Anglo American: De Beers JV With Namibia Approves New Vessel

Date : 05/16/2019 @ 8:06AM
Source : Dow Jones News
Stock : Anglo American (QX) (NGLOY)
Quote : 12.412  0.362 (3.00%) @ 4:54PM

Anglo American: De Beers JV With Namibia Approves New Vessel

Anglo American (LSE:AAL)
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By Oliver Griffin


Anglo American PLC (AAL.LN) said Thursday that a joint venture between its majority-owned De Beers diamond mining business and the government of Namibia has approved the construction of a new diamond-recovery vessel for its fleet.

The diversified mining company said the net cost of the new vessel will be $234 million. It will become the seventh ship in the Debmarine Namibia fleet and is expected to begin production in 2022.

Bruce Cleaver, CEO of De Beers, said: "Some of the highest quality diamonds in the world are found at sea off the Namibian coast. With this investment we will be able to optimize new technology to find and recover diamonds more efficiently and meet growing consumer demand across the globe."

The new ship is expected to add 500,000 carats of diamonds to annual production, representing a 35% increase of Debmarine Namibia's current levels.

Mark Cutifani, CEO of Anglo American, said the investment offers a three-year payback, an initial rate of return of more than 25%, and a margin on earnings before interest, taxes, depreciation and amortization of more than 60%.


Write to Oliver Griffin at; @OliGGriffin


(END) Dow Jones Newswires

May 16, 2019 02:51 ET (06:51 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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