South African judges have ended a longstanding legal dispute between Namibian Minerals’ (NMR-T) and Benco related to a diamond-mining venture off the coast of southern Africa.
The country’s Supreme Court ruled three to two in favor of Benco, thereby upholding a lower court decision that dismissed Namibian Minerals’ (Namco’s) claim for damages in the amount of $72 million for an alleged breach of contract.
Namco’s chief executive officer, Alastair Holberton, says that while the company is disappointed by the decision, “we now wish Benco every success in their mining venture.” He adds that the outcome will have no influence on Namco’s existing diamond projects in South Africa and Namibia.
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