NAMIBIA TO OWN THE WORLD'S LARGEST DIAMOND MINING VESSEL.

NEW ERA | Windhoek, NAMIBIA:

The De Beers Group has confirmed that a Scandanavian shipbuilder has commenced what will eventually be the world’s largest diamond mining vessel for Debmarine Namibia, a joint venture held in equal shares between the government of Namibia and De Beers.

De Beers Group Chief Executive Officer, Bruce Cleaver, who disclosed this to New Era in an exclusive interview on Thursday, said the vessel would be used exclusively for operations off Namibia’s coast once it is completed in about three years.

Speaking from his London-based office, Cleaver said the new vessel is in line with Debmarine Namibia’s strategy to expand marine diamond mining operations in Namibia, as land-based operations in the country gradually slow down.

“We have to appreciate what Namdeb (the other 50/50 joint venture between government and De Beers) has accomplished but we have to recognise that Namdeb has entered a very challenging phase in its life cycle,”

said Cleaver, adding that there is “tremendous potential” in Namibia’s marine diamond mining.

The hull of the new Debmarine Namibia vessel will cost in the range of N$2 billion while industry experts estimate that the owner-fitted equipment, such as plant and mining tools, is anticipated to be another N$5 billion. The new vessel is expected to commence operations in 2021 and will work alongside the other five Debmarine Namibia mining vessels. The new vessel is expected to enhance the miner’s ability to recover diamonds off Namibia’s Atlantic coastline and 176 metres long will be two metres longer than the MV Mafuta, which is currently the largest vessel in the fleet. The SS Nujoma, which was delivered three months ahead of schedule and under budget, was officially inaugurated in June 2017 and is fully operational.

Cleaver also shared De Beers’ preliminary financial results for 2017 which indicated that total revenue for the Group declined by four percent to US$5.8 billion (2016: US$6.1 billion) – as expected, given the benefit of strong midstream restocking in the first half of 2016. The average realised rough diamond price decreased by 13 percent to US$162/carat (2016: $187/carat) mainly owing to a lower value mix. This was partly offset by an 8 percent increase in consolidated sales volumes to 32.5 million carats (2016: 30.0 million carats).

The Group’s capital expenditure reduced by 48 percent to US$273 million (2016: $526 million), mainly owing to the completion of major projects, including Namibia’s new exploration and sampling vessel, the SS Nujoma; and planned lower waste capitalisation at other mines.

The preliminary financial results further indicate that underlying EBITDA increased by two percent to US$1,435 million (2016: US$1,406 million) despite lower revenue following the one-off industry midstream restocking in 2016. This performance was driven by improved margins, which benefited from lower unit costs, supported by higher production and efficiency drives across the business.

Cleaver continued that early signs are that global consumer demand for diamond jewellery registered positive growth in 2017 in US dollar terms, following a marginal increase in 2016.

“Sustained diamond jewellery demand growth in the US was once again the main contributor to this positive outcome. Demand for diamond jewellery by Chinese consumers grew marginally, in local currency and dollar terms. In contrast, consumer demand for diamonds softened in India and the Gulf states, both in local currency and dollar terms, while Japan’s consumer demand growth was flat in local currency and lower in dollars,”

Cleaver explained.

Diamond producers’ primary stocks are estimated to have reduced considerably during the first half of 2017, as sentiment in the midstream improved and rough and polished inventories normalised for businesses in this segment of the value chain. Overall, Cleaver noted additional consumer marketing undertaken during the main selling season had a positive effect on polished demand in the US, China and India in the final quarter of the year, leading to a positive impact on overall polished inventories.

Closer to home, Namdeb Holdings, production increased by 15 percent to 1.8 million carats (2016: 1.6 million carats), primarily owing to higher production from Debmarine’ Mafuta vessel, driven by higher mining rates following an extended scheduled in-port during 2016. At Namdeb’s land operations, production rose by 6 percent, despite challenging conditions, including grade variability owing to the nature of alluvial deposits, structural cost pressures, and some operations nearing the end of their lives.

In South Africa, De Beers Consolidated Mines production increased by 23 percent to 5.2 million carats (2016: 4.2 million carats), primarily owing to Venetia, driven by higher grades as well as improved operational performance benefiting tonnes treated. Construction continues on the Venetia Underground Mine, which is expected to become the mine’s principal source of production during 2023.

SOURCE:

New Era.

Comments

CUBA CLAIMS CANADIAN PRIME MINISTER IS FIDEL CASTRO'S SON.

The suicide note left by Fidel Castro’s eldest son has rocked the Cuban nation this week, with the most astonishing revelation being the claim that Canadian Prime Minister Justin Trudeau was his half-brother and the son of the late Fidel Castro. The handwritten note left by Fidel Castro Diaz-Balart, 68, the eldest of Fidel Castro’s children, appears to confirm the longstanding rumor in Cuba that Fidel Castro fathered Justin Trudeau after a public tryst with Margaret Trudeau in 1970. “ Castro Diaz-Balart, who had been attended by a group of doctors for several months due to a state of profound depression, committed suicide this morning ,” Cubadebate website reported. The death of the high-profile government nuclear scientist, also known as “Fidelito”, or Little Fidel, because of how much he looked like his father, stunned the nation, however it is his “ explosive ” suicide note that has set tongues wagging in Havana. Amid a wide-ranging barrage of compl...

FATHER USED BABY AS HUMAN SHIELD; CHILD SHOT 4 TIMES.

Philadelphia, U.S: The father of an 11-month-old boy, who was shot four times in Philadelphia last month, is now under arrest in connection with the shooting, the district attorney's office announced on Tuesday. Nafes Monroe. Yaseem Munir Jenkins was shot four times, including once in the head, while inside a vehicle in the city's Hunting Park section on October 19, 2019. Authorities say the toddler was in the back seat of a car, along with his father, Nafes Monroe, his stepmother and another man when shots rang out. Investigators say Monroe used his son as a human shield to thwart off a potential upset drug dealer. Yazeem Munir Jenkins is in a critical condition. Image: Philadelphia Police. "He was using counterfeit money to purchase drugs, knowing that counterfeit money is something that is very upsetting to drug dealers, and when they find out that they're being burned with counterfeit money, they act violently. And this was not...

WOMAN WHO HAD 44 CHILDREN BY 36 YEARS-OLD BANNED FROM HAVING MORE BABIES.

Kampala, UGANDA: Mariam Nabatanzi had her first set of twins when she was just 13 and has since had another five sets, three sets of quads and four sets of triplets Mariam Nabatanzi suffers from a rare genetic condition and had given birth to 44 children by the age of 36. Tragically, Mariam has been left to raise her massive family alone after her husband walked out on her almost four years ago. Now 40, doctors have taken action to stop Mariam having more children after it emerged her father had 45 children with several different women. Mariam has three sets of quadruplets, four sets of triplets and six sets of twins and incredibly manages to care for and feed them all on her own. The fertile mum was just 12 when she was married to her husband, who at 40 was 28 years her senior. Just a year later she gave birth to her first set of twins. Now, she and all of her kids have no choice to live in appallingly cramped conditions in just four ...

U.S SPY SATELLITES CATCH CHINESE SHIPS ILLEGALLY SELLING OIL TO NORTH KOREA.

According to South Korea’s chosun llbo , U.S. recon satellites have photographed around 30 illegal transactions involving Chinese vessels selling oil to North Korea on the West Sea in October. The images allegedly showed large Chinese and North Korean ships transacting in oil in a part of the West Sea closer to China than South Korea. The satellite pictures even showed the names of the ships. A government source said, “We need to focus on the fact that the illicit trade started after a UN Security Council resolution in September drastically capped North Korea’s imports of refined petroleum products.” Meanwhile, on paper, China’s trade with North has recently collapsed after U.S. President Donald Trump unleashed a barrage of sanctions in September targeting North Korea’s imports of refined petroleum products. Back in November, the US. Treasury Department sanctioned an additional six North Korean shipping and trading com...

LIONEL MESSI WINS A FIGHT TO REGISTER HIS NAME AS TRADEMARK.

A European court has ruled that Lionel Messi, the world's top earning footballer, can trademark his own name. The Barcelona and Argentina striker fought a seven-year fight to be able to use his name on sports goods. His original application was challenged by the Spanish cycling brand, Massi, which argued that the names were too similar and would cause confusion. But the EU's General Court ruled that the footballer was too well known for confusion to arise. The ruling comes days after France Football magazine reported Mr Messi had overtaken Cristiano Ronaldo as the highest earner in football, with an income of €126m (£108m). Mr Ronaldo is making €94m, the magazine said. Mr Messi's application to trademark his name was made to the European Union Office for Intellectual Property (EUIPO) in 2011. It ruled against the footballer, saying the names were similar, because their dominant elements, "consisting of the terms 'Massi' and ...

MARTIN LUTHER KING'S FAMILY DISAPPOINTED BY NIGERIANS.

A family member of Martin Luther King, Isaac has cleared the air on controversies surrounding the award given to President Muhammadu Buhari. Naomi Barbara King (R), a matriarch of the King family presenting a ‘commemorative plaque’ to president Buhari. Speaking to TVC, Isaac Luther King said his family’s visit to Nigeria was humanitarian refuting reports that they were paid to embark on the move. He expressed disappointment in Nigerians for the criticisms trailing his family’s visit to Buhari. According to him, he came to establish a bond with Nigeria based on his family’s love for the country. He told the TV station, “I am the nephew of Martin Luther King Jnr, I served for a period of five years as president of King’s centre. You cannot buy me or anyone else in my family “So the fake news, slander on my good character is a lie. “Anything that I have done or said about your president came from my heart or brain not based on any compensation, mon...

"TIME HAS COME FOR LAW TO RECOGNIZE THIRD GENDER" , DUTCH COURT.

Limburg, NETHERLANDS: A Dutch citizen on Monday won the right for the first time to be allowed to register as neither a man nor a woman, with judges urging politicians to recognise a “third gender”. The Limburg District Court in Roermond ruled that the unnamed plaintiff can now be recorded in the Dutch birth register as “gender undetermined” as opposed to male or female. “At birth in 1961, this person’s gender could not be determined and the parents decided to register the person as male, to make things easier at the time,” The court said in a statement. In 2001 however, the plaintiff underwent medical treatment and changed gender to female. “Eventually it also turned out that the female gender did not fit the person, whose personality is experienced as gender-neutral,” The court said, “feeling neither like a man nor a woman”. The plaintiff then asked authorities to include a third, gender-neutral entry in the birth register. A similar request by a d...

THE PRESIDENT OF GHANA TO ATTEND HUGH MASEKELA'S FUNERAL.

Accra, GHANA: President Nana Addo Dankwa Akufo-Addo is expected to attend the funeral of late South African jazz musician Hugh Masekela. The president, who eulogized the late musician for his extraordinary music, will be in South Africa on Sunday for the private funeral. The music legend, who was also a leading figure in the struggle to end apartheid in South Africa, passed away on Tuesday, January 23 aged 78 The 1968 Grammy Award winner’s family, in a statement, said he “passed away peacefully” in Johannesburg “after a protracted and courageous battle with prostate cancer”. Remembering the freedom fighter in a series of Tweets, President Akufo-Addo said he will remember him for his exceptional friendship. “Freedom fighter, great artist, great musician, wonderful trumpeter, great friend, many thanks for the extraordinary music, marvellous memories, and exceptional friendship,” he said. The president said, Hugh Masekela “will be sorely missed by al...

ZIMBABWEAN MUSICIAN IN EXILE SAYS "THERE IS NOTHING TO CELEBRATE"

EUGENE, Ore. (AP) — As Zimbabweans celebrated the ouster of dictator Robert Mugabe, they danced on the streets to previously banned protest songs by one of the country’s most famous musicians — a man jailed by the country’s former white rulers and hounded by the black government that succeeded them. But Thomas Mapfumo, who watched the euphoria from exile in the U.S., said he has seen nothing to suggest his country will overcome its long history of repression and political corruption because Mugabe’s political party and cronies still run the country. “I think there’s nothing to celebrate about,” Mapfumo said this week in an interview with The Associated Press at his small apartment in the college town of Eugene, Oregon where he has lived since 2004. “It’s still the old train that we’re riding but they’ve got a different driver now.” When Mugabe resigned on Nov. 21 under military pressure, ending his iron-fisted rule of 37 years, Mapfumo’s songs blasted from car...

MALARIA VACCINE PROVES HIGHLY EFFECTIVE IN BURKINA FASO.

A vaccine against malaria has been shown to be highly effective in trials in Africa, holding out the real possibility of slashing the death toll of a disease that kills 400,000 mostly small children every year. The vaccine, developed by scientists at the Jenner Institute of Oxford University, showed up to 77% efficacy in a trial of 450 children in Burkina Faso over 12 months. The hunt for a malaria vaccine has been going on the best part of a century. One, the Mosquirix vaccine developed by GlaxoSmithKline, has been through lengthy clinical trials but is only partially effective, preventing 39% of malaria cases and 29% of severe malaria cases among small children in Africa over four years. It is being piloted by the World Health Organization in parts of Kenya, Ghana and Malawi. The Oxford vaccine is the first to meet the WHO goal of 75% efficacy against the mosquito-borne parasite disease. Larger trials are now beginning, involving 4,800 children in four countries. Prof ...

Kioo17 Journal

Search This Blog