Talks for new di­a­mond deal on­go­ing

The Star Early Edition - - COMPANIES -

NAMIBIA planned to reach a new di­a­monds sales deal with An­glo Amer­i­can’s De Beers unit be­fore the end of De­cem­ber, Mines and En­ergy Min­is­ter Isak Katali said yes­ter­day. Namibia and De Beers, equal share­hold­ers in Namdeb Di­a­mond, are ne­go­ti­at­ing for a new sales agree­ment to re­place a 2007 pact that al­lowed An­glo to sell gems through Di­a­mond Trad­ing, the trad­ing arm of De Beers, un­til the end of last year. This was ex­tended un­til June. Namdeb, the world’s largest pro­ducer of marine di­a­monds, wants to sell some of the stones sep­a­rately from De Beers. “Ne­go­ti­a­tions are pro­gress­ing well. We plan to con­clude them be­fore end of De­cem­ber,” Katali said. “Cab­i­net has given us as a dead­line, it’s not out of the nor­mal.” Its pro­duc­tion rose 6 per­cent to 1.176 mil­lion carats last year, with twothirds of that com­ing from marine min­ing op­er­a­tions. – Bloomberg

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