Namibia: Local Money to Fund $195 Million Diamond Vessel

Finance and Trade
28/04/2015 16:55

Standard Bank Namibia and RMB Namibia, a unit of FNB Namibia, announced that they will fund 75% of the N$2.3 billion (US$195 million) needed to build the new diamond exploration and sampling vessel for Debmarine Namibia. The rest of the money will be provided by Debmarine. The vessel will become the sixth member of the Debmarine fleet to be registered at Lüderitz. Debmarine has grown to be the biggest diamond producer off Namibia's coast, surpassing land production and now produces about 1.2 million carats per annum.