Namibian Minerals granted reprieve

Junior Namibian Minerals (NMR-T) has been granted another month to restructure its debt.

The moratorium, which is subject to ratification by Namibian’s credit insurers, means that repayments on US$21.25 million in outstanding loans will begin in November. The actual rescheduling terms are being ironed out.

Namibian Minerals, which mines marine diamonds off the coast of Namibia, entered provisional liquidation earlier this year after its NamSoll mining system was damaged. Since then, the company has begun its financial recovery, mostly by dealing a 39% stake in the company to the Leviev Group of Israel.

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