https://www.miningweekly.com

De Beers, Namibia strike 10-yr diamond sorting deal

21st July 2015

By: Natalie Greve

Creamer Media Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – The Namibian government and diamond miner De Beers on Tuesday announced the agreement, in principle, of the terms of a new ten-year sales agreement for the sorting, valuing and sales of all diamonds produced at the Namdeb and Debmarine operations, in Namibia.

Once finalised, the agreement would become the longest sales contract ever agreed between the two partners.

Under the terms of the deal, the Namibia Diamond Trading Company – a 50:50 joint venture between the Republic of Namibia and De Beers’ mining and sorting arm Diamond Trading Company – would continue to sort and value all of Namdeb Holdings’ production.

De Beers would, meanwhile, continue to support the domestic cutting and polishing industry in Namibia and would increase its commitment by making more diamonds available for manufacturing businesses operating in the country.

The agreement also provided for an independent sales outlet for the Namibian government for 15% of Namdeb Holdings’ yearly run-of-mine production over the duration of the sales agreement.

De Beers strategy executive head Bruce Cleaver, who led the De Beers negotiating team, said the longer, ten-year sales agreement demonstrated De Beers’ continued commitment to ensuring that diamonds from Namibia continue to play a key role in the socioeconomic development of the country.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ZF Aftermarket
ZF Aftermarket

ZF Aftermarket is the after-sales division of the world-renowned German ZF group, a global leader in mobility technology.

VISIT SHOWROOM 
ABB Electrification
ABB Electrification

Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.058 0.722s - 128pq - 2rq
Subscribe Now