Business

De Beers, Namibia launch world's biggest diamond exploration ship

19 June 2017 - 48   - 0

Anglo American's (AAL.L) diamond unit De Beers on Thursday launched the world's largest diamond exploration vessel off the coast of Namibia as it looks to maintain high production levels until 2035.

The 12,000-tonne, 113-metre-long SS Nujoma was built at a cost of $157 million and is named after Sam Nujoma, Namibia's founding president.

"I am very, very confident this (vessel) will allow us to continue to extract 1.2 million carats a year," De Beers CEO Bruce Cleaver told Reuters by telephone.

He said he was "cautiously optimistic" about diamond sales in 2017 and in terms of value there have been "some small positive movements" but it was too early to declare a trend.

The SS Nujoma, the world's largest diamond exploration vessel, is seen in this undated archive Handout photograph

The SS Nujoma, the world's largest diamond exploration vessel, owned by De Beers, is seen in this undated archive Handout photograph provided to Reuters, June 15, 2017. De Beers Group/Handout via Reuters

Anglo American and De Beers rely heavily on diamonds. Anglo American says they are central to its portfolio of assets as they tend to hold value when bulk commodities fall in price.

Diamonds are also important to Namibia as they generate 20 percent of its foreign export earnings. Namibia receives 80 cents of every Namibian dollar generated by Debmarine Namibia, its 50:50 joint venture with De Beers.

Marine diamonds are particularly prized. They are generally more valuable than land-based stones because lower quality gems are washed away by waves.

Debmarine Namibia produced 1.2 million carats of diamonds in 2016, a level De Beers says it can maintain until 2035 when its license expires on a 6,000 square km area.

  Comments - 0

  • Leave a comment

Top Stories

Pakistan’s Foreign Secretary  calls on President 

The visiting Pakistan’s Foreign SecretaryTehmina Janjua called on President Maithripala Sirisena at the Presidential Secretariat yesterd...

18 October 2017 - Views : 22

Armed robbery thwarted; two nabbed with hand grenades

18 October 2017

Kerala Ganja worth Rs.20 million seized from Wattala

18 October 2017

International epihack hackathon comes to Colombo to fight dengue

18 October 2017



style="display:inline-block;width:300px;height:250px"
data-ad-client="ca-pub-6200193111498313"
data-ad-slot="1999573490">

 

Features & Analysis

Loving Vincent : Feature film made entirely of oil paintings

“I saw 50 or 60 painters painting, and someone told me: ‘Oh it’s you! I’ve been painting you ...

Canon’s Photo marathon on this month

Canon’s Photo marathon will be held on October 21 for which they have tied up with Sri Lanka Tourism targeting ...

English Writers Cooperative of Sri Lanka to hold discussion on the 'Novel'

The English Writers Cooperative of Sri Lanka (EWC) will hold a discussion on the Novel on Saturday, October 21 at the...

Bubbling over with warmth and comfort- 'The Cauldron' opens its doors in Colombo

Opening their doors on September 11, Colombo’s latest cafe venture “The Cauldron” has claimed a cos...



style="display:inline-block;width:300px;height:250px"
data-ad-client="ca-pub-6200193111498313"
data-ad-slot="1999573490">