Lewcor buys Elizabeth Bay Mine

12 September 2019 | Business

Namdeb today announced that it sold its Elizabeth Bay Mine and associated marine assets as a going concern to a member of the Lewcor Group, a 100% Namibian owned consortium.
Namdeb has explored a variety of options to extend the life of its Elizabeth Bay Mine beyond 2019, but ceased operations in September last year, as the company could no longer economically run the operation.
Following the review, Namdeb concluded that the best way to secure a future for the mine was to find an operator suited to operate the mine in a sustainable way, ensuring continuation of employment and economic activities in Namibia.
Choosing the right operator has always been an essential part of the decision, and Namdeb believes that the sale of Elizabeth Bay Mine to Lewcor will aid the transformation of the mining industry. The Lewcor Group is an experienced and well-regarded company in the Namibian mining and civil contracting industry, with more than 20 years of experience.
The sale followed a competitive process that attracted significant expressions of interest. The decision to sell to Lewcor was founded on the basis that it has sound technical and financial capability as well as strong corporate social responsibility credentials, including a demonstrated commitment to Namibia.
The transaction has a value of N$120 Million to Namdeb, with potential upside to N$180 Million, depending on a number of factors. In the longer term, this value could increase significantly, as Namdeb will share in the revenue earned in the sale of diamonds recovered from certain marine mining areas associated with the Elizabeth Bay Mine, and which Lewcor has indicated it will bring into production in the near term. In addition the transaction creates employment opportunities for those affected by the closure of the Elizabeth Bay Mine, and for the larger community and economy of Lüderitz and Namibia.

Namdeb chairman Chris Nghaamwa said that throughout the process, their objective has been to create the best possible circumstances for re-opening the operations, re-creating jobs and growing empowered participation in Namibia’s diamond industry. “A rigorous, independently-advised process enabled Namdeb to select a company with not only the right mining and financial credentials, but also a commitment to meet future social and environmental obligations. We are delighted that the new owner is broad-based, and is fully owned by Namibian citizens.”
Riaan Burger, CEO of Namdeb, said: “I am hugely appreciative and grateful for the commitment of our employees over many years and wish to thank them for their dedication. Although the decision to sell the mine has not been easy, it was the right thing to do for its future, its employees and the Lüderitz community at large.”
The transaction with Lewcor is subject to customary suspensive conditions, which all parties hope to conclude without delay.

Similar News

 

Is a franchise the right model for your business?...

3 days ago - 13 November 2019 | Business

Mbo LuvindaoNamibia’s Small Medium Enterprise (SME) sector is reported to contribute more than 10% to the gross domestic product (GDP) and 20% to employment creation....

O&L buys majority stake in Hartlief

4 days ago - 11 November 2019 | Business

The Olthaver and List (O&L) Group announced the acquisition of the majority stake (60%) in Hartlief earlier today, with the group’s chairperson Sven Thieme saying...

Empowering women in business

5 days ago - 11 November 2019 | Business

Bank Windhoek in partnership with Good Women Good Business (GWGB) recently hosted a Jeans and Sneakers event where women conversed about topics ranging from overcoming...

NaMedia’s Beyleveld rakes in leadership award

5 days ago - 11 November 2019 | Business

The Institute of People Management (IPM) hosted a leadership awards gala dinner, where NaMedia’s Natasja Beyleveld was recognised for her outstanding role in enhancing executive...

New look for Megatech

5 days ago - 11 November 2019 | Business

Pupkewitz Megatech held a ribbon cutting ceremony to reveal a new look on Friday.The event which took place at the newly renovated Windhoek store, also...

Designer brands now available here

2 weeks ago - 30 October 2019 | Business

Luxity – South Africa’s largest source of pre-owned, authenticated luxury items – now offers free shipping to its customers in Namibia. This means that the...

Exhibits galore at Katutura Expo

2 weeks ago - 30 October 2019 | Business

The Katutura Expo kicks off in the capital tomorrow (31 October) and is aimed at uplifting the community by creating a platform for small-scale businesses,...

Aapstertjies groei van krag tot krag

2 weeks ago - 28 October 2019 | Business

Yolanda Nel Met Kersfees om die draai, is ’n plaaslike entrepreneur hard aan die werk met haar baba- en kleuterreeks om seker te maak die...

Vyftig goue jare vir Okahandja Electrical Services

2 weeks ago - 28 October 2019 | Business

Gerine Hoff Noem maar net die naam Alcino 'Shorty' Da Costa, en mense weet van wie jy praat.Dié bekende persoonlikheid se onderneming, Okahandja Electrical Services,...

Lekker bederf by die Pannekoeksusters

2 weeks ago - 28 October 2019 | Business

Onder ’n groen gazebo in Okahanda se Martin Neibstraat oorkant die poskantoor, staan die Pannekoeksusters.En soos die naam sê, verkoop hulle heerlike pannekoeke.Die skoonsusters wat...

Latest News

Suzy launches her own site

2 days ago - 14 November 2019 | Art and Entertainment

Well-known Namibian saxophonist Suzy Eises launched her own website at a swanky event in the capital last night (13 November). Through the website, her fans...

City changes 13 street names

2 days ago - 14 November 2019 | Local News

Yolanda NelThe City of Windhoek (CoW) held a mass street renaming ceremony on Wednesday, to honour some of the fallen sons and daughters of the...

Windhoekers continue to waste water

2 days ago - 14 November 2019 | Disasters

The City of Windhoek (CoW) once again warned residents that the continuous exceeding of weekly water targets could lead to water rationing.According to the City’s...

Nie net sommer ‘airbrushing’ nie

2 days ago - 14 November 2019 | People

Yolanda NelEzville Husselman van Rehoboth kom uit ’n kunstige familie en nou het sy stokperdjie ’n volwaardige besigheid geword.Ezville is op Rehoboth bekend vir sy...

Die broodkar is hier

2 days ago - 13 November 2019 | Art and Entertainment

Yolanda Nel Hierdie plek wat kos voorsien is soos die roomyskar met sy irriteerde deuntjie toe ons kinders was,maar beter, want daar is ’n verskeidenheid...

An outburst of music and...

3 days ago - 13 November 2019 | Art and Entertainment

Equipped Dancing Academy hosts a show titled ‘Outburst Music and Dancing’ in the capital on 22 November.The academy’s founder and principal, Stanley Mareka, said at...

Verfhale sonder huiwer

3 days ago - 13 November 2019 | Art and Entertainment

Yolanda Nel Die bekende keramiekkunstenaar Sarie Maritz is hard aan die werk om op 22 November haar nuwe skeppingste vertoon. Nie net is haar handewerk...

Is a franchise the right...

3 days ago - 13 November 2019 | Business

Mbo LuvindaoNamibia’s Small Medium Enterprise (SME) sector is reported to contribute more than 10% to the gross domestic product (GDP) and 20% to employment creation....

Apples in the Kalahari?

3 days ago - 13 November 2019 | Agriculture

On Monday (18 November), Salomon Kalondo hosts a public talk at the Scientific Society about how Namibian farming will have to change to remain viable....

Load More