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Kenzoll Capital plans $50M restart of Namibia’s Elizabeth Bay diamond mine
The investment targets the Sperrgebiet operation, which holds 10.5 million carats of diamond resources, as Namibia diamond exports fell 67% from 2022 to 2025.
Dutch private equity investor Kenzoll Capital is partnering with Namibian-registered MSF Commercials to restart the Elizabeth Bay diamond mine, with $50 million in planned investment amid a slump in the country’s diamond industry, Mining.com reports.
The Sperrgebiet operation, formerly known as Elizabeth Bay, has 10.5 million carats of onshore and offshore diamond resources, according to Kenzoll Capital, and part of the investment is also set to fund exploration for other minerals.
Kenzoll Capital said the restart is aimed at getting the mine producing again, supporting jobs, and creating economic value in an area that has relied on diamonds for over a century.
The restart comes as Namibia’s diamond exports declined 67% from NAD 5.1 billion, or $306.9 million, in 2022 to NAD 1.7 billion, or $102.3 million, in 2025, with the Bank of Namibia describing the downturn as a major threat to economic growth; Kenzoll Capital has already invested more than $10 million.