m/v Ya Toivo to commence offshore mining in Namibia
Diamond Fields Resources announces that International Mining and Dredging Holdings (Pty) Limited (IMDH) has confirmed, via its subsidiary Nutam Operations (Pty) Ltd, that the mining vessel m/v Ya Toivo is scheduled to enter Namibian waters during the first week of November 2018.
Once in position the m/v Ya Toivo will commence mining operations on the ML111 licence area, which is held by DFR through its Namibian subsidiary Diamond Fields (Namibia) (Pty) Ltd. In November 2017, IMDH and its local subsidiary presented DFR with an initial six month mining program.
The parties expect to review operational performance during the initial term to find a sustainable balance for the sharing of future exploration and mining costs, particularly in relation to further resource and reserve development.
Sybrand Van Der Spuy, CEO of DFR, said: “We are pleased to confirm that diamond mining at our offshore Namibian concession ML111 is expected to re-commence as planned in 2018. Historic mining results at ML111 have been excellent with the production of up to 98% gem quality diamonds that have commanded favourable prices.”
Historical diamond production (2001-2008 and 2016) from ML 111 has been 95-98% gem quality. The 2016 Bulk Sample, taken over 62 days (July 10 to September 10, 2016), recovered 26,965 carats which were sold in Antwerp at a price in excess of US$250 / carat, although there can be no assurance that these results will be repeated.
The ML 111 concession has a ten year mining licence, effective from 5 December 2015 until 4 December 2025, and lies within Luderitz Bay between Diaz Point in the south and Marshall Rocks in the north and at depths of 15 to 70 metres. ML111 is bound on the East and North by DFR’s ML32 and ML138 mining licences, respectively.
