Anglo’s sale of De Beers hindered by diamond market state
Anglo American has warned of more production cuts at De Beers due to reduced spending by Chinese consumers prolonging the market downturn.
The Star Phoenix reports on Thursday BHP Billiton plans to spend an additional $488 million at its Jansen potash project east of Saskatoon, Canada bringing the company’s total investment to $1.2 billion.
If converted to a mine Jansen would have a maximum operational capacity of eight million tonnes per year and would cost an estimated $12 billion. Production could start in 2015 with an estimated life of mine of 70 years.
The investment will also allow the firm to develop the first 350 metres of underground production and service shafts at the site should it receive the necessary approvals from the provincial government.
