Namibia Upping Stake in De Beers Marine Operation
May 19, 11
The two will establish a new 50/50 joint venture holding company for Namdeb and DBMN. The company will hold all of the licenses both for land and sea operations that are currently held by Namdeb and will own the diamonds mined from those areas.
The diamonds will continue to be sorted, valued and marketed exclusively by the Namibia Diamond Trading Company (NDTC), which is also a 50/50 joint venture between the Namibia and De Beers.
Namibia’s Minister of Mines and Energy, Isak Katali, said it was imperative for Namibia to work with De Beers to create an equal shareholding of aligned partners. He called the agreement “a solution that will benefit the people of Namibia now and in the long-term.”
The new structure is expected to be implemented in the second half of 2011, when all the statutory, regulatory and other commercial conditions have been met.
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