By Business Reporter
MARINE and land-based mining company Diamond Fields International (DFI) has reaffirmed its commitment to its Namibian operations, by announcing an initial mining programme for its ML111 licence in offshore Namibia this year.
The initial mining programme for the licence area will extend over a seafloor area of about 55 hectares.
The programme is to be carried out using the 9 111-ton Ya Toivo mining vessel.
The vessel is equipped with a four-point mooring system-integrated anchor-assist, as well as a dynamic positioning system, which ensures that it remains stable during turbulent sea conditions. In addition, the vessel is equipped with a remotely operated subsea tractor, capable of highly efficient and selective mining on the seafloor.
DFI has further concluded discussions with International Mining & Dredging Holdings (IMDH), regarding its share of the 2016 bulk sampling programme. All costs associated with the multimillion-dollar programme were paid for by IMDH. Both parties have agreed that Diamond Fields International will be paid US$670 000 within 30 days, Diamond Fields International said late last year.
The results from the bulk sampling programme were encouraging, with an unexpectedly high frequency of large, high-value stones. Diamonds recovered from the company’s ML111 licence are typically of the highest gem quality, but recent bulk sampling results have exceeded expectations, Diamond Fields International said.
DFI Chief Executive Officer, Sybrand van der Spuy, expressed his enthusiasm at finding such high-value diamonds.
“We are extremely excited at the prospect of being back in production in the very near future. Our product is recognised throughout the world for its exceptional quality… and we look forward to bringing this niche product back to the market again. This programme will provide our company with the opportunity to generate significant cash flow in short order,” Van der Spuy said.
DFI is a mining company with marine and land-based exploration and mining licenses in several areas of the world.
It is one of only a handful of mining companies to have successfully commercially mined the ocean.
The Diamond Fields’ strategy is to capitalise on that experience to target, obtain and develop promising marine mineral prospects, such as its Namibian marine diamond project, and potential world-class deposits, such as its Atlantis II Red Sea project, acknowledged as the largest known poly-metallic marine SEDEX deposit in the world.
At the same time, the company continues to search for promising land-based projects that will enhance its portfolio, all with the goal of increasing shareholder value. Earlier last month Diamond Fields announced that the Ministry of Mines and Energy had renewed the company’s key mining licence (ML111) for a period of 10 years.
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