Key points
- Namco’s third-quarter output of 117,050 carats topped the prior record of 116,560 carats set in Q1 1999.
- The MV Kovambo and Ya Toivo, using the NamSSol and Nam2 tractor crawlers, mined features 21 and 22 of ML103A in the Hottentot Bay grant, with additional output from Baker Bay (ML36).
- The MV Zacharias exploration vessel treated 481 samples and delineated three new mining blocks, lifting the ML103A probable reserve estimate from 74,000 to 210,000 carats, of which about 133,720 carats have been recovered.
- Namco’s overall probable mining reserve stood at 392,000 carats (grade 0.37 ct/m2) at the end of Q3, versus 404,000 carats (0.33 ct/m2) in March 2002, after mining 163,440 carats in the interim.
Namibian Minerals Corporation (Namco) has achieved its best quarterly production results to date. During the third quarter, Namco produced 117,050 carats, bettering the previous record of 116,560 carats recovered during the first quarter of 1999. The company produced 88,636 carats during the first half. Year-to-date production is 205,700 carats.
Most of the company’s production for the third quarter was derived from features 21 and 22 of mining lease ML103A, situated in the Hottentot Bay grant. Other production was recovered from Baker Bay (ML36). Both the MV Kovambo and Ya Toivo, equipped respectively with Namco’s NamSSol and Nam2 tractor crawlers, mined in these areas during the quarter. As previously reported, the Ya Toivo set a new daily production record of 16,417.55 carats while mining in feature 22 on July 23.
Namco exploration activity during the third quarter also focused on the Hottentot Bay area. The company’s dedicated exploration vessel, the MV Zacharias, equipped with the Namdrill rotary tool, treated 481 samples during the period and delineated three new mining blocks. The probable reserve estimate for ML103A, which was 74,000 carats, has been upgraded to 210,000 carats. Of this reserve, approximately 133,720 carats have been recovered to date. Prospecting is continuing in the vicinity of features 21 and 22.
In March, 2002, Namco’s probable mining reserve was estimated at 404,000 carats (at a grade of 0.33 ct/m2). Since then, the company has mined 163,440 carats, however, the probable mining reserve is calculated at the end of the third quarter to be 392,000 carats (at a grade of 0.37 ct/m2), as a consequence of the additional resource delineated by the Zacharias.
Namco’s chief executive officer, Greg Walker, said: “The third quarter is the first production period in which Namco has enjoyed the benefit of having both the NamSSol and Nam2 mining tools in operation. While work needs to be done to further improve the efficiency of the crawlers, the quarter’s results demonstrate what can be achieved with this mining technology, which is unique to Namco.”
“The company’s exploration tool, the Namdrill, has also demonstrated its effectiveness in enabling the Zacharias to find new mining resource to maintain our probable reserves, despite the significantly improved mining rate achieved by the production fleet,” he said.
