Key points
- The concession is the company’s first onshore diamond exploration interest and covers the north bank of the Orange River in Namibia.
- The company plans to test a gravel accumulation of approximately four million tonnes within the concession area.
- South Africa’s Department of Mines & Energy renewed the company’s 115 sq km concession over sea area 12(b) at the mouth of the Olifants River for a further three years.
- De Beers recovered 407,000 carats from the seabed of Namibia last year at depths of over 100 metres.
The North Sea trials have identified problems with the Namrod’s
pumping system. This resulted in some weeks of delay.
Boskalis spared no effort in identifying and rectifying the technical
problems in the Toyo supplied pumps. The vessel is currently off the West African coast enroute to Cape Town. We anticipate a two week
turnaround while the D.M.S. recovery plant is installed. The plant has
been tested and delivered to Cape Town.
Exploration results from the adjoining concession in Namibia at Luderitz
have not disappointed us. B.H.P. has described them as encouraging. It is
relevant that the best results are in the same water depths as our main
target areas in Hottentots Bay which lies on trend to the north.
De Beers recovered 407,000 carats from the seabed of Namibia last year at depths of over 100 metres.
The government has granted the company a
concession of 30 sq km on the north bank of the Orange River
in Namibia. This is our first on-shore diamond exploration interest. There
are several mines along the river. We plan to test the substantial gravel
accumulation of approximately four million tonnes.
The South African Department of Mines & Energy has renewed for a
further three years our concession over sea area 12(b) – 115 sq km at the mouth of the Olifants River.
We ended the period to February 28 with cash and short term
investments of $18 million. Expenses of $1.75 million
over the nine months were partially offset by income of $1.06 million. We have diversified part of our deposits into Deutschmarks, and subsequent to the
quarter’s end have realized useful gains. Our Namibian assets have been
invested in government treasury bills at 13.75%.
