12 February 2018

Namibia: Namdeb to Sell Elizabeth Bay Mine

Namdeb has announced that it is considering selling its Elizabeth Bay mine.

In an internal communication, Namdeb chief executive officer Riaan Burger said the decision to sell E-Bay was taken because there were low cost "operators in the market, with credentials" and access to funding, to successfully operate and explore the mine's offshore potential.

Burger added that the decision to sell E-bay was the "most feasible alternative" to keep E-Bay operating sustainably beyond the current projected closure date of 2019.

"We have taken the decision to formally explore the option of selling E-Bay, and certain associated licensed assets, to a third party.

"Our future business requirements mean that we need to rebalance the workforce and have to re-think how work will be done over the next few years," he stated The Namibian was informed that E-Bay has close to 350 employees.

Last month Namdeb also revealed plans to lay off some workers through a "business optimisation process".

Workers were given the option to apply for early retirement or voluntary separation.

Namdeb spokesperson Pauline Thomas said the exercise was meant to rebalance the workforce as well as align to strategic requirements over the next few years.

This process was to be completed by 27 December and the number of employees to be laid off was to have been determined by then.

Burger said the company also engaged E-Bay's employees on the decision to sell the mine.

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