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Today

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De Beers okays construction of new diamond recovery vessel for Namibia

16 may 2019

Debmarine Namibia, a 50:50 joint venture between De Beers and the Namibian government has approved the construction of a new custom-built diamond recovery vessel, according to Anglo American.
The new vessel, which was expected to cost $468 million ($234 million attributable to Anglo American), would become the seventh in the Debmarine Namibia fleet. 

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Image credit: Debmarine Namibia


It was also expected to begin production in 2022 with the capacity to add 500,000 carats of annual production, a 35% increase above Debmarine Namibia’s current levels.
“The addition of this custom-built vessel for the Debmarine Namibia joint venture will bring numerous benefits – in terms of De Beers’ production profile by value and volume, the technologies that can be deployed from the outset to deliver greater efficiency and productivity, and sustained economic benefits for Namibia,” said Anglo chief executive Mark Cutifani.
“This highly attractive investment offers a three-year payback, a more than 25% IRR and an EBITDA margin of more than 60% – typical of the high quality of our brownfield growth options.”
De Beers chief executive said some of the highest quality diamonds in the world were found at sea off the Namibian coast. 
“With this investment we will be able to optimise new technology to find and recover diamonds more efficiently and meet growing consumer demand across the globe,” he said.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished