Namibian Resources in option deal over offshore diamond recovery ship
18 February 2010
Namibian Resources has signed up to a three month option agreement to buy an offshore diamond recovery ship for NAM$13m (£1.1 million). The deal is subject to due diligence and the success of a proposed £2 million fundraising by the company.
On completion, the deal would establish a marine diamond mining division for Namibian’s subsidiary company Sonnberg Diamonds and complement its onshore operations and provide a diversity of diamond production. It promises to double the company's diamond producing capacity and provide immediate, operationally profitable production.
The ship is understood to be in full working order and currently actively mining. Based on past records, it is estimated that the ship is capable of a long-term average rate of production of over 1000 carats per month.
Sonnberg said it had identified a very experienced offshore diamond mining professional as manager of Sonnberg's marine division.
The ship has been operating for over five years on contract to the Namdeb Diamond Corporation with whom Sonnberg has its existing onshore diamond mining and prospecting contract. Namdeb are fully aware of Sonnberg's intention to buy the ship and negotiations to provide Sonnberg with a contract to operate the ship are understood to be well advanced.
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