StockMarketWire.com - Anglo American said De Beers had approved plans to construct a new custom-built diamond recovery vessel in Namibia.

Debmarine Namibia, a 50:50 joint venture between De Beers Group and the Government of the Republic of Namibia, had approved the construction of a new custom-built diamond recovery vessel, the company said.

At an expected total capital cost of $468m, this new vessel would become the seventh in the Debmarine Namibia fleet, 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, the company added.

'This highly attractive investment offers a three-year payback, a more than 25% IRR and an EBITDA margin of more than 60% - typical of the high quality of our brownfield growth options,' said Mark Cutifani, Chief Executive of Anglo American.

'We will continue allocating appropriate levels of capital in a disciplined manner across Anglo American's wider organic pipeline of near- and medium-term growth opportunities, including the world-class Quellaveco copper development in Peru, that we expect to contribute towards our 20-25% production growth by 2023.'




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