Lewcor buys Elizabeth Bay mine

13 September 2019 | Business

A local family business, Lewcor Group, has acquired a 100% shareholding of Namdeb's Elizabeth Bay.

Namdeb announced yesterday the transaction has a value of N$120 million.

Announcing the sale of the mine to Lewcor, Namdeb board chairperson Chris Nghaamwa said it had sought to create the best circumstances for the reopening of the Elizabeth Bay mine, which had gone into care and maintenance in September 2018.

“Throughout this process, our objective has been to create the best possible circumstances for reopening the operations, recreating jobs and growing empowered participation in Namibia's diamond industry,” said Nghaamwa. In the longer term, this value could increase significantly, as Namdeb will share in the revenue earned in the sale of diamonds recovered from certain marine mining areas associated with the Elizabeth Bay mine, and which Lewcor has indicated it will bring into production in the near term.

“I am hugely appreciative and grateful for the commitment of our employees over many years and wish to thank them for their dedication.

“Although the decision to sell the mine has not been easy, it was the right thing to do for its future, its employees and the Lüderitz community at large,” said Namdeb CEO Riaan Burger.

Elizabeth Bay mine was commissioned in 1991 and employs approximately 160 people, while it produced around 200 000 carats in 2017.

The Lewcor Group is an experienced and well regarded company in the Namibian mining and civil contracting industry, with over 20 years of experience.

Namdeb has explored a variety of options to extend the life of its Elizabeth Bay mine beyond 2019, but ceased operations in September 2018, as the company could no longer economically run the operation.

STAFF REPORTER

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