International diamond power De Beers has been given the green-light for Cut-8, a significant expansion project at the Jwaneng Mine. According to a mmegi.bw website report, the extension is expected to produce $15 billion in diamonds over the mine's lifespan.

Approval for the expansion was voted on by the shareholders of Debswana, which includes the government of the Republic of Botswana and De Beers. Cut-8 will become a key component of Debswana's North Star strategy.

According to the report, De Beers said Cut-8 will ensure profitable and continuous production at the diamond mine through to 2025. Debswana stands to invest some $500 million in capital expenditure in the project. The total estimated project investment stands on $3 billion over the next 15 years.

The Jwaneng diamond mine contributes about 70% of Debswana's total revenue. Diamonds from Debswana, in turn, account for 50% of Botswana's public revenue.