Namibian Minerals Corporation Message Board

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Gold/Mining/Energy : Namibian Minerals Corporation

NMR 7.025

+0.9%

12:43 PM EST

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To: PHILLIP FLOTOW who wrote (71)	9/7/1999 3:19:00 PM
From: PHILLIP FLOTOW	Read Replies (1) of 124

From Bloomberg today: Namibian Minerals is expected to surpass De Beers as the world's biggest sub-sea diamond miner within 2 years of gaining control of Ocean Mining Holdings, said "Business Report" newspaper, citing analysts. On Sept. 3Namibian announced that it had secured the right to buy 17% of Ocean Diamond, bring its stake in the company to 51%, and offered 188 million rand ($31 million [US?]) for the rest of the shares it doesn't own. Analysts estimate Namibian's production could reach 780,000 carats a year by 2001 compared with 1/2 million carats produced by De Beers' marine mining unit. Since De Beers began mining for gems off the Namibian coast, where the world's biggest sub-sea diamond field lies, in 1991 the country's marine diamond production has risen about 30 fold to about $400 million worth of gems in 1997. --Anthony Squazzin in Johannesburg (27 11) 784 9944/tc PHIL

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