RapNet


Rapaport News

 

Mining

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Namibia Predicts Diamond-Sector Slowdown

Land-based mining resources are diminishing, says national bank.
Jul 9, 2018 8:23 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Economic growth from Namibia’s diamond-mining sector will slow this year due to depletion of resources from inland deposits, its national bank said.

While the industry’s contribution to gross domestic product (GDP) will increase 11% in 2018, that rise is less than last year’s 12% jump, according to data the Bank of Namibia released in a July report.

“Growth for diamond mining is expected to be lower during 2018 compared to 2017 as onshore production volumes are declining,” the bank said.

For instance, Namdeb, a joint venture between De Beers and the nation’s government, will close the Elizabeth Bay mine as it has not generated any profit in recent years, the central bank added.

GDP from the sector will subsequently contract 5% in 2019 and 8% in 2020, the organization predicted.

However, increased production from Debmarine Namibia, De Beers’ offshore-mining partnership with the government, is likely to compensate for the difference, lifting GDP contribution back to positive growth from 2021 onward.

The bank also expects a slowdown in the diamond-processing sector — including sorting and cutting — following strong growth in 2016 and 2017. The category’s contribution to GDP will go up 4.6% in 2018 as opposed to 15% in 2017, it forecast.

Image: Namdeb
Tags: africa, Bank of Namibia, De Beers, Debmarine Namibia, Economic growth, Elizabeth Bay, gdp, gross domestic product, marine mining, mining, Namdeb, Namibia, Offshore mining, Offshore production, onshore production, Rapaport News, Rough Diamonds
Similar Articles
AlrosaAlrosa Finds Diamond Inside a Diamond
Oct 06, 2019
Alrosa has recovered an unusual piece of rough featuring one diamond...
Lesotho Renews Letšeng Lease
US Bans Import of Zimbabwe Diamonds
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us