Namakwa Diamonds Ltd (NAD) - Result of Tender
RNS Number : 3078I
Namakwa Diamonds Limited
24 July 2012
24 July 2012
Namakwa Diamonds Limited (LSE: NAD)
("Namakwa Diamonds" or the "Company")
Result of Tender
Namakwa Diamonds is pleased to announce that it has closed its third sale of
Kao rough diamonds in Antwerp, its eighth in total, through Fusion
Alternatives, the dedicated tender partner of I Hennig & Co.
All 51 lots offered, totaling 14,495 carats, were sold at an average selling
price of US $286/ct, with an average diamond size of 0.36cts. The largest
diamond sold was 32.38 cts at US $2,577.00/ct. The sale realised revenues of
approximately US $4.2 million, with achieved prices some 3.4% higher than
initial management estimates. The diamonds sold were sourced predominately
from hardrock kimberlite ores.
Commenting, Theo Botoulas, Chief Executive Officer of Namakwa Diamonds, said:
"Our third tender in Antwerp, like the first two, achieved a 100 per cent.
sell-through and prices ahead of initial expectations even in today's
challenging markets. Since January 2012, we have now sold a total of 87,011
carats from Kao Mine production in eight tenders, generating US $24.6 million
in revenues for the Company."
For further information please visit www.namakwadiamonds.com or contact:
Namakwa Diamonds Tavistock Communications
Theo Botoulas +27 11 334 8886 Simon Hudson +44 20 7920 3150
Kelsey Traynor +44 20 7920 3150
About Namakwa Diamonds Limited
Namakwa is a diamond resource group, which seeks to extract maximum value from
the marketing and sale of Group mined and contracted production.
The Group's mining activities are focused on the Kao Mine in Lesotho.
Operated by Storm Mountain Diamonds and its leading hard-rock mining team,
with a proven track record in the construction and development of Lesotho's
leading kimberlite pipes, the Kao Mine presents a 189Mt kimberlite resource of
c.12.8m carats (c.4m indicated and c.8.8m inferred), with an additional 1.7m
carats at a deposit level of confidence, in which Namakwa holds a 62.5%
interest. The other shareholders are the Government of Lesotho 25% and
Kimberlite Investments Lesotho Limited 12.5%.
The Group also maintains alluvial mining operations in the North West Province
of South Africa and resource-development properties in the Northern Cape
Province of South Africa and the offshore marine environment of Namibia.
This information is provided by RNS
The company news service from the London Stock Exchange
MSCBLGDRIDDBGDX -0- Jul/24/2012 06:00 GMT
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