Initial tests of the NamSSol seabed crawler in the North Sea have proven successful, reports Namibian Minerals (NMR-T).
Certain modifications need to be made to the diamond mining vessel’s launch and recovery system, but these are expected to be completed soon.
Following final testing of the system, the vehicle will be taken to Namibian Minerals’ (Namco) Luderitz seabed mining concession in Namibia.
“Our development of the NamSSol is a major achievement for the marine mining industry,” says Alastair Holberton, Namco’s chairman. “We are confident that mining [at Luderitz] will be under way shortly.”
Annual production at Luderitz is targeted at 150,000 carats of gem-quality diamonds. The average size of diamonds recovered during the company’s exploration program was 0.36 carat, with an average value of US$200 per carat.
On the financial front, Namco’s Gibralter-based subsidiary has raised US$5 million in a private placement with European investors. Debentures are guaranteed on a subordinated basis by, and exchangeable into common shares of, Namco. The maturity date of the debentures is Dec. 4, 1999, and they are exchangeable into common shares of Namco worth US$3.75 each during the first year and US$4.50 each in the second.
Proceeds of the placement will be used for exploration programs on the company’s marine diamond concessions, as well as for working capital.
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