Namdeb Buys Namco Assets

De Beers’s Namibian marine mining arm Namdeb bought the marine assets of Namco Mark II Ltd. for $20 million this week from Namco's provisional liquidators Chris Laverty and Mick McLoughlin of KPMG Corporate Recovery.

De Beers says the assets include the Namssol II crawler, a treatment plant and other related assets aboard the vessel MV Ya Toivo.

Namdeb has also entered into a new charter agreement with the owners of the MV Ya Toivo.

In February Namco was put into liquidation when its debts to banks mounted and attempts by major shareholder Lev Leviev to get the banks to forgo some of the debt were unsuccessful. The company debts have crossed $75 million.

The additional marine capabilities could help Namdeb overcome an eight percent drop in carat production, due to mining contractor targets not being met. According to Namdeb managing director Inge Zaamwani, in the De Beers Annual Review 2002, the company would look increasingly to marine resources for future production.