Key points
- The award doubles Namco’s marine diamond concessions and confirms it as the second largest holder in Namibia after De Beers.
- Namco is preparing a bulk sampling program following a $3 million survey and diamond recoveries from initial testing of its 12b concession at the Olifants River mouth in South Africa.
- The company is undertaking an issue of its securities in southern Africa.
- Namco expects to list on the Namibian stock exchange on September 29, 1994.
The company has been granted an exclusive prospecting license over 980 square km of marine area off the Namibian coast. The region is situated near existing grant areas off Hottentots Bay and Luderitz.
This award effectively doubles the extent of the company’s marine diamond concessions and confirms Namco as the second largest holder to De Beers in Namibia.
The company is preparing a major bulk sampling program following encouraging results from its $3 million survey and diamond recoveries from initial testing of its 12b concession at the Olifants River mouth in South Africa.
The company is undertaking an issue of its securities in southern Africa and expects to list on the Namibian stock exchange September 29 1994.
