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Namdeb Holdings, a 50/50 joint venture between the Government of the Republic of Namibia and De Beers Group, today announced it is to seek a buyer for its Elizabeth Bay mine to secure its long-term future.
The mine was commissioned in 1991 and is located along the south-western coast of Namibia near the town Lüderitz. It employs around 160 people and produced around 200,000 carats in 2017.
Elizabeth Bay mine has contributed significantly over the years to the local economy of Lüderitz, particularly in providing high quality job opportunities for the local community.
In 2009, following the economic downturn, the mine was put on care and maintenance. In 2011, the operation was restarted through the implementation of the Elizabeth Bay Optimisation Project which, at the time, projected a four year Life of Mine (LoM) to 2014. However, continuous innovation ensured that the mine has continued to operate well beyond this time, with a current LoM extending to 2019.
Following a recent review, it was concluded that the best way to secure a longer future for the mine, beyond the projected 2019 life, was to find a more suitable low-cost operator that could allow the mine to continue to contribute to Namibia and Lüderitz through continued employment and economic activity.
Riaan Burger, Chief Executive Officer, Namdeb, said: “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. 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.”
Standard Bank has been appointed as the financial adviser to Namdeb on the proposed sale process for Elizabeth Bay Mine and selected associated Marine Licences. For more information in relation to the sale and Expression of Interest process, interested parties should contact:
- Stefan Wandrag ([email protected])
- Marco Triebner ([email protected])
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Contact
Pauline Thomas
Namdeb
Tel +264 61 2043327
[email protected]
About Namdeb Diamond Corporated
Namdeb is a wholly owned subsidiary of Namdeb Proprietary Limited Holdings which is owned in equal shares (50:50) by the Government of the Republic of Namibia and De Beers. Namdeb performs land-based prospecting (exploration), mining and rehabilitation operation and services for Namdeb Holdings. Namdeb has eight mining licences which cover 15,789 square kilometres. The heart of the operations is along the southwest coast of Namibia with the main land-based operations in Oranjemund and satellite mines near Lüderitz and along the Orange River. Several types of innovative mining techniques are employed to extract diamonds from alluvial deposits of ore bodies. Namdeb is proud to be a significant contributor to the Namibian economy.
About De Beers Group
De Beers Group is a member of the Anglo American plc group. Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining and marketing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world’s largest diamond producer by value, with mining operations in Botswana, Canada, Namibia and South Africa. As part of the company’s operating philosophy, the people of De Beers Group are committed to ‘Building Forever’ by making a lasting contribution to the communities in which they live and work, and transforming natural resources into shared national wealth. For further information about De Beers Group, visit www.debeersgroup.com.
Revised 28/02/2018