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Namibia: Diamonds Bear Govt N$25-M Dividend
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New Era (Windhoek)
25 April 2008
Posted to the web 25 April 2008
Windhoek
The Namibia Diamond Trading Company yesterday presented the Government through the Ministry of Mines and Energy a dividend of N$25 million as shareholder.
The N$25 million constitutes Government's shares of profits from the company's first year of operations.
NDTC was established last year as a result of a cordial agreement between the Government and De Beers Group.
The establishment of the company was aimed at being a primary vehicle for growth of the diamond manufacturing industry in the country, which will further provide maximum long-term value from diamonds through world-class sorting, valuing and sales practices.
This includes the maintenance and development of employment opportunities in Namibia along with the broadening of the skills base within the country.
The company is now supplying both aggregated and unaggregated rough diamonds to 11 sight-holders locally.
And as a result of the coming into force of NDTC, a number of diamond-cutting and polishing factories were set up in the country.
Officially handing over the largest ever dividend of shares to the Government, the Chief Executive officer of the NDTC, Shihaleni Ndjaba, said last year was a momentous year for his company.
Since the company's inception, Ndjaba was blissful to note, the company has made significant strides.
" We are proud to be part of Namibia's dream to add value to her mineral resources locally and to be part and parcel of the development required to meet Namibia's NDP3 and Vision 2030," said Ndjaba.
Through the availability of the company's fine diamonds, and the local polishing and cutting plants, he said, employment has been created and has allowed more diamond beneficiation to take place within the country.
Receiving the dividend from NDTC, the Minister of Mines and Energy Erkki Nghimtina urged the company to continue to display creativity, hard work and commitment towards the development of the country.
"I congratulate you on this very important achievement and wish you a productive year," said Nghimtina.
Apart from the dividend he received, he noted that a lot of employment has been created.
"On top of driving the process of employment creation, NDTC has made profit to the point that it is now paying dividend to the tune of N$25 million to Government - therefore the NDTC must be applauded," said the minister.
Encouraged by the shining example of a young company such as NDTC, the minister assured the gathering that Government will continue to take steps to create linkage between mineral exploitation and other sectors of the economy via beneficiation, be it in the diamond sector or other sectors of the economy.
"This is the best route to industrialisation as called for under Vision 2030," he added.
Government would like to see a situation where the interests of the diamond industry worldwide are protected.
"Our focus is to maintain stability on the price of rough diamonds, which is bigger sourcing of our government revenue."
However the price stability is dependent on the thriving international diamonds beneficiation being implemented in Namibia.
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