NamDeb, a 50-50 joint venture between global diamond miner De Beers and the Namibian government, said that the future of the diamond miner now hinged on alluvial deposit due to declining carat profile on its land concessions.
De Beers is owned 45 percent by Anglo American, 40 percent by the Oppenheimer family and 15 percent by Botswana.
Land based production is expected to decline by half by 2010 and diamonds from marine operations are expected to shore up the company's production profile and balance sheet.
Hilifa Mbako, Namdeb group external affairs manager, said that the company was investing the huge chunk of its exploration budget in sampling and the development of the technology to make the exploration project a reality.
Mbako said in an interview with PANA here that the diamond miner was targeting virgin exploration ground, adding that areas targeted so far had the potential to deliver up to 500,000 carats yearly.
Mbako said that exploration was targeting the beach areas along the Atlantic coast and shallow and mid-water areas from the beach going into the sea for a few hundred metres.
All the areas fall within the land licence, he said.
Namibia is the only country where diamonds are mined from the sea floor and reports indicate that De Beers is planning a similar operation in South Africa.
"Exploration activities are mainly in the Sperrgebiet area, in diamond area number one, where Namdeb licences are held," Mbako said.
"Carats on land are depleting and diamonds are not renewable. We are faced with declining carat profile and alluvial deposits, that is where the future for Namdeb lies," Mbako said.
Mbako said that Namdeb was also drilling for diamonds in the eastern parts of the country in areas such as Kavango and the eastern Caprivi region but the scope of the exploration did not fall under the planned US$110 million exploration programme.
Windhoek - 17/07/2008
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