Nambed To Invest $1 BLN To Extend Life Of Mines

Monday, August 09, 2010

Namdeb will invest $1 billion in the next 10 years to extend the life of its diamond mining operations near Oranjemund in Namibia, the 50-50 joint venture between De Beers and the Namibian government said on Thursday.

Namdeb hopes the investment, partly self-financed and partly via funds from banks, will extend its diamond operations in the coastal area to 2050.

The company also said it expected to produce 500,000 carats of diamonds this and next year from its onshore operations, compared with 329,000 carats last year.

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