Key points
- S. Roussanov was granted a stock option of 150,000 shares at an exercise price of $9.00 to act as a consultant to Namco on Russian matters.
- Namco concluded agreements with Arsan Mining, the exclusive vehicle for Almazy Rossii-Sakha’s interest in Namibia, a company accounting for 98% of Russian diamond production.
- A feasibility study will be undertaken for a diamond cutting and polishing factory in Namibia, where a 10% royalty applies to rough diamond exports but not polished stones.
- A joint exploration company will search for onshore kimberlites in Namibia, and a separate 50/50 joint venture will evaluate advanced mineral projects in Russia.
S. Roussanov has been granted a stock option of 150,000 shares at an exercise price of $9.00. Mr Roussanov is to act as a consultant to Namco, advising on Russian matters and operations.
The company has concluded wide ranging agreements with Arsan Mining, the exclusive vehicle for Almazy Rosii-Sakha’s interest in Namibia. ARS is the world’s second largest diamond producer and accounts for 98% of Russian diamond production.
A feasibility study to establish a diamond cutting and polishing factory in Namibia will be undertaken. Skills and expertise will be made available from Russia. Namibia currently imposes a 10% royalty on the export of rough diamonds, but not on the export of polished stones.
A joint exploration company will widen the search for onshore kimberlites in Namibia.
A separate joint venture company with each party holding a 50% interest will undertake evaluation of advanced mineral projects in Russia.
The board of the new company will consists of:
Mr A. Kozeev, member of the advisory council and member of the board of ARS.
Mr S. Roussanov, president of Facet and permanent director of the Russian Diamond Bourse. Mr Roussanov is being appointed as senior advisor to Namco on Russian operations.
Mr K. Kapwanga, regional director of Namco, Namibia.
Mr A. Holberton, CEO of Namco, Namibia.
