Namdeb shutting down production for a month

[Leon Sumter]

Hi Mike
Did the GM give any timeline as to when the Namdeb workforce is to be cut by 50%?

[Andrew Darné]

Another oppurtunity has opened to apply for Voluntary Separation from Tuesday 9 December until 16 February 2009. Quite a big chance. I reckon there will be a huge number of folk applying now. 50% is a fat wack of people that must go.

Ouch... but we will see what happens after New Years...

[SandyB]

Time  flies ..  me  been so busy .. work  and yes   the social ..   today is the 17th .. did the  shutdown occur on the  12th ?? 

[Michael Alexander]

JOHANNESBURG (miningweekly.com) – Namibian diamond producer Namdeb and De Beers Marine Namibia would immediately reduce production for the remainder of 2008 and early 2009, as a result of high inventory levels and low liquidity impacting on wholesale clients' ability to purchase new rough diamond supplies.

Namdeb said in a statement on Friday that prices for polished diamonds remained above the levels seen at the beginning of the year, however, the wholesale market for new rough diamonds in the major cutting centres had been impacted on by the global economic crisis.

The companies would reduce production in line with demand and would try to preserve cash.

For De Beers Marine Namibia this would mean that the vessels would be laid up in port from mid-December until early in 2009.

The producer said it would strive to reduce the impact on its employees, however, a reduction in staff was inevitable.

Namdeb would reduce some mine sites to one shift and stopping most operations over the festive season, and others would carry out more essential maintenance. 

Meanwhile, Namdeb said the long-term dynamics of the diamond industry would remain strong. There was likely to be demand growth in emerging markets, such as China and India, in future.

[Leon Sumter]

Mike, so we're talking about roughly 7000 Namdeb employees??

[Michael Alexander]

Nope, Namdeb has less than 2000 employees these days...

[Leon Sumter]

even a 1000 people is a big bunch of folk. I suppose a lot of folk would be near retirement?

[Michael Alexander]

I heard a worrying tale today, about some contractor workers not being paid by Namdeb...... reckons they would only be paid in February........ Anyone know anything?

[Leon Sumter]

Mike it looks like your 'Oranjemund Retirement Village' is coming closer now, what with all the houses that will soon become empty.

[Keith Margetts]

I'm really sorry to hear that the depression has reached so far and wide . . . all caused by some greedy fat-bastard USA banking executives, who should all be ferreted out, lined up against a wall, and shot!! 

Good luck to all the folks in my old home town . . . I wish you the best.

That Canadian Guy,
rooster

[Leon Sumter]

do not forget the consumers themselves who went on an orgy of spending on borrowed money and buying big gas guzzling 7 liter cars.

[SandyB]

A horrible symbiosis  that   turned bad ..  and yes the rest of the world suffers cos when the big USof A  sneezes the whole world catches a cold ??  they should be left to  nurse their own illness ...  de link the  dollar from oil ...

[Mike Stenson (RIP)]

Namdeb is shutting down production for three months.........Was briefed by the MD this morning. 

[Leon Sumter]

jees now this is getting kind of serious guys.

[Michael Alexander]

Just gives us more time for Braai'.......... Stennie ... go round up a few more white horses.... I'll shoot some meat....