Namco secures more funds

An arms-length loan provides Namibian Minerals (NMR-T) with US$6 million to continue marine diamond production off the coast of the southwest African nation.

The loan, provided by a subsidiary of the company’s largest shareholder, the Leviev Group of Israel, carries interest at the London Inter-bank Offer Rate plus 2.5%. A facility fee of 0.75% also applies.

Namibian has already withdrawn US$2.6 million and has until the end of October to take down the remainder. Repayment is due upon demand within the next three years, with the principal being secured against an insurance claim (US$9 million, which is expected shortly) against lost production arising from the NamSSol mining accident, earlier this year.