Namibian diamond mining company Namdeb, a 50:50 joint venture between De Beers, itself a subsidiary of Anglo American plc, and the Namibian government has sold its Elizabeth Bay mine and associated marine assets to the Lewcor group. The basic deal is worth N$120-million.
Namdeb ceased operations at Elizabeth Bay a year ago, because it could no longer run the mine economically. However, it also determined that another, suitable, operator would be able to operate the mine sustainably.
As a result, the mine was put on the market. This stimulated a lot of interest from potential buyers. Lewcor was chosen because it was evaluated as having sound financial and technical capabilities and, further, had a strong corporate responsibility record. Lewcor is 100% Namibian owned, with 25% held by historically disadvantaged Namibians.
“I am hugely appreciative and grateful for the commitment of our employees over many years and wish to thank them for their dedication,” affirmed Namdeb CEO Riaan Burger. “Although the decision to sell the mine has not been easy, it was the right thing to do for its future, its employees and the Lüdertitz community at large.”
“Throughout this process, our objective has been to create the best possible circumstances for reopening the operations, re-creating jobs and growing empowered participation in Namibia’s diamond industry,” explained Namdeb chairperson Chris Nghaamwa.