Namakwa tenders raise revenue of $4.5-million

Two recent diamond tenders in Antwerp have earned Africa-focused diamond miner Namakwa Diamonds about $4.5-million. The company sold 13 976 ct of diamonds mined at its Kao project, in Lesotho, at an average price of $274.5/ct, realising revenues...

Namakwa Diamonds likely to delist from the Aim

Majority shareholders of Aim-listed Namakwa Diamonds have requested that a special general meeting of the company be convened to allow shareholders to consider a resolution as to whether the company's admission to trading on the Aim should be...

Namakwa Diamonds making progress with strategic restructuring

Africa-focused Namakwa Diamonds’ revenue declined 41% to $51.02-million in the year ended August, following the reduction of third party trading activity. However, revenue generated from mining activities jumped 66% to $39.45-million on the back...

Namakwa cuts guidance on lower output from Lesotho

Africa-focused Namakwa Diamonds has downgraded its production guidance for the 2012 financial year from 150 000 ct to 120 000 ct, as short-term production at its Kao mine, in Lesotho, would decline, while operational inefficiencies were addressed....

Namakwa closes third diamond sale in Antwerp

London-listed junior Namakwa Diamonds has finalised the third sale in Antwerp, Belgium, of rough diamonds from its Kao mine, in Lesotho. The company said in a statement on Tuesday that the sale was its eighth in total, through Fusion Alternatives,...

Restructure pays off for Namakwa, new CEO named

The successful restructure of London-listed Namakwa Diamonds’ operations in Lesotho and South Africa has turned the group’s mining operations cash-flow positive, reduced costs and positioned the company for the next stage of development, CEO...

Namakwa poised to become Lesotho’s biggest diamond producer – CEO

London-listed junior Namakwa Diamonds has completed its strategic restructuring and expects to become net-cash generative in the second half of the 2012 financial year, CEO Richard Collocott said on Thursday. The company started production from...

Namakwa Diamonds says workers call wage strike

London-listed junior Namakwa Diamonds said on Wednesday that its 2012 production guidance remained intact at 20 000 ct, despite workers calling a strike over wages at its operations in South Africa’s North West province. The company stated that...

Namakwa enters into new $10m loan, lowers Kao forecast

Africa-focused miner Namakwa Diamonds on Tuesday lowered its 2012 production target for its Kao mine, in Lesotho, and said it had entered a new $10-million loan facility with investment group Sputnick. The London-listed miner said it had...

Namakwa moves new Lesotho mine into commercial production

London-listed Namakwa Diamonds will start Phase 1 of commercial production at its Kao mine, in Lesotho, on March 1, the company announced on Wednesday. This followed a ramp-up phase which found that average diamond grades, when extrapolated from...

Namakwa Diamonds targeting 200 000 ct in FY12

With its Kao mine processing plant ramping up to its 500 t/h nameplate capacity and the first 3 900 ct of diamonds to go on tender in Johannesburg in January, LSE-listed Namakwa Diamonds said on Thursday it expects to generate positive cashflow...

Namakwa Diamonds could attract suitors − analyst

London-listed Namakwa Diamonds, which recently unveiled a strategic review, could be a takeover target, an analyst at RBC Capital Market said this week. The company announced last week that it would sell its business in the Democratic Republic of...