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Namdeb Holdings to sell Elizabeth Bay Mine

Namdeb Holdings to sell Elizabeth Bay Mine

De Beers Group’s diamond mining venture, Namdeb Holdings, is planning to sell its Elizabeth Bay mine to help secure its long-term future.

Commissioned in 1991, the diamond mine is located along the south-western coast of Namibia near the town Lüderitz and employs around 160 people. Last year, the mine produced around 200,000 carats.

Namdeb Corporate Affairs Manager, Pauline Thomas said Elizabeth Bay Mine has over the years contributed significantly to the local economy of Lüderitz, particularly in providing high quality job opportunities for that community.

The mine was put on care and maintenance in 2009 due to the financial turmoil during that period. However, operations were resumed at the mine in 2011 through the implementation of the Elizabeth Bay optimisation project.

Following the restart, the site was estimated to have a four-year life of mine up to 2014. However,, Namdeb resorted to measures to extend the life of mine and has continued to operate with a revised life of mine to 2019.

Based on a recent review, the company opted to sell the mine to a more suitable low-cost operator in order to extend the asset’s future.

De Beers holds a 50% interest in Namdeb as a joint venture (JV) with the Namibian Government.


 

 

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Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

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