Key points
- Mining resumed over the weekend on MV Ya Toivo, Namco’s largest vessel, fitted with the new Nam 2 seabed crawler mining technology built last year.
- CEO Alastair Holberton said the company expects Ya Toivo to be its most productive and efficient vessel, with diamond recoveries expected this quarter.
- Namibian and South African courts extended the return dates of provisional liquidation orders from April 10, 2001 to May 7, 2001 for the Namibian companies and May 22, 2001 for the South African companies.
- The company’s short-term priorities are maximizing Ya Toivo’s production, discharging its companies from provisional liquidation, producing a revised operating plan, starting exploration with the Wirth drilling system, and rebuilding the damaged NamSSol mining system.
Mining operations on board MV Ya Toivo resumed over the weekend. MV Ya Toivo is Namco’s largest vessel equipped with the new Nam 2 seabed crawler mining technology which was built last year.
“The return to operations is the first step in putting the company back on track after an exceptionally challenging period,” said Namco’s chief executive officer Alastair Holberton. “We expect Ya Toivo to be the most productive and efficient vessel in our fleet and we look forward to diamond recoveries this quarter.”
The Namibian and South African courts have extended the return dates of the provisional liquidation orders from April 10, 2001, until May 7, 2001, for the Namibian companies and May 22, 2001, for the South African companies. The company will keep shareholders advised of progress on discharging the companies from provisional liquidation.
The company’s short-term focus is to maximize production from MV Ya Toivo, to discharge its companies from provisional liquidation and to produce a revised operating plan for the remainder of the year. Starting exploration with the state-of-the-art Wirth drilling system and the rebuild of the damaged NamSSol mining system will remain high priorities for the company.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
