The Adamastor off-shore diamond mining vessel has arrived at Lüderitz harbour in Namibia and is set to formally begin work today, Kenzoll Capital says.

Acquired by Amsterdam-based private equity firm Kenzoll Capital, and in partnership with LK Mining – a consortium led by Paragon Investment Holdings through its subsidiary, Edgehill Resources, alongside Epia Investments and Lazare Kaplan International Inc – the vessel has successfully reached Namibian waters and is set to commence operations in Hottentots Bay.

The new operation marks a transformative step forward for Kenzoll Capital and its local partners in Namibia’s offshore mining sector.

Namibia’s coast is known to hold one of the richest deposits of premium-quality gem diamonds globally, and the investment is testament to the future of the local industry despite current instability in the international diamond sector.

Outfitted with state-of-the-art marine mining technology, the Adamastor is engineered for offshore diamond extraction at depths of up to 32 m. Its advanced systems, including hydraulic extraction, on-board diamond processing and a dynamic positioning system, enable precise and efficient underwater mining operations. The vessel’s self-sufficiency and technological edge position it as a flagship asset within Namibia’s expanding offshore diamond industry.

“This is a landmark moment for Kenzoll Capital and our partners at LK Mining,” Lazarus Jacobs, Representative of LK Mining, said. “The arrival of the Adamastor represents more than just an operational achievement – it’s a testament to our dedication to Namibia’s mining industry and the economic and social development of the Lüderitz region.”

Initial assessments of Hottentots Bay indicate promising diamond recovery rates, with yields expected to average between 0.2 ct and 0.4 ct per cubic metre.

The Adamastor’s presence heralds a new era in Namibian mining, driven by local expertise, global investment and advanced technology, Kenzoll Capital says. With LK Mining’s commitment to community engagement and sustainable practices, the project is poised to deliver economic benefits to Lüderitz while fostering positive social impact for local communities.