Namibia Diamond Mining on The Wane

One of Namibia's premier financial services provider believes that the country's mining industry generally, and its diamond mining industry specifically, is contracting, Rough and Polished reports. IJG Securities stated that Namibian mining will likely shrink by 10.7% in the 2013 calendar year.

The firm's Economic Outlook report for the coming year said that while Namdeb, a diamond company half-owned by the De Beers Group and half-owned by the Government of Namibia, grew by approximately 27% in 2012, it would weaken in 2013. After the predicted decrease, the firm is once again expected to expand, IJG said.

In 2011, Namdeb unearthed 1.3 million carats of rough diamonds. Though it is financially committed to the construction of a new diamond mine on the Orange River at Sendelingsdrift, Namdeb won't see increased profits as a result of the mine in 2013, since it will take at least until year's end for it to become operational, according to Rough and Polished.

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