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.
De Beers on Wednesday launched rescue efforts for diggers who have been trapped after an illegally excavated tunnel collapsed in the diamond giant’s abandoned Namaqualand mining area.
De Beers and caretaker Namaqualand Mines said the artisinal miners were working on state land in South Africa’s Northern Cape province. Eleven escaped the collapse, one person has been rescued and taken to hospital while at least six others are still missing.
De Beers announced last year it is exiting the region on the South African west coast where it has mined for the past 90 years, but has projects in place to create 5,000 non-mining over the next five years in the picturesque area.
Projects include a wind farm, abalone culturing for export to China where it is a highly prized delicacy, a prison warden training facility and a joint venture with sister company Anglogold for undersea gold mining.
The company has come under fire over plans to sell the properties including two towns to a much smaller outfit that will have to take responsibility for rehabilitation over a 970 square km area pockmarked by open pits.
