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Debmarine Namibia Produced 5% More Diamonds in 2013

Apr 9, 2014 10:21 AM   By Ronen Shnidman
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RAPAPORT... Debmarine Nambia, a seabed diamond miner, said on Tuesday that its level of diamond production rose by 5 percent year on year to 1.16 million carats in 2013.

The company expects diamond production this year to be similar to 2013, the CEO, Otto Shikongo, told local media at a press conference. Last year, Debmarine generated revenue of $479 million (NAD 5 billion) from the sale of its diamonds. Namibia's state coffers received $220 million (NAD 2.3 billion) in taxes and royalties paid by the mining company. Debmarine distributed $96 million (NAD 1 billion) in dividends to shareholders for the year.

The company is a mining venture owned in equal parts by the Namibian government and De Beers Namibia.The company mines for diamonds underwater at depths between 90 and 140 meters.

Debmarine said this week that it will buy a second seabed crawler for one of its five mining vessels at a cost of $9.6 million (NAD 100 million), the New Era newspaper reported. The crawler will be used for mining activities based on the ship MV Mafuta, which accounts for 40 percent of Debmarine's annual diamond production. The addition of the second crawler will allow the mining ship to continue production even in the event that one crawler is beset with technical problems.

Tags: crawler, De Beers, Debmarine, Namibia, Ronen Shnidman, sea mining, underwater
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