Menu Click here
website logo
Sign In| Sign Up
back back
Diamond trading
Search for Diamonds Manage Listings IDEX Onsite
diamond prices
Real Time Prices Diamond Index Price Report
news & research
Newsroom IDEX Research Memo Search News & Archives RSS Feeds
back back
Diamond trading
Search for Diamonds Manage Listings IDEX Onsite
diamond prices
Real Time Prices Diamond Index Price Report
news & research
Newsroom IDEX Research Memo Search News & Archives RSS Feeds
back back
MY IDEX
My Bids & Asks My Purchases My Sales Manage Listings IDEX Onsite Company Information Branches Information Personal Information
Logout
Newsroom Full Article

Namakwa Reports H1 Loss, Strategic Restructuring

April 30, 12 by IDEX Online Staff Reporter

(IDEX Online News)
– Diamond miner Namakwa reported a growing net loss of $15.4 million for the first half of the fiscal year.

 

The loss includes discontinued operations. Excluding the discontinued operations, the loss stands at $12.5 million.

 

In late November, production started at Namakwa’s Kao mine in Botswana. A first tender of the Kao goods achieved $218 per carat. A second tender is scheduled for May.

 

The firm’s South African alluvial mining operations started to generate an income after restructuring costs and the Lesotho mining operations are in an early phase of production, according to the company.

 

Namakwa said it expects to become “net-cash generative” in the second half of 2012.

 

“The first half of the financial year has been about the successful execution of our stated strategy to restructure the Group’s platform to provide for a mining operation underpinned by sustainable commercial production from the Kao Mine,” said CEO Richard Collocott.

Diamond Index
Related Articles

Starting in May, Kao's Production Tendered by Fusion

April 29, 12 by IDEX Online Staff Reporter

Read More...

Newsletter

The Newsletter offers a quick summary of the past week's industry news and full articles.
Our Services About IDEX Privacy & Security Terms & Conditions Sign-Up Advertise on IDEX Industry Links Contact Us
IDEX on Facebook IDEX on LinkedIn IDEX on Twitter