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De Beers Plans to Sell Namibia Mine
Feb 12, 2018 9:30 AM
By Rapaport News
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RAPAPORT... De Beers’ joint venture with the Namibian government is seeking
a buyer for its Elizabeth Bay operation, as the miner diverts resources to its marine
projects.
Namdeb closed Elizabeth
Bay between 2009 and 2011, when it revived it and gave it a projected lifespan
of four years. While the mine is expected to continue to produce diamonds through 2019, its
output does not meet De Beers’ needs. The company last year said it planned to close the project, but is now looking for a lower-cost
operator that can continue running the asset indefinitely.
“Elizabeth Bay mine continues to play an important role in
the development of Namibia’s diamond industry, so we have not taken this
decision lightly,” Riaan Burger, CEO of Namdeb, said Friday. “We are constantly
reviewing new mining opportunities. As this mine nears the end of its current
life, we are focused on finding a buyer that can sustain operations beyond
2019, protect jobs and contribute sustainably to the Namibian economy.”
The mine, located near the town of Lüderitz on the
southwest coast of Namibia, currently employs around 160 people, and yielded
approximately 200,000 carats in 2017.
In October, Namdeb, a 50:50 partnership between De Beers and the government, revealed plans to close Elizabeth
Bay, along with the Daberas, Sendelingsdrif and Southern Coastal mines. De
Beers intends to focus on Debmarine Namibia, which searches for
diamonds offshore. In 2017, production at its marine-based assets jumped by 18%, growing
three times faster than at land-based operations.
De Beers has not disclosed whether it has changed its plans for
the other three mines.
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Tags:
Daberas, De Beers, Debmarine, Elizabeth Bay, miner, Namdeb, Namibia, Namibian government, Rapaport News, Riaan Burger, Sendelingsdrif, Southern Coastal
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