Namibia to Increase Stake in De Beers Marine

22 May 2011 (Last Updated May 22nd, 2011 18:30)

The Government of the Republic of Namibia (GRN) has signed an agreement with the De Beers Group to increase its shareholding in De Beers Marine Namibia (DBMN) from 15% to 50%. Shareholders have agreed to establish a new 50:50 joint venture holding company for Namdeb and DBMN. Na

The Government of the Republic of Namibia (GRN) has signed an agreement with the De Beers Group to increase its shareholding in De Beers Marine Namibia (DBMN) from 15% to 50%.

Shareholders have agreed to establish a new 50:50 joint venture holding company for Namdeb and DBMN.

Namdeb Diamond is owned in equal shares by the GRN and De Beers Centenary.

The new joint venture will hold licences of all land and sea operations, which are currently held by Namdeb, and will own the diamonds mined from those areas.

The diamonds produced by Namdeb and DBMN will be sorted, valued and marketed by the Namibia Diamond Trading (NDTC), a 50:50 joint venture between the GRN and De Beers.