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Namdeb appoints Standard Bank as financial advisor on the proposed sale process for mine

Namdeb appoints Standard Bank as financial advisor on the proposed sale process for mine

Namibia’s diamond miner, Namdeb Holdings has confirmed that the Expression of Interest (EOI) process has commenced on the proposed sale of Elizabeth Bay Mine.

The mining outfit which announced on 9 February that it had put one of its four mines on sale,  this week in a statement said 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.

Elizabeth Bay mine, which was commissioned in 1991, is located along the southwestern coast of the country near the town of Lüderitz and onshore mining operations in 2017 produced approximately 200,000 carats. Following a recent review, it was concluded that the best way to secure a longer future for the mine, beyond the current projected 2019 life, is to find a more suitable operator that could potentially prolong the mine to continue beyond 2019.

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

According to Thomas the potential successful operator would also have the opportunity to further explore the significant and exciting marine potential associated with the Elizabeth Bay license areas.


 

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