Published On: Sun, Feb 11th, 2018

De Beers’ Namdeb JV to sell Elizabeth Bay diamond mine in Namibia

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Mining industry news : De Beers Group’s 50/50 joint venture with the Namibian government – Namdeb has put up its Elizabeth Bay diamond mine for sale.

De Beers Group says that it is pursuing the sale of the Namibian diamond mine to secure its long-term future following a review.

The South African diamond mining company is planning to find a more suitable low-cost operator for the Elizabeth Bay diamond mine, to continue its operations beyond its projected 2019 life.

Commissioned in 1991, the Elizabeth Bay diamond mine is located near the Namibian town of Luderitz, along the south-western coast of the African country.

Elizabeth Bay diamond mine in Namibia

Elizabeth Bay diamond mine in Namibia. Photo courtesy of De Beers UK Limited (a member of the Anglo American plc group)

About 160 people work at the Namibian diamond mine, which had yielded nearly 200,000 carats in 2017.

The Elizabeth Bay diamond mine had stopped operations for nearly two years between 2009 and 2011 after being placed on care and maintenance.

Operations at the Namibian diamond mine were resumed by the De Beers Group by implementing an optimization project, which had projected a four year mining life that was to end in 2014.

The South African diamond mining company though by continuous innovation could stretch the mining life of the Elizabeth Bay diamond mine to 2019.

Commenting on the sale of the Elizabeth Bay diamond mine, Riaan Burger – CEO of Namdeb, said: “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. We are constantly reviewing new mining opportunities.

“As this mine nears the end of its current life, we are focused on finding a buyer that can sustain operations beyond 2019, protect jobs and contribute sustainably to the Namibian economy.”

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