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Namibian diamond venture gets royalty payment relief

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The Namibian government has granted a payment holiday on royalties to the country’s biggest diamond miner Namdeb so that its land-based operations can extend beyond 2023.

Namdeb is a 50/50 joint venture between the Namibian government and Anglo American’s diamond unit, De Beers group.

Namibian Mines and Energy Minister Tom Alweendo told local media on Friday that the government had agreed with the diamond miner’s request to be excused from paying royalties for an unspecified period.

He said the government would not exempt Namdeb from royalty payments but would allow it to defer payment to a date when the diamond company is in a position to pay its arrears to the treasury.

“Namdeb’s land operations are essentially over and they want relief so that they can save up for their intended delving into the sea and prolong their lifespan for at least another eight years,’’ Alweendo said.

Diamonds have been mined in Namibia since 1908, but land-based operations could end in 2023 as Namdeb says it is no longer economical to continue under the current tax regime.

Namdeb currently pays a 10 per cent royalty on its sales and 55 per cent corporate tax on its profit.

Edited By: Hadiza Mohammed/Felix Ajide
(NAN)

Hadiza Mohammed

Hadiza Mohammed: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a media subscriber of the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.ng. Disclaimer.

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