JOHANNESBURG - Anglo American plc on Thursday announced the approval by Debmarine Namibia of the construction of a new custom-built diamond recovery vessel at a total capital cost of $468 million.
Debmarine Namibia is a 50:50 joint venture between Anglo American's diamond miner De Beers and the Namibian government. Some of the highest quality diamonds in the world are found at sea off the Namibian coast.
Some $234 million of the capital cost of the new vessel will be attributable to Anglo American.
Anglo American chief executive Mark Cutifani said it would be the seventh vessel in the Debmarine Namibia fleet and was expected to begin production in 2022, with the capacity to add 500,000 carats of annual production, a 35 percent increase from Debmarine Namibia's current levels.
"The addition of this custom-built vessel for the Debmarine Namibia joint venture will bring numerous benefits – in terms of De Beers' production profile by value and volume, the technologies that can be deployed from the outset to deliver greater efficiency and productivity, and sustained economic benefits for Namibia," Cutifani said.