Kenzoll Capital acquires offshore mining vessel to drive Namibia expansion
Published by Jane Bentham,
Editorial Assistant
Global Mining Review,
Kenzoll Capital, a leading private equity firm, has acquired the “Adamastor,” an offshore mining vessel in Cape Town, as a first step towards establishing a new operating company in Namibia.
The deal is Kenzoll’s first venture in Namibia and is based upon a partnership to mine diamonds in Hottentots Bay with LK Mining, a joint venture led by prominent Namibian entrepreneurs and Lazare Kaplan International Inc.
Founded by Corné Melissen, a former partner at Ramphastos Investments, Kenzoll Capital, was founded in 2021 and is based in Amsterdam, specialising in frontier investment opportunities. It currently has active interests and operations in, among others, gold mining in Zimbabwe and oil in Egypt.
Namibia’s coast is known to hold one of the richest deposits of premium-quality gem diamonds globally, and the investment is testament to the future of the local industry despite current instability in the international diamond sector.
Mining these deposits involves extracting ore from the seabed by the use of either vessel-mounted drills or high-powered suction crawlers, such as the one recently acquired by Kenzoll Capital.
This project represents a strategic decision by Kenzoll Capital to enter the Namibian market, recognising the country as an emerging African market with a unique combination of political stability, commitment to democracy and the rule of law, and attractiveness as an investment destination. Kenzoll hopes to use the project as an initial step towards further investments across a broad range of Namibian economic sectors.
Corné Melissen, CEO, Kenzoll Capital said: “This transaction represents our commitment to a tremendously exciting new project in Namibia – one which further positions the country at the frontier of offshore mining.
“The partnership establishes us as one of a handful of players globally who are capable of operating in this space. This and follow on investments in Namibia are a priority for the group”.
In a statement, commenting on behalf of LK Mining, Executives Lazarus Jacobs and Tjeripo Hijarunguru added: “With our international partners we have kept faith in the potential of the Hottentots Bay concession and the broader Luderitz community in which it is situated, bringing it step by step over several years from the exploration licence phase through to a mining licence. We now have access to a unique mining delivery system through the Adamastor, which we believe will unlock the area’s untapped potential and begin a new chapter in Namibia’s diamond story.”
Upon completion of the mobilisation programme in Cape Town, the Adamastor is expected in Namibian waters from October 2024.
Read the article online at: https://www.globalminingreview.com/mining/11092024/kenzoll-capital-acquires-offshore-mining-vessel-to-drive-namibia-expansion/
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