{"id":324289,"date":"2019-06-19T17:02:11","date_gmt":"2019-06-19T15:02:11","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=324289"},"modified":"2019-06-19T17:02:11","modified_gmt":"2019-06-19T15:02:11","slug":"standard-bank-absa-and-other-major-banks-to-fund-r5-4-billion-diamond-mining-ship-for-de-beers","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/324289\/standard-bank-absa-and-other-major-banks-to-fund-r5-4-billion-diamond-mining-ship-for-de-beers\/","title":{"rendered":"Standard Bank, Absa, and other major banks to fund R5.4 billion diamond mining ship for De Beers"},"content":{"rendered":"<p>Five African commercial banks have partnered in a $375 million (R5.4 billion) financing deal to build a new diamond mining vessel for De Beers.<\/p>\n<p><strong><a href=\"https:\/\/www.reuters.com\/article\/us-namibia-de-beers-banks\/african-banks-to-fund-construction-of-worlds-biggest-marine-diamond-mining-vessel-idUSKCN1TK1R0\" target=\"_blank\" rel=\"noopener noreferrer\">Reuters<\/a> <\/strong>reported that Nedbank Namibia, RMB Namibia, Standard Bank, ABSA and Bank Windhoek have agreed to provide 80% of the funding for the ship, which will be the world&#8217;s largest of its type.<\/p>\n<p>Debmarine Namibia &#8211; a 50-50 joint venture company between De Beers and the government of Namibia &#8211; will provide the balance of $94 million.<\/p>\n<p>De Beers said that the ship will <strong><a href=\"https:\/\/www.debeersgroup.com\/media\/company-news\/2019\/debmarine-namibia-invest-first-custom-built-diamond-recovery-vessel\" target=\"_blank\" rel=\"noopener noreferrer\">become<\/a> <\/strong>the seventh vessel in the Debmarine Namibia fleet and is scheduled to commence operations in 2022.<\/p>\n<p>In 2017 Debmarine Namibia launched a $157 million deepwater diamond exploration and sampling vessel \u2013 called the motor vessel SS Nujoma.<\/p>\n<p>On completion, the vessel is expected to add 500,000 carats annually to Debmarine Namibia\u2019s production, an increase of approximately 35% on current production.<\/p>\n<p>&#8220;Some of the highest quality diamonds in the world are found at sea off the Namibian coast,&#8221; said Bruce Cleaver, CEO of the De Beers Group.<\/p>\n<p>&#8220;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.<\/p>\n<p>&#8220;The new vessel is expected to create more than 160 new jobs alongside Debmarine Namibia\u2019s current workforce of 975 employees.&#8221;<\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/energy\/320212\/shell-to-sign-major-oil-deal-in-south-africa\/\" target=\"_blank\" rel=\"noopener noreferrer\">Shell to sign major oil deal in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Five African commercial banks have partnered in a $375 million financing deal to build a new diamond mining vessel for De Beers.<\/p>\n","protected":false},"author":10,"featured_media":324315,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[14099,26],"class_list":["post-324289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-de-beers","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/324289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=324289"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/324289\/revisions"}],"predecessor-version":[{"id":324319,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/324289\/revisions\/324319"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/324315"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=324289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=324289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=324289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}