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De Beers and Namibia Strike Long-Term Deal

May 17, 2016 2:59 AM   By Rapaport News
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RAPAPORT... De Beers and Namibia signed a 10-year sales agreement – their longest pact ever – that will “significantly increase” the quantity of rough diamonds made available for beneficiation.

The deal for sorting, valuing and sales of diamonds from Namdeb, the duo’s 50:50 joint venture, means $430 million of diamonds will be offered to the Namibia Diamond Trading Company every year. All of Namdeb’s special stones will be made available for sale in Namibia, De Beers added.

The pact also provides for 15 percent of Namdeb’s run-of-mine production to be made available to a government-owned independent sales company called Namib Desert Diamonds.

“This sales agreement – the longest ever between Namibia and De Beers – not only secures long-term supply for De Beers, but also ensures that Namibia’s diamonds will continue to play a key role in national socio-economic development long into the future,” said Philippe Mellier (pictured), De Beers chief executive officer.

“Diamonds can have a powerful and transformative effect on a country’s prospects when effectively managed and I commend our partners in Government for their vision regarding the role of diamonds in national development.”
Tags: beneficiation, De Beers, mining, Namdeb, Namibia, Namibia Diamond Trading Company, Rapaport News, Rough Diamonds
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