The Adamastor diamond mining vessel has arrived in Namibian waters and is set to commence operations in Hottentots Bay.
The vessel was acquired by Amsterdam-based private equity firm Kenzoll Capital in partnership with LK Mining—a consortium led by Paragon Investment Holdings through its subsidiary.
Outfitted with state-of-the-art marine mining technology, the Adamastor is engineered for offshore diamond extraction at depths of up to 32 meters. Its advanced systems, including hydraulic extraction, onboard diamond processing, and X-ray final recovery technology, enable precise and efficient underwater mining operations.
“This is a landmark moment for Kenzoll Capital and our partners at LK Mining,” said Lazarus Jacobs, representative of LK Mining. “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, according to the partnership, indicate promising diamond recovery rates, with yields expected to average between 0.2 and 0.4 carats per cubic meter.
The investment aligns with Kenzoll Capital’s focus on frontier markets, complementing a diversified portfolio that includes ventures in Zimbabwe’s gold mining and Egypt’s oil exploration sectors.
Namibia’s stable political environment and reputation for high-quality diamonds according to the partnership, underscore the long-term potential of the Adamastor’s operations, heralding a new era in Namibian mining driven by local expertise, global investment, and advanced technology.
The venture marks Paragon’s entry into the mining sector, with the potential to boost Namibia’s economy and further establish Kenzoll Capital’s presence in the global diamond market.
