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Anglo American : De Beers Okays Custom-built Diamond Recovery Vessel For Namibia

Anglo American plc (AAUKY.PK,AAL.L) said that Debmarine Namibia approved construction of a new custom-built diamond recovery vessel. Debmarine Namibia is a 50:50 joint venture between De Beers Group and the Government of the Republic of Namibia.

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. It is 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.

Anglo American said that it will continue allocating appropriate levels of capital cross its wider organic pipeline of near- and medium-term growth opportunities, including Quellaveco copper development in Peru, that it expects to contribute towards 20-25% production growth by 2023.

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