Debmarine to spend N$7bn on new vessel

17 May 2019 | Business

Debmarine has announced that it will invest N$7 billion in a new vessel, which would contribute N$2 billion a year to the economy.

The diamond miner said this would be its biggest single investment to date, and the most expensive and modern vessel it has ever bought.

The vessel will be called the AMV3. The announcement was made by Debmarine CEO Otto Shikongo, who said the board had approved the planned acquisition.

The vessel is expected to add 500 000 carats to Debmarine Namibia's diamond production, which marks an increase of about 35%.

The acquisition also marks the most significant investment made in the local diamond industry in its almost 100-year history, Shikongo said.

According to Shikongo, the vessel will be the most advanced diamond-mining vessel in the world when it commences operation in 2022.

It will incorporate the most advanced marine technologies that will drive improved safety performance while optimising efficiency and utilisation rates.

The vessel, which will be built in Romania, will be 107 metres long, will have a displacement of 29 000 tonnes and will accommodate 106 people.

“It will be the biggest vessel in terms of accommodation. Accommodation has always been a challenge for us when vocational training centres asked us to attach some of their trainees,” said Shikongo.

The new vessel is expected to create more than 160 jobs to add to Debmarine's current workforce of 975 employees.

JEMIMA BEUKES

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