Poseidon

ND Charters, a Namibian Minerals subsidiary, has chartered the MV Sprut to begin a 180 day bulk sampling program over marine diamond concessions in Namibian and South African waters.

Namco UK appointed Andrew Buxton to its board and strategy panel. Charles Hayes was named operations manager.

Namco has completed its dual listing on the Namibian Stock Exchange, with subscribed shares now called for trading subject to a six-month hold.

Namco reports diamond recovery from its South African concession, a new Namibian marine grant, a Boskalis bulk-sampling contract and a R22.5 million equity raise.

Namco has been granted an exclusive prospecting license over 980 square km of marine area off Namibia's coast near Hottentots Bay and Luderitz.

The company will register a prospectus with the Namibian Stock Exchange on August 18 1994 for a dual listing and share issue raising N$30 million.

Namco was granted leave to appeal to the appellate division after a Cape Town court found it had a reasonable prospect of success in its case against Benco and John Wilson.

The company received approval from the Namibian Stock Exchange and the Bank of Namibia for a dual listing, granted on an exceptional case basis.

Namco will seek leave to appeal after a court upheld Benguela Concessions' (Benco) defence that certain terms of their July 1992 joint venture agreement were void for vagueness.

The company has received written approval in principle for a dual listing of its shares on the Namibian stock exchange.