De Beers to Build $468M Diamond-Mining Ship

RAPAPORT... De Beers will increase production at Debmarine Namibia by 500,000 carats per year through the construction of a new diamond-recovery vessel, it said Thursday. The ship, the seventh in De Beers' fleet, will increase annual output from the country by 35%, and will cost $468 million to build. AngloAmerican, the miner's parent company, will contribute $234 million, and theNamibian government - De Beers' 50:50 joint partner in the water-based venture -will fund the other half. "Some of the highest-quality diamonds in the world are foundat sea, off the Namibian coast," said De Beers CEO Bruce Cleaver. "With thisinvestment, we will be able to optimize new technology to find and recoverdiamonds more efficiently and meet growing consumer demand across the globe." The Debmarine Namibia ships operate at approximately 120 to 140meters below sea level in the Atlantic Ocean off the coast of Namibia. DeBeers paid $157 million for its last marine vessel, which came into operation in June2017. The new ship will pay for itself within three years, addedAnglo American CEO Mark Cutifani. De Beers expects it to begin production in2022. Image: An aerial view of a Debmarine Namibia vessel. (De Beers)