Former Companies

Namco has appointed Michael Woodborne, former co-founder of Marine & Coastal Geo-Consultants, as exploration director to lead its second exploration phase planned for late 2000.

Namibian Minerals Corporation reported record six-month earnings of $10.6-million (U.S.) on diamond production of 192,100 carats and raised its 1999 production target to 260,000 carats.

Namibian Minerals Corp. (NAMCO) has acquired a 33.5 per cent stake in Ocean Diamond Mining Holdings Ltd. for about $17-million (U.S.), becoming its largest shareholder.

Namibian Minerals Corporation has appointed Loine Geingos to its board of directors and to the board of subsidiary Namco Namibia (Pty) Ltd.

The company increased measured and indicated diamond resources at features 019 and 020 in its Luderitz Bay mining licence threefold, from 292,000 to 1,155,000 carats.

Namibian Minerals declared its first dividend of two cents per share, payable June 1, 1999, to shareholders of record as of May 10, 1999.

The company raised its 1999 diamond production target to 200,000 carats after a record 116,100-carat quarter and reported Q1 earnings of $5.2-million (U.S.).

Namibian Minerals sold 51,325 carats for $7.8-million (U.S.), averaging $153 per carat, a 16 per cent increase over the previous quarter.

Namibian Minerals Corporation (Namco) reported earnings of $3.1-million (U.S.) from its Luderitz Bay marine diamond mining operation for the seven months ended Dec. 31, 1998.

Namibian President Sam Nujoma christened the mining vessel MV Kovambo. The ceremony took place on Feb. 5, 1999, with Namibia's first lady.