Standard Bank pleased with diamond vessel
Debmarine Namibia recently took ownership of the mv SS Nujoma, a diamond exploration and sampling vessel, which was co-financed by Standard Bank and RMB Namibia.
Earlier in July, the vessel, constructed by shipbuilders Kleven Verft in Norway, embarked on its maiden voyage to Cape Town for outfitting with mission equipment, which consists of a technologically advanced sampling system and treatment plant.
Standard Bank co-partnered in a US$150 million deal to procure this new diamond exploration and sampling vessel for Debmarine Namibia in 2015. The state of the art fully-fledged marine diamond exploration and sampling vessel, mv ‘SS Nujoma’, has factory capabilities and will be used for exploration and sampling operations as from 2017.
“Standard Bank is pleased to have been a partner in this formidable transaction as we are not only a key financial player in the local banking industry but regionally and internationally as well,” said Amit Mohan, Head of Corporate and Investment Banking at Standard Bank.
“Visiting the mv SS Nujoma at the Kleven Verft shipyard in Norway days before its maiden voyage to Cape Town further reiterated the enormity of the project, the absolute professionalism and dedication that has been exuded by the Debmarine Namibia project team as well as the mv SS Nujoma’s significance to the Namibian economy,” said Mohan.
Mohan said Standard Bank will continue offering its funding solutions in sectors such as power and infrastructure, mining and metals, consumables, real estate, construction and the financial services sector in the public and private sectors.
In 2015 this was one of the largest corporate deals concluded in Namibia and further underscores Standard Bank’s support to mining, one of the core economic sectors of the country.
The US$150 million asset based finance facility will contribute towards the sustainable provision of revenue for the country. The 50% ownership of Debmarine Namibia by the Government of the Republic Namibia facilitates the transfer of wealth creation in Namibia.
“This N$2.3 billion investment by Debmarine Namibia positions the company for future growth opportunities to maintain its status as the single biggest entity contributor to the Namibian fiscus. We are indebted to our co-financier, Standard Bank for the confidence in our business and the willingness to partner with Debmarine Namibia on this historic journey to unlock the mineral endowment of the Atlantic 1 mining area for the benefit of our shareholders and stakeholders,” said Willy Mertens, Senior Financial Manager at Debmarine Namibia.
The mv SS Nujoma, will be the sixth addition to Debmarine Namibia’s fleet.
Debmarine Namibia project head, Michael Curtis said, “The first phase of construction of this purpose designed offshore vessel by Kleven Verft was a great success. Kleven delivered the vessel ahead of schedule, which is a commendable achievement for all the parties involved. With the arrival of the mv SS Nujoma in Cape Town, we remain committed to maintaining the momentum to have the vessel operationally ready in early 2017”.
Debmarine Namibia is one of the leading diamond mining companies in the world and currently the largest earner of foreign earnings for Namibia.