Jwaneng Mine exceeds cost-cutting targets

Friday, November 03, 2023 | 250 Views |

Shiny stones: Jwaneng Mine does not intend to restrain production despite lower demand PIC: TIMOTHY LEWANIKA

The world’s richest diamond mine by value, Jwaneng Mine, has exceeded its annual goal of cutting its spending by P3.5 billion, putting it in good stead as the slowdown in demand and prices of the stones continues.

The Mine was tasked with saving P3.5 billion this financial year, but its general manager, Koolatotse Koolatotse told journalists last week that at least P3.7 billion had been achieved by mid-year.

“Jwaneng was allocated P3.5 billion in savings and Orapa P3.5 billion. “As of June, we are at P3.7 billion savings and that tells you a story that we are resilient. “When the market goes down, we will behave exactly like the market is down,” he said.

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