Namdeb has  budgeted to invest $1 billion over the next 10 years to extend the life  of its marine diamond mining operations through 2050, <em>Reuters</em> reported.

Namibia’s  existing deposits are due to deplete by 2014 but Namdeb, a joint  venture of De Beers and the government, believes it can find an  additional 68 million carats along the shoreline between the high-water  mark and 70 meters underwater, the report stated.

Mitford  Mundell, Namdeb’s general manager, said the company is confident about  at least 10 million carats and that a new sampling technique is being  implemented to give investors assurances about the deposit.

Managing  Director Inge Zaamwani-Kamwi said Namdeb was looking at a consortium of  local banks to help finance the investment, some of which will be used  to develop shallow-water diamond mining techniques.

Namdeb is expecting output from its marine mining to rise 52 percent to around 500,000 carats in 2010, the report stated.