De Beer’s JV Restarts Diamond Mining in Africa

19 October 2009 (Last Updated October 19th, 2009 18:30)

Namibian Resources plans to resume production work on a limited scale at its projects in Namibia. Namibian’s subsidiary Sonnberg Diamonds, which conducts diamond drilling work on behalf of the Namibian Government and De Beers’ joint venture NAMDEB, stopped work late last year following

Namibian Resources plans to resume production work on a limited scale at its projects in Namibia.

Namibian’s subsidiary Sonnberg Diamonds, which conducts diamond drilling work on behalf of the Namibian Government and De Beers’ joint venture NAMDEB, stopped work late last year following the collapse of the global diamond market.

The company, however, maintained its machinery and conducted geological studies to improve the model of its Pomona mine and its diamond deposits.

Unsecured loans from the company directors have ensured it has been able to stay afloat.

Namibian is also planning to buy additional equipment for Sonnberg to increase earlier production levels and to allow mining and sampling simultaneously.

New funding, through a share placing, is being sought from investors and institutions to finance increased output.