Key points
- Mining licence 103A, granted for 15 years over 359 square kilometres, covers 68 per cent of the 526-square-kilometre Hottentot Bay grant.
- Namco’s other licence, ML 51, covers 136 square kilometres of the Luderitz Bay grant.
- Namco’s estimated resources in the Hottentot Bay grant total 651,000 carats, comprising 106,000 measured, 165,000 indicated and 380,000 inferred carats.
- Namco is Africa’s second largest marine diamond producer and plans to mine 260,000 carats this year, having also acquired Ocean Diamond Mining Holdings Ltd.
Namibian Minerals has received its second mining licence, and the award of international environmental ISO 14001 accreditation.
Mining licence 103A has been granted by the Namibian ministry of mines
and energy for 15 years over 359 square kilometres of the company’s 526-square-kilometre Hottentot Bay grant (HBG). The new licence covers 68 per cent of HBG and is in addition to Namco’s mining licence 51, which covers 136 square kilometres of the Luderitz Bay grant.
Namco’s total estimated resources in HBG of 651,000 carats (measured
resource estimates: 106,000 carats, indicated resource estimates: 165,000
carats, inferred resource estimates: 380,000 carats) are based on the results of the first phase of prospecting in the area. The currently defined resource areas represent less than 2 per cent of the total area of HBG.
Namco obtained all necessary approvals before it obtained its mining licences.
On granting the new mining licence, Namibia’s minister of mines and
energy, the Hon. Jesaya Nyamu, MP, praised Namco for its advanced technology and for “its good track record and commitment to the development of the Namibian economy.”
Namco also announced today that it has been awarded ISO 14001
accreditation — the first certification for a Namibian-registered mining
company.
Namco developed its own environmental management plan report (EMPR), which includes 19 monitoring programs, covering marine environment, waste
management, tailings treatment, mining operation, vessel operation and
supporting services. Namibia’s ministry of environment and tourism has
recommended that Namco’s EMPR be used as a model for other marine diamond
mining companies.
Namco is Africa’s second largest marine diamond producer and has a
reputation as an innovator in marine mining technology. The company plans to profitably mine 260,000 carats of gem-quality diamonds this year from its Namibian operations. It recently announced nine-month profits of $16-million (U.S.), 42 U.S. cents per share, and the acquisition of Africa’s third largest marine diamond producer, Ocean Diamond Mining Holdings Ltd. Production growth is expected from the introduction of Namco’s second seabed crawler NamSSol II, which is currently under construction, and from the acquisition of ODM.
