Namibia – RMB Namibia, the investment banking arm of FNB Namibia and Standard Bank Namibia have partnered on a US$150 million long-term lending agreement that will enable local company Debmarine Namibia to procure a new diamond exploration and sampling vessel, in a bid to boost marine diamond mining in Namibia.
The vessel, to be named mv SS Nujoma, is currently being built in Norway and will be the sixth addition to Debmarine Namibia’s fleet which currently comprises five diamond mining vessels, namely mv Debmar Atlantic, mv Debmar Pacific, mv !Gariep, mv. Peace in Africa and mv Grand Banks.
Debmarine Namibia, which accounts for more than half the total diamond production in Namibia, mines off the south west coast of Namibia in the Atlantic 1 license area.
The long-term lending agreement is one of the largest corporate transactions concluded in Namibia and underscores both finance institutions’ support to mining – one of the core economic sectors of the country.
The US$150 million asset-based finance facility will contribute towards the sustainable provision of revenue for the country. The 50% ownership of Debmarine Namibia by the Government of Namibia facilitates the transfer of all declared profits to wealth creation in Namibia.