DIAMOND PAGE — Namibian Minerals posts second-quarter profit

Higher second-quarter production helped offset lower realized diamond prices for Namibian Minerals (NMR-T).

The alluvial diamond producer cranked out 42,600 carats in the three months ended Nov. 30, compared with 30,300 carats in the previous 3-month period. The diamonds, however, fetched only US$132 per carat and averaged 0.37 carat in size, which is 20% and 5% lower, respectively, than the previous quarter’s figures.

Earnings in the recent quarter topped US$1.2 million (or 3 cents per share), whereas revenue was US$6.1 million. The company had US$2.64 million in cash and 20,500 carats on hand at the period’s end.

Namibian pulls its diamonds from the Luderitz Bay marine concession off the coast of Namibia. A second mining system, scheduled for startup in early 2000, is expected to increase annual production to beyond 300,000 carats.