Namdeb budgets N$750m to explore for new resources

NAMDEB, the joint venture between De Beers and the Namibian Government, would spend N$750 million to explore for new diamond resources in the country.

Hilifa Mbako, Namdeb’s group external affairs manager, said the exploration would be carried out in two separate projects on the beach, shallow and midwater sections of its existing mining areas. “Global estimation of the deposit suggests that the two projects combined could potentially deliver up to 500 000 carats per annum.”Namibia was so far the only place where the diamonds were mined from the sea floor.De Beers was planning a similar operation in South Africa.De Beers Consolidated Mines is 45 per cent owned by Anglo American, 40 per cent by the Oppenheimer family and 15 per cent by Botswana.The investment could rise to N$4 billion over the life of the new projects if they proved viable, said Mbako.Diamonds from marine operations would again exceed the production of land-based gems, said Namdeb.Land-based production was expected to decline by half by 2010.The areas targeted were “the only real significant unexploited deposits remaining for Namdeb”, said Mbako.The projects needed “significant investment in sampling and mining systems development, and would likely only bear fruit in a few years’ time.”Business Report”Global estimation of the deposit suggests that the two projects combined could potentially deliver up to 500 000 carats per annum.”Namibia was so far the only place where the diamonds were mined from the sea floor.De Beers was planning a similar operation in South Africa.De Beers Consolidated Mines is 45 per cent owned by Anglo American, 40 per cent by the Oppenheimer family and 15 per cent by Botswana.The investment could rise to N$4 billion over the life of the new projects if they proved viable, said Mbako.Diamonds from marine operations would again exceed the production of land-based gems, said Namdeb.Land-based production was expected to decline by half by 2010.The areas targeted were “the only real significant unexploited deposits remaining for Namdeb”, said Mbako.The projects needed “significant investment in sampling and mining systems development, and would likely only bear fruit in a few years’ time.”Business Report