De Beers Namibian diamond venture gets tax break to extend operations
Namdeb, a joint venture between the Namibian government and Anglo American's diamond unit De Beers Group, has been granted a holiday on royalty payments, the country's mining ministry said on Friday in bid to save jobs in the shrinking sector. Diamonds have been mined in Namibia since 1908, but land-based operations could end in 2023, as Namdeb says it no longer made economic sense under the current tax regime.