Namibian Minerals Corporation

South Africa's Securities Regulation Panel ruled on appeal that Namco did not act in concert with a local consortium in its $60-million acquisition of Ocean Diamond Mining Holdings Ltd.

Namco reports continued integration progress at Ocean Diamond Mining, with ODM's November-December 1999 production up 30 per cent and diamond prices rising in early 2000.

Namco reported 1999 full-year earnings of $17.1-million (U.S.) on revenues of $42.8-million, driven by record diamond production and the acquisition of Ocean Diamond Mining Holdings.

Namibian Minerals (Namco) has chartered the vessel MV Zacharius under a five-year deal with a purchase option to explore its Namibian ocean diamond concessions starting in the third quarter.

Namibian Minerals secured a $25-million project loan from HSBC Equator Bank and Nedcor Africa to finance construction of its second marine diamond mining system, Nam II.

Namibian Minerals (Namco) has been granted its second mining licence, ML 103A, and awarded ISO 14001 environmental accreditation.

Namibian Minerals reported nine-month earnings of $16-million on $35-million revenue and closed its acquisition of 92 per cent of Ocean Diamond Mining Holdings Ltd.

Namibian Minerals' general offer for Ocean Diamond Mining closed successfully, giving it 92 per cent of ODM shares after acceptances covering 27 million shares.

Namibian Minerals (Namco) has made a formal offer to acquire the remaining shares of Ocean Diamond Mining Holdings it does not own, at 8.25 South African rand per share.

Namibian Minerals (Namco) is offering 8.25 South African rand per share, valuing Ocean Diamond Mining Holdings at $63-million (U.S.), to acquire the 30.8 million ODM shares it does not already own.