Listed Mining Companies
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JOHANNESBURG (miningweekly.com) – London-listed Namakwa Diamonds has bought private mining operation Kasai Resource Mining (KRM), in the Democratic Republic of Congo (DRC), for $5-million, it announced on Tuesday.
The acquisition would allow Namakwa to potentially raise its output in the DRC to beyond 160 000 ct in 2010.
Namakwa now had an increased inferred resource base of about two-million alluvial carats near the company’s current assets on the Kasai river, in the Tshikapa region, it said in a statement to shareholders.
It also held the rights to 41 alluvial and kimberlite concessions on the Mbelenge, Longatshimo and Lubembe rivers, in the DRC.
KRM had prior to the acquisition, contracted to acquire the Gem Diamonds Longatshimo Mining Company, a deal that was expected to be concluded in January next year.
Namakwa’s acquisition of KRM also included earthmoving equipment, plant and machinery worth between $12-million and $15-million.
