Under the JV agreement, DFI’s Namibian subsidiary Diamond Fields Namibia (DFN) and IMD have started a four-stage development program of DFN’s mining concessions ML-138, ML-139 and ML-111.
The program is aimed at determining the grade and size of diamond deposits, the nature of the overburden, the soils and the hard layer, the available quality and diamond carat sizes, along with the economic and technical considerations for undertaking mining activities in the area.
First stage of the program will include deploying The DP Star, a survey vessel that will complete the geophysical surveys in the concession areas.
In the second stage, sampling vessel will be used to finish reconnaissance sampling of targets identified by the geophysical study, and in the third stage, sampling vessel will be used to complete regional/bulk sampling and the stage will also involve preparation of a mining plan.
After completion of the three stages, the companies are expected to enter the fourth stage which will include chalking out a mining plan and deploying mining vessel to carry out operations.
DFI said that the Namibian Government has given its approval for the joint operations between DFN and IMD in June and initial operations will start with immediate effect.
