Kenzoll Capital's Strategic Move into Namibia's Offshore Mining Sector

Mining Expansion in Namibia

Kenzoll Capital, a leading private equity firm, has acquired the “Adamastor,” an offshore mining vessel in Cape Town, as a vital first step towards establishing a new operating company in Namibia. This deal represents Kenzoll’s first venture in Namibia and is rooted in a partnership to mine diamonds in Hottentots Bay with LK Mining, a joint venture led by prominent Namibian entrepreneurs and Lazare Kaplan International Inc.

Founded by Corné Melissen, a former partner at Ramphastos Investments, Kenzoll Capital was established in 2021. Operating from Amsterdam, it specializes in frontier investment opportunities and currently has interests in gold mining in Zimbabwe and oil in Egypt.

Rich Mineral Deposits

Namibia’s coast is known to hold one of the richest deposits of premium-quality gem diamonds globally, emphasizing this investment’s significance despite current instability in the international diamond sector.

Mining these deposits involves extracting ore from the seabed using either vessel-mounted drills or high-powered suction crawlers, with Kenzoll’s recent acquisition showcasing their commitment to innovative mining techniques.

According to Corné Melissen, CEO of Kenzoll Capital, “This transaction represents our commitment to a tremendously exciting new project in Namibia – further positioning the country at the forefront of offshore mining.”

Executives from LK Mining also expressed optimism, stating, “With our international partners, we have kept faith in the potential of the Hottentots Bay concession and the broader Luderitz community.” They anticipate the Adamastor facilitating the unlock of the area's untapped potential.

Following the completion of the mobilization program in Cape Town, the Adamastor is expected to arrive in Namibian waters from October 2024.