areas while suspending or cutting back in others, suspending exploration work in South America and downsizing in Australia.