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Namdeb Action May Force MUN Strikes
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Namdeb Diamond Corporation requested a certificate of unresolved dispute for wage negotiations with the Mineworkers’ Union of Namibia (MUN) after five months of negotiations. MUN representative Shavuka Mbidhi noted that Namdeb’s request could potentially...
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Mining
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Aug 20, 2012
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Ricci Dipshan
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Namdeb Reaches Milestone in Search for Marine Diamonds
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Namdeb reported that its probe drill platform (PDP) drilled 24 holes in 24 hours some 335 meters off the coast of Namibia in November. This is a significant milestone in exploring the marine portions of the group's mining licenses...
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Mining
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Dec 21, 2011
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Deena Taylor
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Namdeb Seeks Civil Action Against Striking Workers, MUN
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Namdeb proceeded with a civil action against its striking employees and the Mineworkers Union of Namibia (MUN) for an estimated $551,000 (NAD 4 million) a day in losses it has suffered since a strike began on August 16, according...
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Mining
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Aug 23, 2011
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Ricci Dipshan
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Namibia, De Beers Sign Diamond Partnership Agreement
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De Beers and Namibia reached an agreement in which the country will increase its shareholding in De Beers Marine Namibia (DBMN) to 50 percent from 15 percent. As part of the agreement, the shareholders have agreed to establish a new 50/50 joint venture holding company for Namdeb and DBMN. The new firm...
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Mining
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May 18, 2011
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Jeff Miller
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Namdeb 2010 Rough Sales +49%
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Namdeb Diamond Corporation reported that for the year 2010, the company increased the number of carats sold by 12 percent. Without citing exact figures, the company recorded a 58 percent increase in production, which would come to approximately 1.46 million carats by Rapaport calculations. Namdeb reported that diamond...
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Mining
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Apr 28, 2011
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Jeff Miller
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Police Arrest NamGem Manager in Diamond Theft
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The production manager of NamGem, Erez Ben Shushan, was arrested in Namibia in connection with $2.6 million worth of diamonds that were stolen from the polishing company last week. Police confirmed that Shushan, an Israeli national, appeared in the Okahandja magistrate court on Wednesday, where he was released...
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Manufacturing
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Sep 12, 2010
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Avi Krawitz
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Namdeb to Invest $1B to Extend Marine Mining
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Namdeb has budgeted $1 billion to invest during the next 10 years to extend the life of its marine diamond mining operations through 2050, Reuters reported. Namibia’s existing deposits are due to be depleted by 2014, but Namdeb, a joint venture between De Beers and the government, believes it can find...
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Mining
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Aug 08, 2010
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Avi Krawitz
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Namdeb, Workers Reach Wage Agreement
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A mass strike at Namdeb has been averted following a wage agreement between the diamond mining company and the Mineworkers Union of Namibia (MUN).MUN, which represents 1,132 of the company’s 1,600 workers, gave Namdeb 48 hours notice of its intention to strike, as required by law, last week. However, Deputy...
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Financial-Legal
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Jul 12, 2010
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Deena Taylor
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Rapaport Weekly Market Report 06/25/2010
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Between the LinesRough Market: Namdeb Production Rise in ContextNamibia’s rough diamond production rose 102 percent year on year in the January through May 2010 period to 580,000 carats, the country's Ministry of Mines and Energy reported. During the comparable period of last year, however, Namdeb, the...
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Research
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Jun 25, 2010
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Avi Krawitz
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Zale Secures Loan From Golden Gate
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Zale Corporation obtained a new $150 million, five-year, senior-secured-term loan from Golden Gate Capital. The private equity firm plans to utilize the interest and fees that accrue on the loan and warrants to purchase common stock aggregating a 25 percent equity interest in Zale on a fully diluted basis....
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Retail
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Jun 01, 2010
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Rapaport
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Mining
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May 27, 2010
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Rapaport
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Namdeb Posts Pre-Tax Loss of $74M for 2009
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Diamond mining company Namdeb reported a loss before taxes of $74 million (NAD 555 million) for 2009 as the recession caused a sharp slump in revenues. The De Beers-Namibian government joint venture posted a before tax profit of $184 million (NAD 1.38 billion) in 2008.“The diamond industry was severely...
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Mining
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May 23, 2010
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Avi Krawitz
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Namibian President Asks De Beers to Move Aggregation to Botswana
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Namibian President Hifikepunye Pohamba called for De Beers to move its aggregation activities from London to Gaborone to help strengthen southern Africa’s status as a diamond hub.Pohamba said the move would also assist in the integration of the Southern African Development Community (SADC) economies, the Botswana Press Agency...
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Manufacturing
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May 16, 2010
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Avi Krawitz
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Namibia's Diamond Production -58% in 2009
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Namibia’s diamond production fell 58 percent to 929,006 carats in 2009 as its mining was curbed through the economic downturn. The country’s diamond resources have also been depleted. "The contraction in diamond mining is not entirely ascribed to depressed global demand, but also to the fact that Namdeb...
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Mining
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Apr 08, 2010
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Avi Krawitz
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Firestone Diamonds Posts $2M Loss in Fiscal 1H
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Firestone Diamonds reported on Wednesday that its net loss grew by 24 percent to $2.1 million (GBP 1.4 million) during the six months that ended on December 31, 2009. The diamond exploration company did not generate any revenue during the period, compared $5.5 million (GBP...
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Mining
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Mar 31, 2010
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Avi Krawitz
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Mining
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Mar 18, 2010
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Rapaport
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Firestone to Run Namdeb Toll Treatment Project
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Firestone Diamonds will construct and operate a dredge and floating treatment plant (FTP) project for Namdeb at its Namibian diamond mining operations, the company announced on Friday. Namdeb selected Firestone after looking into a number of outsourcing alternatives that would enable it to extend the life of its...
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Mining
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Mar 14, 2010
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Deena Taylor
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De Beers Posts Net Loss of $743M in 2009
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De Beers reported a net loss of $743 million in 2009, compared with net earnings of $90 million for the previous year, due to the impairment of its Canadian mining assets. The diamond mining giant saw all of its numbers fall significantly during the year as the industry experienced the strain...
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Mining
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Feb 11, 2010
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Avi Krawitz
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No India-Namibia Diamond Deal Yet
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A consortium of Indian rough diamond buyers is still in negotiations to procure diamonds from the Namibian government, but an agreement is far from being signed. Praveen Shankar Pandya, chairman of Diamonds India, a consortium of 58 diamond and jewelry manufacturers, told Rapaport News that contrary to media reports, the group did...
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Mining
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Sep 03, 2009
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Avi Krawitz
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Rapaport TradeWire - Friday, August 28, 2009
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Rapaport TradeWire - Friday, August 28, 2009 News: Polished markets very quiet as Belgium and Israel reopen after summer vacations. Indians seeking to buy Russian rough at discount prices amid reports that De Beers has raised prices for smaller rough by as much as 10%, and other rough...
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Mining
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Aug 28, 2009
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Rapaport
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