New Materials market report from Business Monitor International: "Namibia Mining Report Q1 2013"
Boston, MA -- (SBWIRE) -- 01/10/2013 -- We are downgrading our industry forecast to account for the current economic environment and the sharp crash in uranium prices that was experienced this year. The decline in prices has led to the postponement of several major uranium projects in the country and as a result, has pushed back investments. We expect Namibia's mining industry to reach US$4.4bn by 2017, an annual average growth of 12.5% from 2011 levels.
Diamond Prospects For Namdeb And Co.
In May 2012, Diamond Fields International (DFI) confirmed the renewal of its mining licence for the ML32 Concession offshore diamond deposit for a further 10 years to 2022. The deposit is situated north of Luderitz and covers an area of more than 17,600 hectares along the Namibian coastline to the Galdovia Reef. The deposit, which produces about 88,000 carats a year, has a potential inferred mineralised resource of 42mn cubic metres, making it the largest deposit in DFI's portfolio.
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News of DFI's licence renewal promises some competition in a diamond sector otherwise almost exclusively under the control of market leader Namdeb. The company controls the largest alluvial and diamond mining operations in Namibia and accounted for virtually all of Namibia's diamond output in 2011, producing 1.34mct. Namdeb plans to increase production from its flagship Elizabeth Bay mine, from 250kct (thousand carats) to 400kct by 2014, an increase that will be partly offset by the closure of Namdeb's Bogenfels mine, which produced 53kct in 2010.
We do not believe that the strong growth experience so far in Namibia is sustainable given the current diamond demand environment. We expect production to reach 2.2mct (million carats) by 2017, an average annual growth rate of 9.1% from 2011 numbers.
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