Dutch private equity investor Kenzoll Capital is partnering with the Namibian-registered MSF Commercials to restart operations at Elizabeth Bay diamond mine.
The Namibian deposit holds 10.5 million carats of onshore and offshore diamond resources, Kenzoll Capital said Wednesday. The Sperrgebiet Diamond Mine, formerly known as Elizabeth Bay, is expected to receive $50 million in investment, some of which will go toward exploration for other minerals.
“We’re committed to getting the mine producing again, providing jobs and economic value to an area that has relied heavily on diamonds for over a century,” said Kenzoll Capital CEO Corné Melissen. “This partnership is part of our long-term commitment and investment in Namibia, with diamonds as the starting point and critical minerals to follow.”
Kenzoll Capital has already invested more than $10 million in Namibia, with the aim of supporting local employment and the wider economy.
The country’s diamond exports declined 67% from a peak of NAD 5.1 billion ($306.9 million) in 2022 to NAD 1.7 billion ($102.3 million) in 2025, with the Bank of Namibia calling the industry slump a major threat to growth.
De Beers initiated the sale of the Elizabeth Bay mine in 2019, as it could no longer run the deposit economically. The final sale took place the following year. The consortium that purchased the facility included Lewcor Group as majority owner and MSF Commercials as a minority shareholder.
Image: Elizabeth Bay mine. (De Beers)
