Namibian Minerals Corporation

Namibian Minerals' NamSSol seabed crawler suffered chassis damage during a recovery attempt off Luderitz Bay on Jan. 7, 2001.

Namibian Minerals' NamSSol seabed mining system parted in two and its undercarriage was left on the seabed during a Jan. 7 recovery attempt off Luderitz Bay.

Namibian Minerals Corporation (Namco) recovered its first diamonds from the new Nam 2 seabed crawler aboard MV Ya Tolvo in mining licence 36 offshore Namibia.

Namibian Minerals completed construction of its new mining vessel MV Ya Toivo, with sea trials nearing completion off South Africa.

Namibian Minerals (Namco) has appointed Bruce Evans as chief operating officer, effective immediately.

Namco's third-quarter 2000 diamond production rose 42 per cent to 65,000 carats from the prior quarter, though the company posted a $665,000 (U.S.) loss.

Namibian Minerals' new vessel MV Zacharias has started a five-year exploration program on the company's Namibian ocean diamond licences, incorporating areas from the Ocean Diamond Mining takeover.

Namibian Minerals reported second-quarter 2000 earnings of $1-million (U.S.), down from $5.4-million a year earlier, as diamond production fell to 98,500 carats for the half-year.

Namibian Minerals cut its 2000 production forecast to 225,000-250,000 carats after mining difficulties, vessel downtime and the withdrawal of MV Oceandia.

Namibian Minerals reported first-quarter 2000 earnings of $2.2-million (U.S.) and raised its dividend 50 per cent to three U.S. cents per share.