Namibian Minerals’ business-interruption insurance claim has been accepted and receipt of $9-million is anticipated within the next seven days (all figures U.S.).
Following the accident to its NamSSol seabed crawler mining system in January, the company filed insurance claims under its all-risks and business-interruption policies. The all-risks claim was accepted in June, 2001, and covers repair costs to NamSSol, estimated at approximately $1.5-million. The business-interruption claim, which has been agreed at $9-million, covers operating costs and loss of profits.
Repairs to the NamSSol seabed crawler mining system are under way and completion is expected in the first quarter of 2002. The company has negotiated a reduced charter rate for support vessel MV Kovambo until the end of the year.
“This is a substantial settlement and another milestone in our corporate recovery program,” said Namco’s chairman and chief executive officer Alastair Holberton.
As previously announced, the company anticipates that the Nasdaq Stock Market will lift the trading halt on its shares during the course of today.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
