Mining Diamonds from Namibia’s Seabed

Five African commercial banks have partnered in a $375 million financing deal to build a new diamond mining vessel for a subsidiary of Anglo American’s diamond unit De Beers. Nedbank Namibia, RMB Namibia, Standard Bank, ABSA and Bank Windhoek agreed to provide 80% of the funding for the ship, which will be the world’s largest of its type. Debmarine Namibia – a 50-50 joint venture company between De Beers and the government of Namibia – will provide the balance of $94 million. The ship, to be known as the AMV3, will be the seventh in the Debmarine Namibia joint venture’s fleet, which mines high-quality diamonds from the ocean floor using hi-tech surveying equipment. The AMV3 has the capacity to add 500,000 carats of annual production from 2022, and is expected to contribute $137.64 million a year in taxes and royalties to the Namibian treasury in its first five years of production.SOURCE: REUTERS AFRICA

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