Namdeb Holdings, the 50:50 JV between the Government of the Republic of Namibia and De Beers, has reported broadly stable diamond reserves alongside notable shifts in resource classifications, as it continues to navigate licence timelines, operational adjustments and volatile market conditions.
The update is contained in Anglo American PLC’s 2025 Ore Reserves and Mineral Resources Report, with Namdeb’s estimates presented as at 31 December 2025, in line with the SAMREC Code (2016).
The figures are reported on a 100% ownership basis, while Anglo American holds an 85% interest in De Beers.
According to the report, most of Namdeb Holdings’ mining licences remain valid until 2035, while offshore licence ML 128C is set to expire in 2038.
The company expects renewal applications to be submitted at the appropriate time, noting a reasonable expectation that renewals will not be withheld.
Namdeb reported probable diamond reserves of 9,652 000 carats in 2025, marginally up from 9,641 000 carats in 2024.
Measured and indicated resources increased significantly to 20 047 000 carats, compared to 16 658 000 carats in the prior year. However, inferred resources declined to 59 107 000 carats from 63 563 000 carats.
The changes were attributed to reclassification between reserves and resources, as well as operational adjustments linked to economic conditions and geological confidence.
The report notes that Orange River operations were placed on care and maintenance during 2025 due to prevailing economic conditions, with previously classified reserves reallocated into resources.
Bogenfels was also placed on care and maintenance.
At Mining Area 1, operations continue as an opencast alluvial mine, although a significant portion of the life-of-asset plan includes lower-confidence material due to the submerged nature of deposits in the high-energy swash zone.
Ongoing sampling and beach accretion are expected to support future resource upgrades.
Offshore mining at Atlantic 1 continues under DebmarineNamibia, which uses specialised vessels to extract seabed ore before processing and sorting onshore.
Final sorting takes place in Namibia, including through facilities linked to the Namibia Diamond Trading Company in Windhoek.
Namdeb said its operations continue to be influenced by diamond market volatility, which may affect future classifications of reserves and resources.
It also noted that portions of Mining Area 1 remain constrained by low geoscientific confidence due to limited access to certain offshore and swash-zone deposits.
