diamond

Namibia’s five commercial banks partnered in a 375 million U.S. dollars financing deal to procure a new diamond recovery vessel for Debmarine Namibia.

The deal will mark the largest commercial deal this year to boost marine diamond recovery operations in Namibia.

In a press statement, Debmarine said the 375 million dollars asset financing facility constitutes 80 percent of the vessel cost and will be financed by the five commercial banks, namely, Absa, Bank Windhoek, Nedbank, FirstRand Bank and Standard Bank Namibia, while Debmarine will cover the remaining 20 percent of the investment.

According to Debmarine, the vessel will be used for marine diamond recovery operations off the southern coast of Namibia in the Atlantic 1 mining license area.

The vessel is being constructed in the Damen Mangalia Shipyards in Romania and is scheduled to commence operations in 2022.

Debmarine Namibia is Namibia’s leading marine diamond mining company. Enditem

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