Namibian Minerals (Nasdaq:NMCOF, Toronto:NMR) - 500 Beiträge pro Seite

[gholzbauer]

"Namibian Mineral Corporation is engaged in ocean diamond exploration and mining off the coast of Namibia and marine diamond exploration off the coast of South Africa."


Nachdem NMR durch den Ausfall eines ihrer Schiffe in einen Liquiditätsengpaß zu kommen drohte, scheint mit der gestrigen Finanzierungsankündigung diese Gefahr nicht mehr zu bestehen. Die Zahl der ausstehenden Aktien erhöht sich von 47 Mio. ungefähr um 7 Mio., dafür wird die Cashposition deutlich gestärkt. Zu den 10 Mio. $ der Finanzierungsrunde sollten noch die Versicherungszahlungen zum Schadensausgleich und für Produktionsausfall kommen.
Die geplante diesjährliche Gesamtproduktion soll durch den 6-monatigen Ausfall des Diamantenbergungsgerätes "NAM 1" von ca. 400.000 Karat (70 Mio. $ bei einem Verkaufspreis von ca. 175$/Karat) auf 350.000 Karat (60 Mio. $) zurückgehen.
Nach dem starken Kursverfall bahnt sich eine interessante turn-around-story an. Allerdings ist die hohe Verschuldung von NMR (ca. 50-60 Mio.$) zu berücksichtigen, die der Gesellschaft bei weiteren Produktionsausfällen zum Verhängnis werden könnte.
Leider ist die Homepage www.nam-corp.com zur Zeit in Bearbeitung, so daß ich keine aktuelle Bilanz zur Verfügung habe.
Seltsamerweise ist in den unten stehenden Quellentexten von 2 bis 5 Schiffen die Rede. Ich bin am ehesten geneigt, dem Artikel der Business Day vom 10. Januar zu folgen, also sind wohl NAM 1( zur Zeit ausgefallen), NAM 2 und das ODM-Gerät in Aktion.
MfG
gholzbauer



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EUROPE TECH FOCUS: MARINE MINER TRACKS SEABED GEMS

by Andy Spicer

JOHANNESBURG--A chance meeting at a London party with Namibia`s exciled liberation movement was the genesis of Namibian Minerals Corp (NMCOF).

Just months after independence in the early 1990s, Alastair Holberton, the company`s chairman, was invited by President Sam Nujoma to set up the marine diamond miner that`s now the second biggest in southern Africa.

But in the beginning it was the case of David and Goliath, as South African diamond giant De Beers Consolidated Mines Ltd. (DBRSY)was so dominant in Namibia.

Nujoma wantes more diversity in the industry and gave Holberton the opportunity to create an indpendent diamond producer.

Hundreds of millions of dollars worth of diamonds lie off the coast of Namibia on the ocean floor and NAMCO set about building a new type of robot seabed crawler that would suck up the gems like an underwater vacuum cleaner.

The technology couldn`t be bought off the shelf and NAMCO had to start from scratch. Using techniques from dredging industry, the crawler took shape in a dockyard in Scotland, with design experts from Holland and South Africa.

Directed from a space age contral room on a surface mother ship, the crawler moves on tank tracks along submarine valleys, avoiding giant boulders and submerged cliff faces. A sonar gives realtime image of the path ahead. It has an extension arm that uses high-pressure water jets and a hammer tool. The precious stones are vacuumed up into the vehicle along with sediment, which is piped to the surface ship and filtered using x-rays.

The initial cost of its first crawler was around $30 million.

NAMCO has now snapped up many of its smaller rivials and has 18,000 square kilometers of concessions off the coast of Namibia and South Africa and a fleet of five ships. Around 95% of its production is gem quality.

Early next year it will launch a new generation ship and a bigger, more high-tech seabed crawler, at 185 metric tonnes almost twice the size of the original.

This was designed and built in South Africa for $6 million-a fraction of the cost of the original-mainly because the company now has a better understanding of the technology.

It`s also launching a new ship, the MV Ya Toivo, formerly the Royal Navy`s HMS Challenger, a submarine recovery vessel, and named after the founder of the South West People`s Organization, which now rules Namibia. Andimba Ya Toivo was imprisoned on Robben Island alongside Nelson Mandela.

The new system will double the amount of material lifted from the ocean floor and collect about $30 million in rough diamonds in its first year of operation, says Holberton. This compares with just inders $43 million from NAMCO`S entire fleet in 1999.

Funded by a collection of institutional and private investors NAMCO is listed on Nasdaq and on the Toronto and Nambibian Stock exchanges. It`s looking to expand further into South African waters and diamond mining on land.

But NAMCO hasn`t had everything its own way. After a shaky start to the year NAMCO posted a strong increase in profit in the fourth quarter fiscal 2000 with earnings a share rising eight cents to 43 cents (US$) from the previous three months.

But earlier this year bullish forecasts were undermined by a change in seabed geology, particularly softer sediment, which bogged the crawler down-and reduced output.

While the problem has been overcome by using wider tracks, the damage was done, NAMCO had always been viewed as something of a speculative stock and investors took fright. The shares remain depressed at C$2.70, down from a year high of C$12.35, with NAMCO facing a task to rebuild cinfidence.

Revenue from diamonds for the whole fiscal year jumped threefold to near $43 million from $12.9 million a year earlier. More than 273,000 carats were recovered during the fourth quarter and higher diamond prices are also helping.

Unlike most other diamond producers in southern Africa, NAMCO sells its stones outside De Beers` Diamond Trading Company, formerly called the Central Selling Organization. The diamons are sold directly to an independent diamond distributor in Antwert//

-By Andi Spicer, Dow Jones Newswires; [phone]; [e-mail]
(Fundort: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=16011512… und http://messages.yahoo.com/bbs?.mm=FN&action=m&board=16011512… )






Stellungnahme von NMCOF zu Umweltschutzaspekten:
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Dear Mark

Thanks for alerting me to this. It is not Namco`s policy to comment on the message boards as it is an investor/shareholder forum and should not be used by the Company.

Unfortunately the minority viewpoint often has the loudest voice but as you say the environmental activist simply doesn`t have his facts straight. Namco`s Kovambo and NamSSol operations are certified to international environmental standard ISO 14001 - Namco and De Beers are the only offshore mining companies in Namibia with this high degree of certification. We are continually assessing the impact of our operations on the environment by running 19 monitoring programmes including water oxygen levels, marine flora and fauna, plume (fine material left over from processing) impact, waste disposal, to name a few. Both Namco and De Beers studies have shown that there is minimal life on the ocean floor at depths of 70metres - it is a desert environment (comprising mainly plankton and other small benthic organisms). Rehabilitation of a mined area takes place within four years.

The Namibian Government has approved our environmental management plan and in fact has requested that our approach serve as a model for all ocean related companies in the country.

I`m glad to be aware of the comments though and will alert our internal security people as well.

Meanwhile, I`m wondering if you saw a copy of the International Herald Tribune over the weekend. If you go to page 15 there is an article on Stock Picks for 2001 and Namco has been included! you might find the story of interest.
(http://messages.yahoo.com/bbs?.mm=FN&action=m&board=16011512…

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EUROPE/AFRICA .Alan Ackerman, executive vice president, Fahnestock Co. Imagine that you have a big vacuum cleaner and that you want to clean your basement. You could use a long extension tube and try to do it from the doorway one floor above, but that would be inefficient and you would not be able to see what you were doing. It would be far better to get a smaller vacuum cleaner and take it downstairs. That, roughly, describes Namibian Minerals Corp.`s advantage over its competitors in mining diamonds from the ocean floor, Mr. Ackerman said. "They use an undersea crawler which is dropped to the ocean floor," he said. "They are able to drill as they go by virtue of the fact that they can see what they are drilling." MV Ya Toivo, the second of Namibian Minerals` two ships, this month made its first diamond recoveries off the coast of Namibia. The company has modified technology to overcome problems its first ship encountered with clay deposits, Mr. Ackerman said, and it now can mine diamonds for about a third of the market price. .Those production difficulties caused a recent fall in the stock, Mr. Ackerman said. The shares, which were over $8 in February, closed Thursday on the Nasdaq at $2.19. .It is well-positioned, with exclusive offshore leases from Namibia and economies of scale after acquiring a competitor, he added, saying that its stones are free of the "blood" taint attached to gem sales from other countries that benefit repressive leaders or rebels.
(http://messages.yahoo.com/bbs?.mm=FN&action=m&board=16011512… (Aussage scheinbar von Dezember 2000/ Januar 2001)

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Accident delays Namco`s ambitions
Johannesburg (Business Day, January 10, 2001) - NAMIBIAN Minerals Corporation (Namco) has suffered a temporary setback to its ambition of becoming the world`s most profitable ocean diamond miner.
The company yesterday confirmed market talk an attempt to lift its undersea mining vessel, the NamSSol, ended in disaster after the vessel broke in half.
The operator was unaware the vessel had become lodged in rocks, the company said. In an attempt to lift the vessel to its surface ship, the top half of the NamSSol broke off.
Namco said it was able to recover the top half, the suction unit, which was on its way back to Cape Town.
The supply ship, the MVKovambo, would travel back to the area of the accident as soon as possible, together with a team of divers, which would try to recover the rest of the unit.
The accident happened in about 70m of water in Feature 19 of Namco`s L deritz Bay grant. No injuries were reported.
Namco said it was too early to estimate the cost of the damage, the effect of the accident on production or when the unit would be operational. The group said it was insured against these type of incidents.
Analysts anticipate the unit will be out of action for a maximum of six months.
Namco also said its second vessel, the NamSSol 2, was in the area and would continue mining, although the vehicle was still in the testing phase and was not fully operational.
Full-year output forecasts for Namco are set at 400000 carats this year. A total of 100000 of these are expected from the Nam 1 production vessel, with 200000 from the Nam2 and 100000 from the old Ocean Diamond Mining vessels which the company inherited when it took over ODM two years ago.
Nam 1 is thus set to produce about 25% of total production. Should the unit be out of action for about six months, Namco is set to produce 50000 carats less in an environment that has seen diamond prices rise steadily, minimising the effect on the bottom line.
A London analyst said while the accident was a setback, it was not a disaster for Namco especially given the fact that the company was insured.
The incident has, however, not gone unnoticed by the market, with the share dropping from about $2,50 to $1,75c on the Nasdaq in the past 48 hours.
Namco is listed in Namibia, Canada and on the Nasdaq.
An analyst said the drop was extended because of profit taking, especially since Namco was on an upward trend during the past couple of months.
The 52-week trading range of the share in the past year was between $8, 31 and $1,11 a share.
By Ilja Graulich


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Posted: 2001/02/6 01:44 PM EST
High and dry Namco scratches for survival

CAPE TOWN -- Namibian Mineral Corporation (Namco), the Nasdaq-listed marine diamond company, is negotiating with bankers to keep the company liquid amid a severe cash flow crunch. The company`s troubles began last year when its diamond mining recovery vessel, Namssol I, effectively broke in two leaving its under undercarriage rooted to the seabed.

Spokesman and director Megan Williams conceded the company was fighting for its life as monthly operating costs of $3 million piled up amid minimal recovery of cash-generating diamonds. Namco`s only other underwater recovery vessel, Nam II, has recently been commissioned and is thought to be currently aboard a vessel in international waters.

Chief executive Alastair Holberton said at the Investing in African Mining Indaba in Cape Town that the accident to Namssol I had impacted on production and cash flow for 2001. Production would not be fully restored for the next six months, but fresh targets for 2001 would be set shortly. He said afterwards that the company was confident a rescue package could be negotiated with bankers.

The company has had a year to forget in 2000. It suffered the affects of tracking difficulties with softwall conditions while Nam II took longer than expected to commission. This is in stark contrast to an excellent performance in 1999 when the company mined 250 000 carats worth $47 million. Namco has resources of three million carats but has only categorised less than 10 per cent of its offshore properties.

An industry source says debt is building up in Namco making life uncomfortable for its backers. Long-term debt exists of between $50 to $60 million of which $25 million is owed to HSBC/Equator financial institution and $15 million to Investec. There is an additional $6 million in short-term debt and no apparent income for the company.

Holberton says Namco has insurance for operating costs, loss of profit and all risks for Namssol I but this will take time to be paid.

Holberton founded Namco in 1991 and began developing the technology for the underwater diamond recovery about seven years ago. An analyst said it would a "a great pity" for the marine diamond industry if Namco was unable to survive bankruptcy as "... nobody would touch the sector for another two years". Namco is also listed on the Toronto and Namibian stock exchanges and had a market capitalisation of $85 million.

By: David McKay
(Link: http://www.mips1.net/MGDmds.nsf/Current/4225685F0043D0388525… )

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Tuesday February 6, 1:41 pm Eastern Time
Press Release
SOURCE: Namibian Minerals Corporation
Namibian Minerals Corporation Clarifies Dow Jones News Article Filed Today
LONDON, Feb. 6 /PRNewswire/ -- The following press release was issued today by the Namibian Minerals Corporation:
Contrary to a Dow Jones news article filed this morning, Namibian Minerals Corporation (Nasdaq: NMCOF; TSE: NMR; NSE: NMC) has never stated that it is in talks to avoid voluntary liquidation.
The Dow Jones article correctly reported that the Company is examining its financing options to deal with the cash-flow impact while production is disrupted following the NamSSol accident and while the new larger Nam 2 mining system continues commissioning. The Company has previously announced (22 January 2001) that it is monitoring its cash flow requirements.
Last month the Company announced that its NamSSol seabed crawler had been damaged when a mine face collapsed on to the tool. During subsequent recovery the upper chassis parted, leaving the undercarriage on the ocean floor. Subsequent attempts to recover the undercarriage using specialist divers and equipment have been terminated. The Company expects a replacement undercarriage would take approximately five months to build and commission, costing up to US$1.5 million.
The Company has comprehensive insurance cover for material loss and/or damage to NamSSol and ancillary equipment, as well as for operating costs and expenses, including loss of profit and is pursuing this claim.
``With insurance, the net effect on Namco`s bottom line in the mid term should be minimal. Of course the Company`s short-term cash flow is affected by the loss of the NamSSol production system. We are focused on strengthening our financial position through this interim period, pending Nam 2`s build up of production and settlement of our insurance claim,`` said Chairman and CEO Alastair Holberton.
For and on behalf of the Board of Namibian Minerals Corporation

J.A.Holberton
Chairman & CEO

SOURCE: Namibian Minerals Corporation


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Namibian Minerals Corporation (NAMCO) Announces Financing
LONDON, Feb 12, 2001 /PRNewswire via COMTEX/ -- Namibian Minerals Corporation (Nasdaq: NMCOF chart, msgs) (NAMCO) today announced that Canaccord Capital (Europe) Limited ("Canaccord") has sold to investors outside Canada on the Company`s behalf six million of the Company`s common shares at a price of US$1.375 for proceeds of US$8.25 million and US$2 million principal amount of 8% series A convertible debentures for gross proceeds of US$10.25 million.
The financing is subject to regulatory filings and approvals, shareholder approvals and definitive documentation and due diligence, all of which is expected to occur in March 2001.
Last month Namco announced that its NamSSol seabed crawler had been damaged in an accident during mining operations on the seabed. Replacement and repairs are estimated to take approximately five months. While the Company is pursuing its insurance claims, additional working capital is required to strengthen its financial position.
Meanwhile, the Company is seeking to meet its immediate working capital requirements through arrangement of a US$10 million bridging facility pending completion of the above financing.
The Company`s new higher capacity Nam 2 seabed crawler continues to commission well in Mining Licence 36. Nam 2 is expected to produce the principal part of the Company`s diamond production this year.
For and on behalf of the Board of Directors
of Namibian Minerals Corporation

J.A.Holberton
Chairman & CEO

Source: Namibian Minerals Corporation

[gholzbauer]

Company profile zu NMR von Wright:
http://profiles.wisi.com/profiles/scripts/corpinfo2.asp?cusi…

Sehr schön zu sehen, wie Kurs und Gewinntrend korrelieren.
Mit voller Inbetriebnahme von NAM 2, das eine deutlich höhere Produktionsrate als NAM 1 bei ähnlichen Kosten haben soll, müßte ein starker Wiederanstieg der Gewinne einhergehen.

[gholzbauer]

Noch`n Diamantenfischer:

Wednesday February 14, 12:55 pm Eastern Time
Press Release
Completion of Block J Geophysical Survey Reveals Promising Features
WESTMOUNT, QUEBEC--Mr. Pierre Léveillé, President of Afri-Can Marine Minerals Corp. (``Afri-Can``), is pleased to announce the completion a marine geophysical survey of the license area ``Block J`` in the ocean off the coast of Namibia. This license area is located about 140 km north of Luderitz, Namibia.

Block J measures 994 sq. km, is roughly 50 km long and 20 km wide. It extends between the 70 m and the 170 m water depth isobath. Marine & Coastal Geoscience (Pty) Ltd. of South Africa (``Marine & Coastal``) conducted a detailed geophysical survey of the shallowest eastern section of the license area.

The survey, which began on January 12th, was carried out on the prospective shoreward (150 sq. km) portion, underlain by crystalline bedrock with a cover of thin sediment veneer. This area contains the potential for diamondiferous deposits that match the geological models of the surrounding producing mining licenses.

The survey collected 950 line-km of high-resolution geophysical data. The data interpretation will include an evaluation of depositional environments with potentially diamondiferous sediments and the delineation of sampling targets. Preliminary interpretation of the side-scan sonar and ``pinger`` seismic data has identified a number of trap-site features which may have potential for diamond entrapment.

Northern reef: A number of promising features are located in the north-eastern corner of the license area at about 75 m water depth. This part of the license is underlain by crystalline basement and already two structurally-controlled erosional features have been recognized, which are similar in water depth, size and outline to the ``Marshall Fork`` feature presently being mined by Namco and about to be mined by Diamond Fields International. To the north of the concession, Ocean Diamond Mining has mined an area of similar depth.

North of the northern reef: A regionally developed terraced region is found to the north of this reef and extending into Block K. Water depth between 75 - 80m.

Central reef: Trap sites (gullies and erosional channels) are evident on this reef area which is also covered in places by ``phoscrete`` type material.

Southern reef: Also underlain by crystalline bedrock and showing a number of intersecting linear structural-erosional features. Water depth is roughly 100 - 120 m.

These initial findings are based only on preliminary evaluation of the side-scan sonar and seismic data. Marine & Coastal will complete the bathymetric side-scan sonar and seismic interpretations within the next two months. The next exploration phase planned is a prospecting program of the sampling target features delineated from the geophysical data interpretation. Afri-Can is presently negotiating with different contractors in order to begin the sampling program.

Block J lies on the northern boundary of the known rich diamondiferous deposits currently being mined along the south and central Namibian West Coast. To the south of these projects, an inferred resource exceeding 4.25 million carats has been estimated for the region between Halifax and Mercury Islands (Marine & Coastal, June 6, 2000). Block J lies approximately 10 km west of Namco`s Mercury Island mining license area (ML 36) and is adjoined to the south by Namibian Minerals Corporation`s (Namco) property (EPL 1950), which has a published resource of 653,000 carats (BOE Securities, October 26, 1999).


* * * *

Afri-Can Marine Minerals Corp. is a Canadian company, actively involved in the acquisition, exploration and development of major diamond properties. The corporation`s large and prospective license holdings, together with its growth strategy, place it among the important participants in the marine diamond business. Afri-Can`s shares are listed on the Montreal Stock Exchange under the symbol ``AFA``.

[gholzbauer]

Afri-Can Marine
http://www.afri-canmarine.com

Namibian Minerals
http://www.nam-corp.com

[gholzbauer]

Das war`s dann wohl für NMR. Schade, denn die Story wäre interessant geworden, wenn die Finanzierung geklappt hätte.
Hier zeigen sich wieder einmal deutlich die Gefahren von übermäßiger Fremdfinanzierung für eine Gesellschaft.


Friday February 23, 4:13 pm Eastern Time
Namco puts South African units into liquidation
TORONTO, Feb 23 (Reuters) - Namibian Minerals Corp. (Toronto:NMR.TO - news), Africa`s second-largest ocean diamond producer, said on Friday an accident of its seabed crawler in February had crippled its cash flows and forced it to put its South African subsidiaries into liquidation.

Namibian Minerals, or Namco, said its stock had been suspended on the Toronto Stock Exchange and Nasdaq. It expects the provisional winding-up order to be finalized within six weeks.

The NamSSol system was damaged while the crawler was operating off the coast of Namibia. During a recovery operation, the upper chassis of the machine parted, leaving the undercarriage on the ocean`s flood.

The system was estimated to recover about 200,000 carats in 2001. The replacement cost of the undercarriage was about $1.5 million.

``The company has been urgently seeking financing to address its working capital requirements, in particular to secure the interests of its creditors,`` Namco said in a statement.

It said, however, growing uncertainty and mounting pressure from creditors had left the company with no option but to liquidate its South African units.

Namco said it was still in discussions with bankers to find a solution.

Shares in Namco hit a 52-week low in Toronto on Friday at C$1.10. It last traded down 8 Canadian cents at C$1.32.

($1=$1.54 Canadian)






Friday February 23, 3:04 pm Eastern Time
Press Release
SOURCE: Namibian Minerals Corporation

Namibian Minerals Corporation announces suspension of its stock and voluntary liquidation of South African subsidiaries
LONDON, Feb. 23 /CNW/ - Namibian Minerals Corporation (NAMCO) today announced that it is placing some of its South African subsidiary companies into liquidation, which is a provisional winding-up order which will be made final in approximately six weeks.
Following the disruption to operations by the accident to its NamSSol mining system in January and the resultant cash flow impact, the Company had been urgently seeking financing to address its working capital requirements, in particular to secure the interests of its creditors. Meanwhile, the Company continued to pursue an insurance claim and expected a build-up in production while commissioning of its new Nam 2 seabed crawler continued offshore Namibia.

The Company had been progressing a number of financing options. On 12 February 2001 the Company announced that Canaccord Capital (Europe) Limited ("Canaccord") had sold to investors outside Canada six million common shares for proceeds of US$8.25 million and US$2 million principal amount of 8% series A convertible debentures for gross proceeds of US$10.25 million, subject to filing of a short-form prospectus and to regulatory consents. Canaccord had advised the Company that it was confident of raising up to US$20 million. At the same time, the Company was advanced in discussions with a number of parties, including major participants in the diamond industry, for a bridging facility, pending completion of the above financing. The Government had pledged N$20 million of participation. In addition, the Company was finalising the sale of its least efficient and least productive vessel MV Ivan Prinsep for US$4.4 million.

However, while offering a three month capital repayment moratorium, the Company`s Bankers have not provided sufficient certainty as to their intentions after three months, nor were they willing to release security over the MV Ivan Prinsep to cover a sum due to them and release surplus proceeds for working capital purposes. A Term Sheet provided to the Company on 15 February 2001 set out these terms. Subsequent discussion and a revised term sheet have failed to elicit the comfort which the Company requires for its potential new investors. This uncertainty and mounting pressure from its creditors has left the Company with no alternative than to seek liquidation of its South African subsidiaries. The Company is committed to continuing discussions with its Bankers to seek a reasonable and long term solution to the present position.

[gholzbauer]

Jedenfalls gehen die Finanzierungbemühungen weiter. Sicher will das NMR-Management mit der drohenden Liquidierung die Gläubiger dazu bewegen, mehr Geld rauszurücken, damit NMR doch noch die Kurve kratzt. Im gegenwärtigen Zustand der Gesellschaft dürfte für die Gläubiger(banken) nicht allzuviel zur Rückzahlung herauskommen.
Wenn von den Banken eine ausreichende Überbrückungsfinanzierung und eine anschließende Kapitalerhöhung doch noch durchgeführt werden sollten, werde ich wohl versuchen, ein paar Stücke zwischen 0,5 und 1 US$ zu ergattern.


Monday February 26, 2:25 pm Eastern Time
Press Release
SOURCE: Namibian Minerals Corporation
Namibian Minerals Corporation Update on Liquidation of Subsidiary Companies
LONDON, Feb. 26 /PRNewswire/ -- As previously advised, Namibian Minerals Corporation (NAMCO) (Nasdaq: NMCOF - news; TSE: NMR - news; NSE: NMC) has placed some of its South African subsidiary companies into provisional liquidation under the laws of South Africa. This provisional winding-up order becomes final in approximately six weeks. Several Namibian subsidiary companies were also placed into provisional liquidation today under the laws of Namibia.

Under South African and Namibian law, provisional liquidation means that the subsidiary companies` assets and liabilities are controlled by a provisional liquidator.

As a consequence, all diamond mining operations have ceased. Provisional liquidators of the South African subsidiaries have been appointed by the South African court and it is now the provisional liquidators` decision as to whether they will continue to operate any part of the business. Apart from the operations conducted by the subsidiaries which are now in provisional liquidation, the Company conducts no other operations.

The decision to file for provisional liquidation follows the disruption to operations by the accident to the Company`s NamSSol mining system in January and the resultant cash flow impact on the Company`s finances. Cash resources were already affected by lower production in 2000 and high capital expenditure.

There is a period of approximately six weeks before the provisional liquidation becomes final. During this time, the Company has the opportunity to reverse provisional liquidation by obtaining sufficient financing for its subsidiary companies, reaching agreement with the creditors, and obtaining consent from the courts of South Africa and Namibia where necessary.

The Company is continuing to attempt to negotiate financing arrangements with its Lenders on terms which will be acceptable not only to its Lenders but also to its potential investors. It is hoped that resolution can be achieved and additional finance can be raised prior to the provisional winding-up order becoming final, but no assurances can be given.

The Company has requested the TSE, Nasdaq and NSE to suspend trading in its shares indefinitely.

``We are extremely concerned by the impact this has on our stakeholders, and the hardship it brings to our people and to our creditors. We are doing everything possible to turn around the situation,`` said Alastair Holberton, Chairman and CEO.

The Company will continue to provide updates on developments.


FOR AND ON BEHALF OF THE BOARD OF DIRECTORS OF NAMIBIAN MINERALS
CORPORATION

Alastair Holberton
Chairman & CEO


Neither The Toronto Stock Exchange nor the Namibian Stock Exchange have reviewed the information herein and does not accept responsibility for the adequacy or the accuracy of the above.

This Media Release contains forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are operational factors, general economic conditions and the risk factors detailed from time to time in the Company`s periodic reports and registration statements filed with the Securities and Exchange Commission.

SOURCE: Namibian Minerals Corporation

[gholzbauer]

(28.11.2000)
New diamond vessel ready for carat diet
JEREMY LOVELL, Cape Town | Tuesday

THE world`s biggest floating diamond processing vessel will set sail for the first time within three weeks and should be in position off Namibia before Christmas, the Namibian Minerals Corporation (NAMCO) said this week.
NAMCO chairman Alastair Holberton told reporters he expected the vessel would harvest 200 000 carats of diamonds, worth about $30m, in its first year of operation.
Geologists estimate that up to three billion carats of diamonds lie off the Namibian and South African coasts.
NAMCO has four mining vessels, including the new vessel, MV Ya Toivo, to comb the sea bed.
Holberton said the latest project had cost NAMCO R200m.
MV Ya Toivo`s superstructure is in the final stages of being converted from a British navy nuclear submarine recovery vessel, formerly named HMS Challenger.
State of the art computers, global positioning satellite systems and high manoeuvrability allow the ship to be positioned over Namibia`s extensive subsea diamond beds. A 185-tonne underwater caterpillar-tracked vacuum will then be lowered to the seabed where it will begin to suck up the diamonds in clearly defined gravel beds.
The remote controlled crawler can descend to 250m and stay submerged for up to five weeks at a time while eating its way through 100 tonnes of material an hour, 24 hours a day.
The dredged material is sucked into the processing plant which separates the diamonds from the rest, dumps the mud and gravel back into the sea and grades the gemstones electronically.
Once graded into fine, medium and coarse, the diamonds are dropped into a safe which will be taken by helicopter back to Windhoek and then on to Antwerp for sale.
Holberton said NAMCO had so far assessed only 20% of its Namibian offshore concessions but had already firmly established the existence of one million carats of diamonds and was fairly confident of a further two million carats.
Namibia is the world`s number five diamond producer by value because most of the stones are of gem quality.
NAMCO, founded in 1992 by Holberton, is responsible for 30% of Namibian ocean production of diamonds.
The NASDAQ-listed company achieved earnings of $2.6m in the first nine months of 2000 and is sitting on a cash pile of $9m. - Reuters

[gholzbauer]

DJ Namibian Minerals Corp Seeks Refinancing After Accident



By Adam Aljewicz
Of DOW JONES NEWSWIRES


JOHANNESBURG (Dow Jones)--Marine diamond miner Namibian Minerals Corp. (NMCOF) is teetering on a precipice.
The company has put some of its South African and Namibian subsidiaries into provisional liquidation, halting all production of diamonds, after it failed to meet its debt obligations, pay wages and meet fuel costs - all because of a freak accident in January. If it doesn`t refinance, it faces asset sales and possibly loss of control.

An underwater landslide rendered one of its two robot seabed crawlers stranded in 70 meters of water at the bottom of the sea after it became separated from its undercarriage. All attempts to retrieve it have failed.

The incident has sent Namco`s creditors, mostly local companies based in the Cape Town area, into a blue funk over whether they will see their money again.

Local banks are also concerned over Namco`s ability to manage its debt, as a cut in diamond production will slash the company`s revenues. The incident is expected to reduce Namco`s output by 25%, or 100,000 carats.

The company may yet survive, but this depends on Namco`s chief executive, Alastair Holberton, and his powers of persuasion. Holberton is in talks with Namco`s bankers to arrange funding to ease the cash crunch and restructure the company`s debt, said a banker familiar with the company.

"The company needs to restructure and extend the terms of its debt," he said. "If this doesn`t happen then the assets will either be sold off, or we`ll see a new investor come in and take a substantial stake in the company."

Namco was not available for comment late Thursday, despite numerous attempts to contact company executives.

Namco has bank debts of around $55 million, while money owed to creditors amounts to around $15 million, said the banker. He said the company is worth around $100 million, the bulk of that locked up in its state-of-the-art oceanic diamond extraction equipment.

The banker said Namco owes Investec Mauritius Ltd., an offshore subsidiary of Investec Bank Ltd., (O.INT) around $14.5 million and local investment bank Nedcor Ltd. (O.NED) some $22 million. However, Nedcor`s involvement is not with any of the liquidated subsidiaries, but to an offshore company set up by Namco, the banker said.

Namco`s stock, meanwhile, has been suspended on the Nasdaq and the Namibian Stock Exchanges and is under review on the Toronto Stock Exchange, where it closed Thursday 5 Canadian cents lower, or 13.5%, at 32 cents.

The banker said Namco has six weeks to secure a bridging facility that will allow it to continue operating until its insurance money for the accident arrives. A decision on the claim is still pending.

Another person familiar with the situation said the insurance claim for the repair of its seabed crawler, NamSSol, is $1.5 million, while the company is insured for $6 million to cover loss of profits from the accident and the running costs of its surface trawler.

Canaccord Capital (Europe) Ltd. has been appointed by Namco to raise around $20 million for the company after the submarine accident, the person said.

Its initial plan included raising $8.25 million from the sale of six million common shares and $2 million via a convertible bond issue. But that plan has now been shelved and Canaccord is looking at other funding options, said the person familiar with the situation.

-By Adam Aljewicz, Dow Jones Newswires; 27-11-726-7903; [e-mail]

(END) Dow Jones Newswires 02-03-01

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In Toronto werden NMR seit ein paar Tagen wieder gehandelt.
Zu 0,63 Can$ sind sie gerade zu haben, Tief war angeblich 0,30 Can$.

[gholzbauer]

*DJ Merrill Rates Namibian Minerals Mid-Term Neutral >NMCOF


(END) Dow Jones Newswires 27-03-01

1744GMT

*DJ Merrill Rates Namibian Minerals Long-Term Neutral >NMCOF

(END) DOW JONES NEWS 03-27-01

12:47 PM~200103271744

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Namco stages $25 million shares-for-cash escape



By: David McKay


Posted: 03/27/2001 09:00:00 AM | © Miningweb 1997-2001


JOHANNESBURG – Namibian Minerals Corporation [TSE:NMR], the marine diamond company, has staged a miraculous escape after raising $25 million in two separate shares for cash deals, a move which saves the company from bankruptcy. Namibian Minerals Corporation (Namco) said last month cash flow troubles, resulting from a major underwater equipment accident, had forced it to liquidate certain subsidiaries. The share was suspended on the Toronto and Namibian stock exchanges, as well as Nasdaq, where it is listed.
A consequence of saving Namco, however, is that the company cedes shareholder control to the giant diamond manufacturer, the Leviev Group. Leviev now owns 31 per cent of Namibian Minerals Corporation (Namco) with potential to ratchet this up to 38 per cent if certain warrants are converted into ordinary shares. The Leviev Group is the company that stole in under the nose of De Beers to snap up marketing of Angola`s diamond production valued at about $1 billion annually.

Leviev Group subscribed for $15 million of Namco`s common shares to add to the $9.4 million of new shares issued in a private placement by Canaccord Capital Corporation to European investors. There will be "massive dilution" in the current share capital. Management`s 20 per cent stake in the company will be diluted down to seven per cent for example.

Namco said the funds would be used to restart mining operations, take the companies out of provisional liquidation and rebuild vital underwater equipment. In addition, Namco has reduced its outstanding creditor position which now stands at $15 million.

Total debt sits at $50 million after the sale of Namco`s MV Ivan Prinsep vessel for $4.4 million to South African listed alluvial and marine diamond miner, Trans Hex [JSE:THX]. Trans Hex said in an earlier announcement that the Ivan Prinsep heralded the start of deep water operations for the company. The vessel will be used to fast-track the start-up of mining activities in the Diamond Fields International [TSEFI] joint venture off the Namibian coast.

Namco spokesman, Megan Williams, said the Namco board would be reconstituted in the wake of the shareholder restructuring. The Leviev group will appoint two board members in addition to appointees from Canaccord.

Williams said there were no guarantees that the accident and damage suffered by its underwater vessel would not occur again. However, the financial muscle of the Leviev Group would mean the company was not so vulnerable again: "Committed shareholders tend to help you through these things," she said.

In the meantime, Namco is preparing to re-start business: "It`s like starting all over again," said Williams. Staff have to be rehired, for example, and production schedules will have to be adjusted. The initial capital requirement for the startup period is expected to be $5 million. An insurance claim north of $5 million is currently being pursued. Williams was unsure when Namco`s share would start trading again.

"We are delighted to have secured financing to put our business back together and to deploy the world`s most advanced production and exploration technology on our prospective Namibian concessions," Namco chief executive Alastair Holberton said.

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(http://www.minesite.com/archives/news_archive/mar2001/namco-…
LEV LEVIEV GETS EFFECTIVE CONTROL OF NAMCO RIGHT UNDER THE NOSE OF DE BEERS


Lev Leviev has done it again. While De Beers, the biggest diamond miner offshore Namibia was considering what it should do about the pretender to its throne, Namibian Minerals Corporation, the Leviev group of Israel did a deal. It is the old story of the fast moving entrepreneur and the ponderous committee-oriented major.

One can imagine the conversation in Charterhouse Street, Johannesburg, or wherever, "Now do we really want to get involved with that upstart Namco? It must have been running its finances on an oily rag for the banks to behave in the way they did when its NamSSol 1 mining vehicle got stuck on the seabed."
"Know what you mean. Anyway they sell their diamonds through Jack Lunzer, not to us. Better stand back and pick up a few of the bits when it has gone totally belly up."

While such conversations meandered on Leviev got out the cheque book and agreed to subscribe US$15 million to buying Namco shares. The terms were tight as might be expected under such conditions. 22.7 million shares at US$0.33 per share plus a one half warrant per share, exercisable at US$0.40 per share and 15 million shares at US$0.50 with a one half warrant per share purchased, exercisable at US$0.50 per share. This compares with a share price for Namco which was once as high as US$6.95 during the past twelve months.

The move saved the blushes of Canaccord Capital (Europe) which was on the point of raising around US$10 million for the company after sending some representatives down to Namibia to carry out a due diligence exercise post the accident. Presumably they gave a clean bill of health, but delays by the stock exchange authorities meant that subscribers had not handed money over when the banks did their worst. Now the firm has raised US$9.4 million for Namco through a sale of Special Warrants and 10 % Special Notes.

The actual adviser to Namco in all this is Endeavour Financial Corporation with the Welsh wizard Tony Williams and his old mate from Yorkton days, Frank Giustra , back in harness together. They have done a good job as the money raised will allow the company to restart its mining and exploration activities and take its operating companies out of provisional liquidation. In fact Namco is effectively being re-born, having proved that it is possible to mine diamonds effectively from the middle shelf offshore Namibia over a period of 18 months. Its second underwater mining vehicle Nam 2 should be back in operation in the next few weeks and NamSSol itself, insurance permitting, should be repaired by the end of the year

The rewards for the Levieve Group, apart from becoming a major shareholder - 31 per cent prior to the exercise of any warrants - at a good price and time, is that it gets an exclusive 15 year marketing right to Namco`s production. It will buy all production at open market world prices with Namco retaining the right for independent pricing control via a price checking mechanism. At this stage no one is prepared to guess at production levels in the second half of 2001, but in 1999 NamSSol alone mined 265,000 carats averaging over US$151/carat, so ball park figures can be worked out.

Leviev will be appointing two members to the board of the new Namco, as will Canaccord. Word has it in Canada that Pierre Lassonde of Franco Nevada, one of the great brains of the world`s goldmining industry , will be one of them. This would be quite a coup. What is quite clear is that Alastair Holberton, the chairman and CEO of Namco, will be given a rather more focused role and he will have to delegate some of his powers. How long he will be able to put up with this is anyone`s guess, but at least Namco has a new life and shareholders new hope.

When Nicky Oppenheimer reads the announcement a couple of extracts are bound to stick in his craw. First, "Last year, the Leviev Group formed Ascorp, a joint venture with the Angolan Government which exclusively markets Angola`s legitimate diamond production estimated at almost US$1 billion a year". And second,The Namibian Minister of Mines said that "We recognise Mr Leviev`s worldwide reputation in diamond cutting and polishing and we consider a strategic alliance would complement the development of the Namibian diamond industry."


28 March 2001

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Monday April 2, 12:30 pm Eastern Time
Press Release
SOURCE: Namibian Minerals Corporation

Namco completes contract with Leviev Group and US$15 million placed in escrow
Nasdaq Trading Symbol: NMCOF TSE Trading Symbol: NMR NSE Trading Symbol: NMC
LONDON, April 2 /CNW/ - Namibian Minerals Corporation (NAMCO) today announced that it has signed agreements with the Leviev Group of Israel for the investment of US$15 million into the Company and for a 15 year exclusive marketing contract.
The Leviev Group placed US$15 million into an escrow account on Friday 30 March 2001 and the funds shall be made available by agreement, pending completion of the transaction. Terms of the US$15 million investment were previously advised in the Company`s media release of 26 March 2001. In addition, a US$2.6 million loan facility has been made available to Namco, convertible at US$0.33 per share, following the issue of 15.2 million warrants to the Leviev Group. Each warrant would be exercisable over a period of 24 months to acquire one common share at a price of US$0.33 per share. The Leviev Group will be the new major shareholder in Namco, with an interest of 39% prior to the exercise of any convertible debentures or warrants. Completion of the transaction is subject to shareholder, regulatory and stock exchange approval. A shareholders meeting has been scheduled for Wednesday 25 April 2001.

This US$15 million investment from the Leviev Group, combined with the US$9.4 private placement of securities announced last week, will enable the Company to start the process of discharging several subsidiary companies from provisional liquidation. Namco plans to recommence mining operations as soon as possible.

"We are delighted to have concluded our agreements with the Leviev Group," said Alastair Holberton, Namco`s Chairman and CEO. "They are a world leader in diamond polishing and have a real commitment to the long-term growth of the Company. Together we are well-positioned to take the Company forward."

Namco has 18 000 sq.km. of ocean diamond concessions off the coasts of Namibia and South Africa. The Company has three production vessels and one dedicated exploration vessel. Namco specialises in the development of unique proprietary mining and exploration technology, proven to be more efficient and productive than traditional systems. The Company`s mining licences are located in Namibia and 95% of the Company`s production to date is gem quality.

Given the disruption to production from the accident to one of its mining systems earlier in the year and the cessation of mining operations since February 2001, the Company is revising its operating plan for the year, which will be announced in due course.
For and on behalf of the Board of Directors of Namibian Minerals Corporation
J.A. Holberton
Chairman & CEO

For further information

Megan Williams, Namco, tel [phone], email [e-mail]

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Namco notiert z.Z. bei ca. 0,6 Can$, was ziemlich genau dem Durchschnittspreis (0,4 US$) der von Leviev erworbenen Aktien entspricht.
Da man annehmen kann, daß Leviev einen guten Preis für sich ausgehandelt hat, sind Namco gegenwärtig wohl attraktiv niedrig bewertet.
Liquiditätsschwierigkeiten dürfte Namco mit einem Großaktionär im Rücken zukünftig nicht mehr haben.

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0,85 Can$
----------------

Tuesday April 17, 11:53 am Eastern Time
Press Release
SOURCE: Namibian Minerals Corporation
NAMCO Announces Restart of Mining Operations
LONDON, April 17 /PRNewswire/ -- Namibian Minerals Corporation (Nasdaq: NMCOF - news; NAMCO) today announced that mining operations onboard MV Ya Toivo resumed over the weekend. MV Ya Toivo is Namco`s largest vessel equipped with the new Nam 2 seabed crawler mining technology which was built last year.

``The return to operations is the first step in putting the Company back on track after an exceptionally challenging period,`` said Namco`s CEO Alastair Holberton. ``We expect Ya Toivo to be the most productive and efficient vessel in our fleet and we look forward to diamond recoveries this quarter.``

The Namibian and South African courts have extended the return dates of the provisional liquidation orders from 10 April 2001 until 7 May 2001 for the Namibian companies and 22 May 2001 for the South African companies. The Company will keep shareholders advised of progress on discharging the companies from provisional liquidation.

The Company`s short-term focus is to maximise production from MV Ya Toivo, to discharge its companies from provisional liquidation and to produce a revised operating plan for the remainder of the year. Starting exploration with the state-of-the-art Wirth drilling system and the rebuild of the damaged NamSSol mining system will remain high priorities for the Company.


For and on behalf of the board of Namibian Minerals Corporation

J.A.Holberton
Chairman & CEO

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http://www.miningweekly.co.za/mineweek2.nsf/news/5F432FDB3E7…

Gem junior to start mining off Lüderitz

Martin Zhuwakinyu
Mining Weekly Staff Writer
Marine mining operations within Diamond Fields International`s (DFI`s) Mining Licence III area off the Namibian port city of Lüderitz are scheduled to begin next month, CEO Francis Waldron tells Mining Weekly.
This follows the acquisition of the Ivan Prinsep mining vessel from Namibian Minerals Corporation (Namco) by South Africa`s Trans Hex group, which is DFI`s joint-venture partner to undertake mining operations, using its own vessels and equipment.
Under the terms of the joint-venture agreement, Trans Hex will place the Ivan Prinsep into commercial operation no later than mid-June.
"The DFI team, headed by Roger Daniel, is working closely with André Louw and his team at Trans Hex to expedite the originally scheduled mining operation, which is about five months ahead of schedule," says Waldron.
He adds that Trans Hex will deploy a second vessel by the end of November 2002.
Mining will be undertaken at the Marshall Fork and Diaz 12 sites, which constitute just 0,6% of DFI`s Lüderitz marine-diamond concessions.
The two sites boast reserves of about 675 000 ct, based on a base-case estimate, and 1 106 000 ct, based on a sampling-tool bias case.
The joint-venture partners estimate that diamond production for the first 12 months will be around 65 000 ct, reaching the full-production figure of 106 000 ct a year after 24 months.
The estimated life-of-mine is seven years.
The Mining Licence III concessions were acquired in late 1994 by Diamond Fields Resources and its former joint-venture partner, BHP-Benco.
Sampling was conducted in 1994 and in 1998/99 by DFI, leading to the delineation of the reserves.
DFI, which is listed on the Toronto Stock Exchange, with a market capitalisation of C$45-million, has not operated as a significant diamond-miner, except within its shallow-water concessions off Lüderitz, which occurred on and off until 1999.
"The joint-venture agreement with Trans Hex enables DFI to become a marine-diamond producer without debt, dilution or financial risk," says Waldron.
"It will result in cashflow for DFI, which will be utilised for further exploration, resource definition and mining on its non-joint-venture areas.
"Trans Hex is an excellent choice for a joint-venture partner, as it has a strong balance sheet and has proved itself as a successful diamond-mining operator.
"We were attracted to its balance between technology, cost efficiencies and profitability."
In addition to its on-land diamond-mining activities, Trans Hex has been involved in marine diamond-mining for more than 20 years.
The diamonds to be produced by the joint-venture partners will be marketed exclusively by Diamond Tenders Belgium (DTB), of Antwerp.
In return, DFI will receive a $2-million
unsecured loan from an affiliate of DTB`s and a 24% stake in the Belgian company.
The exclusive marketing agreement also gives DTB the first right of refusal to market and sell diamonds from any other diamond concessions held by DFI.
While conceding that mining is a risky business with no guarantee for success, Waldron insists that DFI has learned much from other marine-diamond miners`
experiences and, through its planning process, has mitigated most of the risk.
"Our joint venture with Trans Hex allows us to become a producer without taking on any debt, [which] is a prudent way for us to grow our business without heavy debt service.
"Trans Hex and DFI are using an air-lift tool, which has been proved successful.
"This mining tool has been enhanced by using new technology - called a seabed visualisation system - which will improve efficiency and minimise equipment risk," Waldron concludes.
©Martin Creamer Media

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http://www.minesite.com/archives/brokers_archive/2001/June-2…

Canaccord Capital Still Has Some Affection For Namco

Stockbrokers Canaccord Capital (Europe) has come out with a recommendation of Namibian Minerals Corporation (Namco) just ahead of its first quarter results whcih disclosed a loss of C$12.2 million. The 12 month price target is given as 47p compared with the present price of 36p.

As Roger Chaplin, Canaccord`s diamond expert points out the NamSSol accident was nearly the end.The accident in January 2001, when the NamSSol crawler system was pulled in two while beingrecovered from the sea bed, almost spelt the end for Namco. The company had spent heavily over the past two years - on taking over ODM and on developing Nam 2 - and this capital spending had been funded with debt. When the cash flow dried up after the NamSSol accident, the only (temporary) way out was to declare voluntary liquidation.

Namco has now raised a total of US$29.6M to bring its subsidiary companies out of voluntary liquidation and get its ocean diamond mining operations back underway. As part of the funding arrangement, Namco has also reached a rescheduling agreement with its banks andis close to an agreement with the trade creditors. The banks have agreed to a standstill until the end of September 2001, and will negotiate a rescheduling of the existing debt. We have assumed that the debt will be repaid using half the operating cash flow. A scheme of arrangement is before the South African courts for the creditors to vote on.

The fund raising has mainly been done at a price of US$0.33/share, either in shares or debentures, with warrants attached which are exercisable over the next 2-3 years at US$0.40/share. The result is that Namco`s issued shares will double by the end of 2001 (to 95.8M from 47.6M) and will double again (to 187.4M) over the next 2-3 years as the debentures are converted and the warrants exercised. The initial financing will raise US$29.6M; the exercise of all the warrants will raise a further US$21.7M.

Approximately half the funding is being placed with the Leviev Group, whose interests include diamond cutting and polishing in Israel and Russia. The Leviev Group has also been moving into rough diamond
mining and marketing, with interests in two mines in Angola plus the marketing contract for all diamonds produced under government control in that country. The Leviev Group should bring added value to Namco`s diamond marketing in the future.

The Nam 2 is now completing its commissioning and should be fully operational in the second half of this year. At its full production rate we expect Nam 2 to produce 250,000 carats per annum, approximately double the expected rate for the NamSSol. The new system is more powerful and can operate in areas with greater overburden and softer footwall conditions than the NamSSol. This is another major positive
step for Namco in its development of profitable undersea mining technology.

Canaccord`s financial model for Namco derives a `Fair Value` of US$0.68, or C$1.05, per share. This is based on an exit value of 10 times earnings in 2005, with the earnings and exit value discounted at 15%. The `Fair Value` is 30% above the current share price and Canaccord recommend Namco as a BUY.


8 June 2001

-----------------

Ob es nicht nur Zweckoptimismus von Canaccord ist? Seit dem 8. Juni hat der Kurs schon deutlich verloren.
Andererseits scheint der Boden charttechnisch nun gefunden sein.
Falls jedoch NAM2 ebenfalls einen Unfall haben sollte, dürften die Lichter bei der Company ausgehen.

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