Namdeb Diamond Corporation (Proprietary) Limited, an equal joint venture between De Beers and the Namibian Government, announced a new long-term business plan that will extend the current life of mine for Namibia\u2019s land-based operations as far as 2042.<\/p>\n\n\n\n
Under the previous business plan, the land-based Namdeb operations would have come to the end of their life at the end of 2022 due to unsustainable economics. However, a series of positive engagements between the Namdeb management team and the Government has enabled the creation of a mutually beneficial new business plan that extends the life of mine by up to 20 years, delivering positive outcomes for the Namibian economy, the Namdeb business, employees, community partners and the wider diamond industry.<\/p>\n\n\n\n
As part of the plan, the Government of Namibia has offered Namdeb royalty relief from 2021 to 2025, with the royalty rate during this period reducing from 10% to 5%. This royalty relief has in turn underpinned an economically sustainable future for Namdeb via a life of mine extension that, through the additional taxes, dividends and royalties from the extended life of mine, is forecast to generate an additional fiscal contribution for Namibia of approximately N$40 billion. Meanwhile, the life of mine extension will also deliver ongoing employment for Namdeb\u2019s existing employees, the creation of 600 additional jobs, ongoing benefits for community partners and approximately eight million carats of additional high value production.<\/p>\n\n\n\n
Bruce Cleaver, CEO, De Beers Group, said: \u201cNamdeb, a shining example of partnership, has a proud and unique place in Namibia\u2019s economic history. This new business plan, forged by Namdeb management and enabled by the willingness of Government to find a solution in the best interest of Namibia, means that Namdeb\u2019s future is now secure and the company is positioned to continue making a significant contribution to the Namibian economy, the socio-economic development of the Oranjemund community and the lives of Namdeb employees.\u201d Tom Alweendo, Namibia\u2019s Minister of Mines and Energy, said: \u201cMining remains the backbone of our economy and is one of the largest employment sectors within our country. Government understood the fundamental impact of what the Namdeb mine closure at the end of 2022 would have had on Namibia. Therefore, it was imperative to safeguard this operation for the benefit of sustaining the life of mine for both the national economy as well as preserving employment for our people and the livelihoods of families that depend on it.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Namdeb Diamond Corporation (Proprietary) Limited, an equal joint venture between De Beers and the Namibian Government, announced a new long-term business plan that will extend the current life of mine for Namibia\u2019s land-based operations as far as 2042. Under the previous business plan, the land-based Namdeb operations would have come to the end of their…<\/p>\n","protected":false},"author":1,"featured_media":12142,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-12136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n