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Gold/Mining/Energy : Namibian Minerals Corporation
NMR 6.960-0.3%Nov 5 3:59 PM EST
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To: George J. Tromp who wrote (47)6/16/1999 7:58:00 AM
From: Chuca Marsh  Read Replies (1) of 124
 
George & all- The Globe ( & Mail ) just released a National Article in Canada today, at this mornings news search:
Namibian Minerals Corp -
Globe says Namibian acquires stake in Ocean Diamond Mining
Namibian Minerals Corp NMR
Shares issued 37,868,510 1999-06-15 close $5.25
Wednesday Jun 16 1999
The Globe and Mail reports in its Wednesday, June 16, edition that Namibian Minerals has acquired a 33.5-per-cent stake in Ocean Diamond Mining Holdings for $17-million (U.S.) in cash and shares from a group of unhappy shareholders. The Globe's Allan Robinson writes that Namibian Minerals assembled the stake to block a proposed merger of two South African companies, Ocean Diamond Mining and Trans Hex Group. The deal sets the stage for a possible merger of the two diamond producers and a future boost in production so that Namibian Minerals could soon become a major rival to the marine diamond producing arm of De Beers Consolidated Mines. Ocean Diamond's concessions border Namibian's concessions offshore Namibia. Namibian says it has better technology to extract diamonds from the gravel and sediments on the seabed. Namibian expects to produce 200,000 carats of diamonds during 1999 and Ocean Diamond is expected to produce 80,000 carats. Namibian estimates the combined production in 2000 could be 440,000 carats.

(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

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