Elizabeth Bay eyes November restart
Dutch private equity and special situations investor Kenzoll Capital has partnered with MSF Commercials to restart operations at the Sperrgebiet Diamond Mine, formerly known as the Elizabeth Bay mine, near Lüderitz in southern Namibia.
Diamond production is expected to resume in November, with the restart set to create almost 300 jobs over the next five years, according to Kenzoll.
The mine’s licences cover 245 364 hectares of the Sperrgebiet, Namibia’s restricted diamond mining area. It holds onshore diamond resources of 6.3 million carats and offshore resources of 4.2 million carats.
The partnership will also explore and extract heavy mineral sands and critical metals across the mining licences, which the companies say have not previously been explored for these resources.
Kenzoll has previously committed more than US$10 million (N$165.7 million) to Namibia. Following regulatory approvals, its investment in the project is expected to reach US$50 million (N$828.5 million) as exploration and production of other minerals progresses.
“Elizabeth Bay has spent most of the past eight years out of action and we’re committed to getting the mine producing again, providing jobs and economic value to an area that has relied heavily on diamonds for over a century,” Kenzoll Capital chief executive Corné Melissen said.
