Luderitz Bay diamond recoveries increase
Luderitz Bay diamond recoveries topped 7,000 carats in April, with a 3,859-carat parcel valued at US$598,653 by independent valuers for Namibian royalty assessment.
February 28 quarterly review
During the quarter ended February 28 1998, the company recovered its first diamonds from the Koichab prospect off Namibia and signed a three-year marketing deal with IDC (Holdings) Ltd.
Koichab progress
The company reports Koichab prospect diamond production averaging 0.45 carats, with MV Kovambo scheduled for a Cape Town port call on March 25, 1998 for US$500,000 in modifications.
Luderitz Bay commissioning operations continue
MV Kovambo began commissioning operations in Namco's Luderitz Bay concession in January 1998, with production capacity set to reach 100% efficiency by June 1998.
6mo results
The company reported a six-month loss of US$2,045,000 to November 30 1997, with commercial mining in Namibia set to begin January 1998.
Sea trials completed
The company completed North Sea sea trials of its NamSSol mining system, meeting performance expectations, as MV Kovambo departs for Namibia's Luderitz concession, arriving January 5, 1998.
Sea trials continuing
The company completed initial sea trials of its NamSSol seabed crawler in the North Sea and placed US$5,000,000 of 6% exchangeable subordinated debentures with European investors.
Second bulk sample results disappointing
Bulk sample No.2 offshore in the north channel recovered two gem diamonds (0.20 ct and 0.18 ct) from 2,900 cubic metres of gravel, and the joint venture will not extend the dredge lease.
39.6m contributing shares to be issued
Ocean plans to raise $3.9 million through a one for two non-renounceable issue of 39.6 million contributing shares to fund Indonesian diamond exploration.
3mo results
Company reported income of US$446,000 and a loss of US$335,000 for the three months ended August 31 1997, as its NamSSol diamond mining system neared completion.