Debswana seeks international finance for a mining project at Jwaneng

Diamond giant Debswana is exploring international financing options for a $6bn underground mining project at Jwaneng. This comes as falling diamond revenues squeeze Debswana’s ability to bankroll major capital investments.

Debswana plans to extend operations at its premier Jwaneng facility until 2054 by transitioning from open-pit to underground extraction. The ambitious project aims to maximise resource recovery before surface mining becomes uneconomical around 2034.

The company, jointly owned by Botswana’s government and De Beers, has historically relied on internal cash flow and shareholder contributions for major expenditures.