×
1 364
Fashion Jobs
360 TALENT LONDON
Showroom Manager – Central London
Permanent · LONDON
360 TALENT LONDON
Assistant Showroom Manager – Central London
Permanent · LONDON
ESTÉE LAUDER
Operations Support Manager
Permanent · Petersfield
ESTÉE LAUDER
jo Malone London - Omnichannel Operations Manager
Permanent · London
ESTÉE LAUDER
Multi-Brand - Business Manager, 37.5 Hours - Oxford - John Lewis
Permanent · Oxford
V. F. CORPORATION
Key Account Manager
Permanent · LONDON
ESTÉE LAUDER
Clinique - Consultant - Boots Bath - 28 Hours - Permanent
Permanent · Bath
CONVERSE
Strategic Account Executive
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots Covent Garden, London - 20 Hours - Permanent
Permanent · London
SHISEIDO
National Account Manager
Permanent · London
TIMBERLAND
Credit Controller - French Speaking - Timberland
Permanent · CALVERTON
ESTÉE LAUDER
Clinique - Consultant - Boots Donegall, Belfast - 15 Hours - Permanent
Permanent · Belfast
ESTÉE LAUDER
Clinique - Consultant - Boots Sedley Place, London - 10 Hours - Permanent
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Stratford, London - 10 Hours - Permanent
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots Durham - 6 Hours - Permanent
Permanent · Durham
ESTÉE LAUDER
Clinique - Consultant - Boots Londonderry - 11 Hours - Permanent
Permanent · Londonderry
ESTÉE LAUDER
Clinique - Consultant - Boots Kensington, London - 22.5 Hours - Permanent
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots Donegall, Belfast - 10 Hours - Permanent
Permanent · Belfast
BRAND STABLE LTD
Wholesale Sales Executive
Permanent · LONDON
LAIDBACK LONDON
Digital Marketing Manager
Permanent · HARROW
MARSHALLS
70118-lp Detective
Permanent · Banning
ESTÉE LAUDER
Clinique - Consultant - Boots, Watford - 22.5 Hours - Part Time, Permanent
Permanent · Watford
Advertisements
By
Reuters
Published
May 17, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

De Beers, Namibia invest in new diamond mining ship

By
Reuters
Published
May 17, 2019

Anglo American on Thursday said its De Beers subsidiary was investing in a $468 million new offshore diamond mining ship to mine for diamonds off the coast of Namibia, with the capacity to add 500,000 carats of annual production from 2022.


De Beers


The vessel is a joint venture between De Beers and the government of Namibia, which is keen to encourage foreign investment in mining as a mainstay of the economy.

The ship will be the seventh in the Debmarine Namibia joint venture’s fleet that mines the country’s high-quality diamonds from the ocean floor using hi-tech surveying equipment.

Anglo American CEO Mark Cutifani said in a statement the vessel was in line with the group’s focus on efficiency and margin and the investment offered an EBITDA (earnings before interest, tax, depreciation and amortisation) margin of more than 60%.

Namibia’s Mines and Energy Minister Tom Alweendo told Reuters the government would do everything necessary “to encourage inward investment in the mining sector in such a manner that the investment is mutually beneficial to the investor and the host country.”

Some African countries have been imposing tougher conditions on international miners.

Namibia, however, has been relaxing restrictions. Last year, it said it was scrapping a requirement for companies seeking mining licences to be partly owned and managed by black Namibians.

Mining, of which uranium and diamonds are a major part, contributed 14% of the country’s GDP in 2018, Namibia’s Chamber of Mines said.

Diamonds also accounted for 14% of Anglo American’s core profit in 2018.
The natural diamond market has been unsettled by competition from lab-grown stones and weaker values for smaller diamonds, but high-quality gems can still command a premium.

Analysts say there are signs supply is becoming tighter.

In a research note, Panmure in March said a review of its global diamond database found production growth would moderate this year and decline into 2021.

“We are not suggesting prices are going to surge,” it said. “But we believe the foundations for higher prices are now being laid, even accounting for lab-grown alternatives.”

Alweendo said he was concerned about the impact of lab-grown diamonds.
“Our only hope is that we will still be able to convince the consumers to make a distinction between natural and lab-manufactured diamonds,” he said. 

© Thomson Reuters 2021 All rights reserved.