Former Companies

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.

Namibian Minerals has placed a $1.3-million contract with Wirth to build a new seabed exploration tool for Namco's Namibian and South African concessions.

Namibian Minerals chairman and CEO Alastair Holberton has been appointed chairman of Ocean Diamond Mining Holdings, with operations director Peter Looijen also joining the ODM board.

Namibian Minerals raised its total estimated diamond resources to 2.9 million carats after a bulk sampling program at Feature 022 of its Hottentot Bay grant in Namibia.