Namdeb Sells Elizabeth Bay Mine

(IDEX Online) - Namdeb Holdings, a joint venture between the government of the Republic of Namibia and De Beers, has sold its Elizabeth Bay Mine and associated marine assets to a member of the Lewcor Group.

Namdeb shuttered the mine in September 2018.

Following a review, the company concluded that the best way to ensure a future for the mine was to find an operator that could operate the mine in a sustainable way.

Lewcor Group is a 100% Namibian-owned company with strong corporate social responsibility credentials and over 20 years' experience in the Namibian mining and civil contracting industry.

The sale of Elizabeth Bay Mine was valued at N$120 million ($8.16 million). With Namdeb set to share in revenue earned in the sale of diamonds recovered from marine mining areas associated with the mine, this figure could increase significantly.

"Throughout this process, our objective has been to create the best possible circumstances for re-opening the operations, re-creating jobs and growing empowered participation in Namibia's diamond industry," said Namdeb chairman Chris Nghaamwa. "We are delighted that the new owner is broad-based, and is fully owned by Namibian citizens."