Namibia’s historic Elizabeth Bay Mine, surviving through wars and economic downturns since the early 1900s, faces new challenges amid ownership disputes between local entity Sperrgebiet Diamond Mining and Zimbabwean investor RioZim.
Initially commissioned by Deutsche Kolonialgesellschaft Sudwestafrika in 1909, the mine has seen multiple operational halts, most recently in 2018 when Namdeb Holdings ceased operations due to strategic misalignment.
Acquired by Lewcor Group in 2020, hopes were high for its revival, but financial woes and operational setbacks persisted.
In a significant move, Global Emerging Markets Group invested heavily in 2022, acquiring a 78% stake through RioZim Murowa.
Plans to ramp up production were swiftly initiated, but operational challenges and financial losses followed, culminating in Lewcor Group filing for liquidation in December 2023.
Amidst legal battles, Lewcor accused RioZim Murowa of asset stripping, jeopardizing future operations and devaluing the mine.
The High Court of Namibia intervened, restraining RioZim Murowa from further asset removal in February 2024, pending legal proceedings.
The fate of Elizabeth Bay Mine hangs in the balance as stakeholders navigate complex legal and financial landscapes, hoping to salvage its legacy and potential amidst ongoing turmoil.
