A US$25-million loan paves the way for
HSBC Equator Bank and Nedbank Africa (a division of Nedcor Bank) provided the funds and expects repayment in six years. The loan carries an annual interest rate of 6.75%, and Nedcor’s portion has been underwritten by Credit Guarantee Insurance of Africa in co-operation with the South African government.
Namibian Minerals has earmarked the proceeds for Nam II, currently being built at drydock in Cape Town. The system is based on the same design as the NamSSol, which has been operating off the Namibian coast since April 1998.
A portion of the proceeds will be used to construct a 100-tonne-per-hour processing plant, as well as a launch and recovery system and a software control system. Enhancements to the design include a 1.8-MW dredge pump and two rotating cutters and water jets, which can penetrate up to 8 metres of sediments, including clay and sandstone, and recover more than 1,000 tonnes per hour.
Meanwhile, a former Royal Navy vessel is being refitted at Gdansk, Poland, to act as a launch platform for the Nam II. The whole system should be bolted together by early 2000.
Additions of the second mining system is expected to boost annual production to 500,000 carats by the end of 2000 from the current 260,000 carats. The new figure includes production from mining licences owned by new subsidiary Ocean Diamond Mining.
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