Company Announcements
Interim Management Statement
12/01/2010
Namakwa Diamonds Limited ("Namakwa Diamonds" or the "Company"), a vertically integrated diamond resource company, today issues its Interim Management Statement in respect of the trading period from 1 September 2009 to the date of this announcement.
Highlights
- Successful implementation of consolidation strategy at low point of cycle, with significant acquisitions in Lesotho and the DRC
- Q1 balance sheet remains strong with net working capital of US$42.4m (Q4: 2009 US$44.8m) with cash and receivables of US$20.2m and inventory US$23.9m
- Q1 net working capital US$51.0m and net asset value US$87.4m, adjusted for management's valuation of inventory
- Positive trend in the North West Province and DRC continuing and improved market conditions for the Beneficiation Division
- Q1 total production of 24,413 carats up more than 50% on the same period last year
- Q1 recovered grade in the North West Province (1.16cpht) also up more than 50% on the same period last year
- Expansion of and Restructuring of Technical Team
Commenting, Namakwa Diamonds' Chief Executive Nico Kruger said:
"The period in review saw Namakwa Diamonds make a series of key strategic moves which will reinforce the market position and potential of the Company as we look ahead to 2010 and beyond. Intelligence from our Beneficiation Division has given us the necessary confidence to execute our consolidation strategy, allowing us to acquire assets with significant potential at favourable valuations.
"Earlier this month, we announced the addition of our first kimberlite which is in an established area in Lesotho whilst in December we acquired Kasai Resource Mining which will strengthen our position in the Democratic Republic of Congo.
"These decisions will improve our business and enhance shareholder value. By leveraging our unique, vertically integrated structure we are confident of delivering value to our shareholders and that the Company is well positioned to both capitalise on the right short-term opportunities and meet our medium-term goals."
Please download the PDF Document for the full release. (155 Kb PDF)
For further information, please visit www.namakwadiamonds.co.za or contact:
Namakwa Diamonds |
| | Tavistock Communications |
|
Nico Kruger | +27 11 334 8886 | Matt Ridsdale | +44 20 7920 3150 | |
Ryan Barrow | +44 7974 453 954 | Nick Peters | +44 20 7920 3190 |
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