Key points
- NamSSOl has mined more than 56,000 carats of gem quality diamonds in five months.
- NamSSOl II is designed to produce 185,000 carats per year, a 25 per cent increase on NamSSOl’s targeted output, with combined annual production expected to exceed 300,000 carats.
- NamSSOl II will be built in Cape Town with technical assistance from SubSea Offshore Ltd, with engineering tenders invited and construction due to finish before the end of 1999.
- Tokyo Sexwale, former Premier of Gauteng Province and former chairperson of the ANC’s Gauteng executive committee, has been appointed to the board of directors.
Namibian Minerals has decided to proceed
with the development of NamSSOl II, a second additional diamond mining tool.
The decision is based on the strength of the company’s present NamSSOl technology
which has mined more than 56,000 carats of gem quality diamonds in five months.
It is anticipated that design and other enhancements to NamSSol II will result in a
production rate of 185,000 carats per year which is an increase of 25 per cent on the present
NamSSol’s targeted output.
With two mining tools in production, the company experts its annual production rate to
exceed 300,000 carats per year.
NamSSol II will be constructed in Cape Town with technical assistance from SubSea
Offshore Ltd. Tenders have been invited for engineering work. It is expected that
construction of the tool will be completed prior to year end 1999.
The company intends to finance the development in phases through a mix of internal cash
flow and debt finance.
Tokyo Sexwale has been appointed to the board of directors. Prior to joining Namco, Mr Sexwale was Premier of Gauteng Province in the Republic of South Africa. He was also formerly chairperson of the
executive committee of the African National Congress – Gauteng Province, and a member of the national executive committee.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
