De Beers and Namibia Still Finalizing Sales Deal

(IDEX Online News) – Mining company De Beers and the government of Namibia have still to finalize the sales agreement announced earlier this year.

“This process is ongoing and unfortunately we are unable to specify a timeline for it,” said Helena Mootseng, manager of public and corporate affairs at the Namibia Diamond Trading Company (NDTC), as reported by The Namibian. “However, we know that both shareholders are focused on concluding the final details of the agreement as soon possible.”

The paper reported that as a result of the delays in finalizing the agreement, the NDTC has extended existing Sightholder contracts until March 30, 2016. The new application process has been postponed until the sales agreement is finalized.  

According to The Namibian, the Office of the Attorney General, Sackey Shanghala,  has the final draft of the agreement, which is awaiting his signature.

There are also rumors that the 10-year sales agreement that was mooted in July has undergone some changes, although they have yet to be revealed.