Namakwa Diamonds has lowered its production target for the financial year 2012 from 150 000 carats to 120 000 carats due to weak output at its Kao Mine in Lesotho.
The London-listed diamond miner said in a statement that its new chief executive Theo Botoulas had been carrying out a technical review of all operations of the company, with the primary focus on the Kao Mine.
Namakwa said the most important of these was the identification of operational inefficiencies in the current mining operation and in the metallurgical plant.
“In order to address these issues and to secure sustainable long term production levels, short term production will be negatively impacted,” he said.
“Consequently, management deems it prudent to downgrade current market guidance on production for the 2012 financial year from 150,000 carats to 120, 000 carats.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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