Friday , July 12 2024

Diamond Fields Suspends Second Stage Namibian Mining Programme Indefinitely

Diamond Fields Resources (DFR) has confirmed that its second stage of the ML111 Namibian mining plan will no longer continue this year, citing the need for further exploration and development work in order to improve mining performance.

Following completion of the initial stage of DFR’s current ML111 mining campaign, the company has been reviewing the first phase of mining and operational performance with International Mining and Dredging Holdings (Pty) Limited (IMDH), which carried out the campaign via its subsidiary NUTAM Operations (Pty) Ltd.

Diamond Fields Chief Executive Officer, Sybrand Van Der Spuy, providing updates on the company’s activities in Namibia, said it is through such consultation that the company has decided to halt their operations pending further discussions.

“As a result of the continued discussions and the development work envisaged, the second stage of the ML111 initial six months (non-continuous) mining programe is now not expected to resume later in 2019. A further update will be provided in due course,” Said Sybrand Van Der Spuy.

In November 2017, International Mining and Dredging Holdings and its local subsidiary presented DFR with an initial six month (non-continuous) mining program.

The parties were expected 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.

However, Van Der Spuy remained optimistic that operations will soon resume, as he mentioned that DFR and IMDH are still exploring other possible avenues.

“The company and IMDH continue to assess, amongst other things, the need for further exploration and development work in order to improve mining performance and a possible sharing of such costs. Such work is expected to improve recoveries from the remaining blocks under the current ML111 mining plan,” he said.

DFR is a TSX Venture Exchange listed exploration and mine development company with assets in Madagascar and Namibia. In Madagascar, DFR is developing the Beravina Project in cooperation with Denham Mining Fund LP. In Namibia, International Mining and Dredging Holdings Pty Limited (IMDH) is undertaking an initial six months (non-continuous) offshore diamond mining program on DFR’s ML 111 license area. The ML 111 concession has a ten-year mining license, effective 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 meters.

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