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Debmarine rakes in $475m from diamond sales

14 april 2014

Debmarine Namibia, a joint venture between De Beers and the Namibian government, produced more than 1.16 million carats last year worth N$5 billion ($475 million).
Company chief executive Otto Shikongo was quoted by The Namibian newspaper as saying that they paid N$2.3 billion ($218 million) in taxes, while N$1 billion ($95 million) was paid in dividends to stakeholders.
Debmarine produced about 1.10 million carats in 2012.
“We will always work hard to keep producing more,” Shikongo said.
He, however, said that they do not expect to produce more next year.
Shikongo could not explain why production was not expected to improve.
He said the company’s production had increased from half a million carats in 2002 to over a million carats in 2008.
“The production was affected by the global crisis and dropped to 600 000 carats in 2009 but managed to increase again in 2010, with almost a million carats of diamonds mined,” Said Shikongo.
Debmarine had so far mined only 2 percent of the 6 000 square kilometres allocated to it.
The company said not all the allocated area contain diamonds.
Debmarine gets 40 percent of its production from one of their biggest vessels, Mafuta, the newest member of the company’s fleet that includes the MV Debmar Atlantic, MV Debmar Pacific, MV !Gariep and the MV Grand Banks.

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