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Standard Bank partners with De Beers to fund completion of their Venetia Underground Project

01 Sep 2022

Country
South Africa
Year
2022
Sector
Mining and Metals
Business Unit
Corporate and Investment Banking
Specific Role
Financer

Standard Bank is proud to announce its involvement in the De Beers Venetia Underground Project, which is set to be the biggest single investment in the country’s diamond industry in decades. The project is expected to expand the mine’s lifespan to at least 2047 and provide an estimated 88 million carats.

The world's leading diamond company, De Beers Group, has been given a R4 billion revolving credit facility by Standard Bank over a 5-year tenor to fund the completion of the Venetia Underground Project in Limpopo.

The project is designed to expand the lifespan of the Venetia mine to at least 2047 by transitioning from an open pit mine to an underground mine. The mine currently employs about 5 700 people and is considered to be one of the company’s top-performing diamond mines across the globe, producing roughly 4 million carats. 

Standard Bank understands the importance of providing specialised banking services to the mining sector, and we believe our extensive expertise in the mining and metals sector contributed to us being a core lender and also appointed as the facility agent for this transaction. Our team also has the necessary insights to provide mining clients with the necessary support to operate within the mining sector value chain.

The delivery of the Venetia Underground Project is a critical and strategic component of De Beers Group and also expected to contribute towards the South African economy and creating an estimated 3 000 jobs during the construction phase, of which about 1 700 occupied by our local community members. 

Aligned to De Beers Group’s 2030 Building Forever Sustainability Goals – the company’s blueprint for creating a positive and sustainable impact, Venetia mine is spending R12 million to support 1 000 local farmers gain access to market opportunities and the development of digital solutions to enhance their agricultural value chain. The investment is estimated to create 2 000 jobs in the Musina and Blouberg municipalities.

The Venetia mine has also contributed R40 million towards road infrastructure in Musina and a further R27 million will be invested over the next three years towards an empowerment youth programme aimed to assist local TVET colleges in developing a curriculum that will respond to the current economic challenges in host communities.

Read more about our partnership with the De Beers Group.