Namdeb Diamond Corporation has announced that it has approved its long-term business plan starting from 2022 to 2042, and it is expected to generate approximately N.dollars 40 billion over 20 years.

Minister of Mines and Energy, Tom Alweendo, announced this on Thursday during a media briefing in the capital.

He said the plan was drawn up after Government, Namdeb and the De Beers Group realised that the previous plan ending in 2022 is not economically sustainable and could lead to loss of employment. Therefore, government engaged Namdeb management and the De Beers Group, which enabled the creation of a mutually beneficial new business plan that sees the additional production of approximately eight million carats of diamond additional high value and sustain the current 2 100 jobs, while creating 600 new jobs along the way.

“The new long-term business plan not only provides Namdeb with a significant life extension, but also gives the opportunity to deliver on social progression in partnerships with other stakeholders. It will enable the economic transformation of the town of Oranjemund by providing an extended period during which the town is enabled to diversify and develop new economic activities,” said Alweendo.

Speaking at the same occasion, De Beers Group Chief Executive Officer Bruce Cleaver said under the new business plan, Namdeb will have the ability to invest its profits to extend its mining operations, without placing any further strain on its balance sheet.

“This is an outcome that is best described as win-win for all stakeholders associated with Namdeb. We at De Beers could not be prouder of the men and women at Namdeb, and my colleagues at De Beers who have provided their technical expertise over many years to bring us to this point,” said Cleaver.

Namdeb Chief Executive Officer, Riaan Burger, who also spoke at the same occasion, said the plan supports the economic transformation of the ||Kharas Region and in particular the town of Oranjemund by providing an extended period during which it is enabled to diversify and develop new economic activities beyond mining.

“Namdeb has provided significant medical support to the Oranjemund community and in fact the entire south of Namibia during the COVID-19 pandemic and the plan enables the further support of the community,” said Burger.

Source: The Namibian Press Agency