Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
TimesLive reports diamond giant De Beers plans to put hazardous waste – and up to 1,000 prisoners – into its disused property and diamond mines in the picturesque Namaqualand region (depicted), in the northwest of South Africa.
The company, which also had to settle a two-week strike over wages on Thursday, said the projects were just two of several potential business ideas for the disused old mine areas and that the Department of Minerals have asked for further public consultation and an impact study.
Last month De Beers concluded a deal with the state power utility Eskom to build a 150MW wind farm on a large stretch of coast north of Kleinzee, one of two towns that form part of the De Beers properties.
De Beers Consolidated Mines and the National Union of Mineworkers (Num) on Thursday signed a two-year wage agreement, which ended a 14-day strike at diamond miner’s operations in South Africa. In terms of the deal, artisans and more skilled employees will receive 8% in wage increases, while entry level employees will get 10%.
Times Live reports De Beers is in the process of selling its 970,00ha Namaqualand mine to local mining company Trans Hex. The environmental management plan (EMP) and mine rehabilitation costs form part of the sale but have yet to be finalized. The proposed waste dump and prison are listed as alternative land uses in documents submitted to the government as part of De Beer’s original EMP.
Image is of a farm house in Namaqualand – for a short period early spring this normally arid area becomes a kaleidoscope of colour when orange and white daisies, as well as hundreds of other flowering species, spring up from a previously barren landscape.
