De Beers is engaged in talks with NUM to reach a settlement and avert a strike at Venetia.
- NUM is demanding a 9% pay increase, while De Beers has offered a 6% raise.
- The strike could affect operations at Venetia’s newly established $2.3 billion underground facilities.
- De Beers is pursuing a five-year wage deal to ensure operational stability during the transition to underground mining.
- The diamond industry is facing difficult market conditions that are impacting De Beers’ business.
- De Beers remains confident in reaching a sustainable settlement through continued engagement with NUM and its employees.
- Venetia’s underground mining operations aim to achieve an annual production of 4 million carats, equivalent to 12% of De Beers’ projected output for 2023.