Year end results
The company began commercial diamond production at its Luderitz Bay mining licence in Namibia, recovering about 38,000 carats over three months and posting a $7.1-million annual loss.
May 1998 production results
Company reported 13,082 carats of May 1998 diamond production from its Luderitz Bay grant in Namibia, valued at $158.88 per carat.
First diamond sales
Namibian Minerals Corp. sold its first parcel of diamonds from Namibian operations, 5,093 carats, in Antwerp this week for $913,388.40 (U.S.).
April production results; director appointed to South African board
Namibian Minerals recovered 12,814 carats of gem quality diamonds from its Luderitz Bay grant in April and appointed Yusuf Surtee to its South African board.
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.