Former Companies

Namibian Minerals Corporation exceeded its annual production target of 150,000 carats in under 10 months, driven by improvements to its NamSSol mining system.

Namibian recorded monthly production of 26,000 carats in December 1998, taking output to more than 126,000 carats over its first nine months of production.

The company reported net profit of $1.2-million (U.S.) and diamond production of 42,600 carats for the quarter ended Nov. 30, 1998, up 41 per cent.

The company has mined 100,000 carats of gem quality diamonds from its Luderitz Bay Grant in Namibia over the past eight months.

Namibian Minerals will build a second diamond mining tool, NamSSOl II, targeting 185,000 carats a year and appointed Tokyo Sexwale to its board.

Namco reported its first quarterly profit of $1.02-million from Namibian marine diamond mining for the quarter ended Aug. 31, 1998, as production rose 17 per cent to 30,300 carats.

The company reported diamond production of 30,300 carats and sales of $4.8-million from its Luderitz Bay grant in Namibia for the quarter ended August 31, 1998.

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.

Company reported 13,082 carats of May 1998 diamond production from its Luderitz Bay grant in Namibia, valued at $158.88 per carat.

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.).