Company Announcements

De Beers approves diamond recovery vessel

Source: RNS
RNS Number : 1618Z
Anglo American PLC
16 May 2019
 

16 May 2019

De Beers approves custom-built diamond recovery vessel for Namibia

 

Anglo American plc ("Anglo American") announces the approval by Debmarine Namibia, a 50:50 joint venture between De Beers Group and the Government of the Republic of Namibia, of the construction of a new custom-built diamond recovery vessel.

 

At an expected total capital cost of $468 million ($234 million attributable to Anglo American), this new vessel will become the seventh in the Debmarine Namibia fleet, expected to begin production in 2022 with the capacity to add 500,000 carats of annual production, a 35% increase above Debmarine Namibia's current levels.

 

Mark Cutifani, Chief Executive of Anglo American, said: "The addition of this custom-built vessel for the Debmarine Namibia joint venture will bring numerous benefits - in terms of De Beers' production profile by value and volume, the technologies that can be deployed from the outset to deliver greater efficiency and productivity, and sustained economic benefits for Namibia.

 

"This highly attractive investment offers a three-year payback, a more than 25% IRR and an EBITDA margin of more than 60% - typical of the high quality of our brownfield growth options. We will continue allocating appropriate levels of capital in a disciplined manner across Anglo American's wider organic pipeline of near- and medium-term growth opportunities, including the world-class Quellaveco copper development in Peru, that we expect to contribute towards our 20-25% production growth by 2023."

 

Bruce Cleaver, CEO of De Beers Group, added: "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 optimise new technology to find and recover diamonds more efficiently and meet growing consumer demand across the globe."

 

 

For further information, please contact:

 

Media

 

Investors

UK

James Wyatt-Tilby

james.wyatt-tilby@angloamerican.com

Tel: +44 (0)20 7968 8759

 

Marcelo Esquivel

marcelo.esquivel@angloamerican.com

Tel: +44 (0)20 7968 8891

 

South Africa

Pranill Ramchander

pranill.ramchander@angloamerican.com

Tel: +27 (0)11 638 2592

 

Ann Farndell

ann.farndell@angloamerican.com

Tel: +27 (0)11 638 2786

 

UK

Paul Galloway

paul.galloway@angloamerican.com

Tel: +44 (0)20 7968 8718

 

Robert Greenberg

robert.greenberg@angloamerican.com

Tel: +44 (0)20 7968 2124

 

Emma Waterworth

emma.waterworth@angloamerican.com

Tel: +44 (0)20 7968 8574

 

 

 

 

 

 

Notes to editors:

 

Anglo American is a leading global mining company and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive mining operations and undeveloped resources provides the metals and minerals that enable a cleaner, more electrified world and that meet the fast growing consumer-driven demands of the world's developed and maturing economies. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and mine, process, move and market our products to our customers around the world - safely, responsibly and sustainably.

 

As a responsible miner - of diamonds (through De Beers), copper, platinum group metals, iron ore, coal and nickel - we are the custodians of what are precious natural resources. We work together with our business partners and diverse stakeholders to unlock the sustainable value that those resources represent for our shareholders, the communities and countries in which we operate, and for society as a whole. Anglo American is re-imagining mining to improve people's lives.

www.angloamerican.com

 

     

 

Legal Entity Identifier: 549300S9XF92D1X8ME43


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