Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The successful restructure of Namakwa Diamonds’ (LON:NAD) operations in Lesotho and South Africa has turned the company’s operations cash-flow positive, reduced costs and positioned the company for the next stage of development, CEO Richard Collocott said Tuesday.
The group added it has completed the strategic review announced last September, with a revised board structure, a large amount of debt repaid and its flagship Kao mine on track to achieve its nameplate production capacity during the fourth quarter of the current full year.
In multiple statements issued Tuesday morning, the diamond miner covering board changes, current trading and the soon-to-be-completed move of its listing from the LSE’s main board to AIM.
Namakwa is focused on the Kao mine in Lesotho and also maintains alluvial mining operations in the North West Province of South Africa.
