Another tough year for Namdeb
Jo-Maré Duddy - Namdeb Holdings’ underlying EBITDA for its 2020 financial year came in at US$113 million, compared to US$121 million in its previous book-year.
EBITDA stands for earnings before interest, taxes, depreciation and amortisation and is regarded as a gauge for a company’s profitability.
Results released by Anglo American this morning show Namdeb had to weather a drop in production and a lower realised price.
“Production decreased by 15% to 1.4 million carats (2019: 1.7 million carats), primarily due to the suspension of marine mining during part of the third quarter in response to lower demand. Production at the land operation decreased by 21%, principally as a result of the Covid-19-related shutdown,” Anglo said.
Anglo owns De Beers, which owns 50% of the Namibian mining giant. The Namibian government owns the other half of Namdeb Holdings.
EBITDA stands for earnings before interest, taxes, depreciation and amortisation and is regarded as a gauge for a company’s profitability.
Results released by Anglo American this morning show Namdeb had to weather a drop in production and a lower realised price.
“Production decreased by 15% to 1.4 million carats (2019: 1.7 million carats), primarily due to the suspension of marine mining during part of the third quarter in response to lower demand. Production at the land operation decreased by 21%, principally as a result of the Covid-19-related shutdown,” Anglo said.
Anglo owns De Beers, which owns 50% of the Namibian mining giant. The Namibian government owns the other half of Namdeb Holdings.
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Namibian Sun
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