Key points
- Diamond Fields International’s joint venture with Samicor Mining Services covers marine mining licence ML111 near Luderitz, Namibia.
- Samicor will use the chartered vessel mv Kovambo, equipped with a third-generation Seabed Crawler and an integrated diamond processing plant.
- Samicor is owned by LL Mining Corp., the mining arm of the Leviev group of companies.
- The mv Kovambo is a 104-metre, 3,300-ton vessel built at a cost of approximately $30-million (U.S.), including a 50-ton-per-hour dense media processing plant.
All conditions precedent, including agreed mine plan, have been met in terms of Diamond Fields International’s joint venture agreement with Samicor Mining Services to carry out diamond mining operations on Diamond Fields’ marine mining licence ML111 located near Luderitz, Namibia.
Diamond mining operations will use Samicor’s chartered vessel mv Kovambo, which is equipped with the third-generation Seabed Crawler and fully integrated diamond processing plant. Samicor is owned by LL Mining Corp., the mining arm of the Leviev group of companies and one of the world’s major diamond companies.
Samicor reports that the refurbishment and maintenance work program on the mv Kovambo in Cape Town harbour is progressing on schedule and commencement of mining operations by the beginning of June, 2004, is anticipated.
The mv Kovambo is a 104-metre, 3,300-ton vessel equipped with an integrated mining and processing system developed at a cost of approximately $30-million (U.S.), including the upgraded SeaBed Crawler mining tool, launch, recovery and heave compensation equipment, a 50-ton-per-hour dense media processing plant, and a final recovery secured X-ray sorting plant. The SeaBed Crawler is a 160-ton remotely controlled tracked mining vehicle with very high production capacity.
The mining system installed on mv Kovambo has proved itself capable of very high consistent production levels in the geological conditions found in the Marshal Fork marine deposits. The SeaBed Crawler mining system was successfully deployed in Namco’s (Namibian Minerals Corp.) Luderitz Bay Grant (ML51) licence area, which is immediately adjacent to Diamond Fields’ Marshall Fork concession. It commenced mining operations in 1998 on Namco’s cross-border extensions to the Marshall Fork deposits and, in total, produced approximately 400,000 carats of 95-per-cent gem-quality diamond-generating estimated revenue of $60-million (U.S.). Production from these extensions peaked at over 200,000 carats in 1999, including a single day when 16,271 carats were recovered.
“We are pleased with the continued co-operation between DFI and Samicor and are now looking forward to the start of diamond production in the Marshall Fork area. As previously stated, we believe the joint venture with Samicor will prove to be a powerful alliance between Diamond Fields International and one of the world’s larger diamond conglomerates. This joint venture will optimize our high-grade marine diamond concession by applying outstanding technology specifically designed to mine in the conditions found within our concession. We look forward to a significant increase in the level of diamond production from ML111, resulting in enhanced cash flow for the company,” says Gregg Sedun, president and chief executive officer of Diamond Fields International.
Pictures of the mv Kovambo and SeaBed Crawler can be found at www.diamondfields.com.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
