Key points
- The Ya Toivo mining vessel is scheduled to enter Namibian waters in the first week of November 2018 to begin mining on the ML111 licence.
- ML111 is held by Diamond Fields Resources through its subsidiary Diamond Fields (Namibia) Pty. Ltd., under an initial six-month mining program with International Mining and Dredging Holdings’ subsidiary Nutam Operations Pty. Ltd.
- The 2016 bulk sample recovered 26,965 carats over 62 days (July 10 to Sept. 10, 2016) and sold in Antwerp for more than $250 (U.S.) per carat.
- The ML111 mining licence runs for 10 years, from Dec. 5, 2015, to Dec. 4, 2025, covering depths of 15 to 70 metres in Luderitz Bay.
Diamond Fields Resources Inc. partner International Mining and Dredging Holdings Pty. Ltd. has confirmed, via its subsidiary, Nutam Operations Pty. Ltd., that the Ya Toivo mining vessel is scheduled to enter Namibian waters during the first week of November, 2018. Once in position, the Ya Toivo mining vessel will commence mining operations on the ML111 licence area, which is held by Diamond Fields Resources through its Namibian subsidiary, Diamond Fields (Namibia) Pty. Ltd.
In November, 2017, International Mining and Dredging Holdings and its local subsidiary presented Diamond Fields Resources with an initial six-month (non-continuous) mining program. The parties expect to review operational performance during the initial term to find a sustainable balance for the sharing of future exploration and mining costs, particularly in relation to further resource and reserve development.
Sybrand van der Spuy, chief executive officer of Diamond Fields Resources, commented: “We are pleased to confirm that diamond mining at our offshore Namibian concession, ML111, is expected to recommence as planned in 2018. Historic mining results at ML111 have been excellent, with the production of up to 98 per cent gem-quality diamonds that have commanded favourable prices.”
Historical diamond production (2001 to 2008 and 2016) from ML111 has been 95 per cent to 98 per cent gem quality. The 2016 bulk sample, taken over 62 days (July 10, 2016, to Sept. 10, 2016), recovered 26,965 carats, which were sold in Antwerp at a price in excess of $250 (U.S.) per carat, although there can be no assurance that these results will be repeated.
The ML111 concession has a 10-year mining licence, effective from Dec. 5, 2015, until Dec. 4, 2025, and lies within Luderitz Bay between Diaz Point in the south and Marshall Rocks in the north, and at depths of 15 metres to 70 metres. ML111 is bound on the east and north by Diamond Fields Resources’ ML32 and ML138 mining licences, respectively.
