Kenzoll Capital, an Amsterdam-based private equity firm, has acquired the offshore mining vessel Adamastor. This acquisition marks a significant expansion into Namibia, with a focus on diamond mining in

Hottentots Bay. 

According to a media statement, this venture is in partnership with LK Mining, which is a joint venture comprising Paragon Investment Holdings, through its subsidiary, Edgehill Resources, Epia Investments and Lazare Kaplan International Incorporated.

“The Adamastor, equipped with state-of-the-art marine mining technology, will operate at depths of 90 to 150 meters, utilising remotely operated vehicles (ROVs) and hydraulic systems for efficient diamond extraction.

The vessel’s on-board processing facilities, dynamic positioning system,

and self-sufficiency capabilities make it well-suited for deep-sea mining operations,” reads the statement issued by Paragon Investment Holdings. 

It continued that the investment aligns with Kenzoll Capital’s strategy of targeting frontier markets, complementing its existing interests in gold mining in Zimbabwe and oil exploration in Egypt. 

“Despite challenges in the global diamond market, Namibia’s stable political environment and its reputation for producing high-quality gem diamonds offer promising opportunities,” the statement reads. 

The Adamastor is expected to arrive in Namibian waters next month.

The statement added that LK Mining representatives Lazarus Jacobs (Paragon Investments) and Tjeripo Hijarunguru (Epia Investments), expressed optimism about the Hottentots Bay concession, highlighting the area’s high diamond recovery rates, and the potential positive impact on local communities.

“The expected yield of 0.2 to 0.4 carats per cubic meter underscores the region’s rich diamond deposits and favourable marine conditions for

preservation,” the statement read.