Namibia: Namdeb Holdings put Elizabeth Bay mine for sale
(Ecofin Agency) - Just today February 9, 2018, Namdeb Holdings, a joint venture between the Namibian government and De Beers, announced that it was looking for a buyer for Elisabeth Bay mine to ensure its long-term operation. Located on the country’s South-West coast near Lüderitz city, the mine employs about 160 people and had produced about 200,000 carats of diamonds in 2017.
“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,’ commented Riaan Burger, Namdeb’s managing director.
He further explained that following a recent review, the company had concluded that the best way to ensure a longer future for the mine, which by the way was set to expire in 2019, was to find a more suitable operator at a lower cost. The latter should be able to “sustain operations beyond 2019, protect jobs and contribute sustainably to the Namibian economy,” he said.
Following the 2009 economic downturn, the mine was put on care and maintenance. However in 2011, the operation restarted thanks to the implementation of an optimization project. At the time, the project forecasted a 4-year life (2011-2014) for the mine. This projected life period would later be extended thanks to continuous innovation.