{"id":41856,"date":"2023-03-27T18:28:00","date_gmt":"2023-03-27T18:28:00","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/debmarine-namibia-diamond-production-up-52as-government-contribution-increases-by-147-in-2022"},"modified":"2023-03-27T19:16:43","modified_gmt":"2023-03-27T19:16:43","slug":"debmarine-namibia-diamond-production-up-52as-government-contribution-increases-by-147-in-2022","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/debmarine-namibia-diamond-production-up-52as-government-contribution-increases-by-147-in-2022","title":{"rendered":"Debmarine Namibia diamond production up 52%\u2026as government contribution increases by 147% in 2022"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Debmarine Namibia, the joint venture marine diamond prospecting and recovery company, owned in equal shares by the Namibian government and the De Beers Group, increased its contributions to government by 147% in 2022. This is according to Debmarine Namibia CEO Willy Mertens, who last week noted the company made a total contribution of N$4.7 billion through royalties, tax and dividends to the government.<\/p>\n

Mertens made these remarks last week during a stakeholder engagement breakfast in Windhoek. The CEO also emphasised that Debmarine makes further significant contributions to the domestic economy through employment, social investment and local procurement, among others.<\/p>\n

\u201cProduction increased by 52% primarily due to the new purpose-built vessel, the MV Benguela Gem, inaugurated in March 2022. Consumer demand for diamond jewellery over 2022 performed quite well, resulting in 168% earnings increase before interest, taxes, depreciation and amortisation (EBITDA), with sight holders taking a cautious approach to restock after Christmas,\u201d said Mertens.<\/p>\n

He added that 1.725 million carats of diamonds mined during 2022 were a record on its own while constituting around 80% of the total diamond production in Namibia.<\/p>\n

Debmarine Namibia began operations in January 2002, and it mines off the southern coast of Namibia.<\/p>\n

The company\u2019s multi-billion-dollar vessel, the Benguela Gem, also contributed N$2.4 billion in diamond production. The Benguela Gem recovered 480 000 carats of diamonds in 2022 and contributed 28% of Debmarine Namibia\u2019s 2022 output.<\/p>\n

The new state-of-the-art vessel, constituting a N$7 billion investment, is expected to operate for at least 30 years and use sub-sea crawling extraction techniques to retrieve diamonds from the seabed off the coast of Namibia.<\/p>\n

Moreover, Debmarine Namibia recorded revenue growth of N$13.2 billion for the year under review with a free cash flow of N$3.6 billion.<\/p>\n

On the outlook for production, Mertens said a moderate increase is expected for 2023.<\/p>\n

\u201cWhile there is still some uncertainty over the macroeconomic environment, China\u2019s reopening and inflation rates decreasing in major economies are signs for optimism in diamond demand,\u201d he added.<\/p>\n

On the same occasion, mines minister Tom Alweendo advocated for Namibians to embrace local ownership of the mining sector and particularly the diamond industry.<\/p>\n

Last year, the mines ministry indicated an intention to amend existing legislation to allow not less than 20% of shares in diamond licences to be held by Namibian citizens.<\/p>\n

This, the ministry stated, is part of efforts to increase participation by Namibian citizens in the diamond industry.<\/p>\n

The proposed changes are aimed at effectively regulating diamond activities in the industry.<\/p>\n

This was not the first time the mines ministry advocated for the review of existing laws \u2013 in 2021, the ministry introduced a mandatory 15% shareholding retention by Namibians upon the transfer or sale of existing licences.<\/p>\n

Namibia\u2019s diamond mining output stood at around N$30 billion over the last five years, and it is largely controlled by the De Beers Group\u2019s partnership with the government under Namdeb Holdings.<\/p>\n

There is a growing public opinion that Namibia is not benefiting equitably from its mineral resources.<\/p>\n

Other proposals include the abolishment of the Diamond Board, which was replaced with the Diamond Advisory Committee that will advise the minister on matters relating to the diamond industry, as well as the control and protection of Namibia\u2019s diamond resources.<\/p>\n

The De Beers Group, through Debmarine, conducts marine-based diamond recovery around 120 to 140m below sea level off the Namibian coast. Namibia has the richest known marine diamond deposits in the world, estimated at more than 80 million carats.<\/p>\n

They represent around 65% of Namdeb Holdings\u2019 total diamond production and 90% of its diamond resources. Marine diamond recovery now produces more in annual volumes than Namibia\u2019s land-based diamond mining.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Debmarine Namibia, the joint venture marine diamond prospecting and recovery company, owned in equal shares by the Namibian government and the De Beers Group, increased its contributions to government by 147% in 2022. This is according to Debmarine Namibia CEO Willy Mertens, who last week noted the company made a total contribution […]<\/p>\n","protected":false},"author":84,"featured_media":41854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,249],"tags":[234,236,233],"class_list":["post-41856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nDebmarine Namibia diamond production up 52%\u2026as government contribution increases by 147% in 2022 - Namibia<\/title>\n<meta name=\"description\" content=\"Debmarine Namibia, the joint venture marine diamond prospecting and recovery company, owned in equal shares by the Namib ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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