Namakwa Diamonds: World Class Kao Kimberlite Project De-Risked

Namakwa Diamonds (LSE:NAD) reported it is in the process of commissioning and ramping-up it Kao kimberlite project.

As quoted in the press release:

With financing for Kao’s Phase I production in place from long-term committed shareholder and financier Jarvirne, the Company expects to produce c.200,000 carats of predominately high quality white Type IIa goods, during the financial year to 31 August 2012.  The first sale of diamonds from the ramp-up phase of production is expected to be held in the New Year.

Namakwa’s CEO, Richard Collocott said:

Now that Namakwa is financially de-risked through the strengthening of our balance sheet and the continued availability of the USD 40 million facility, thanks to Mr. Prutnik’s financing of the Company, we can resume our focus on operational issues.

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