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Namakwa posts H1 loss of $76.7 М

30 april 2009

Namakwa Diamonds today reported a first-half year loss of US$76.67 million, from $19.41 million a year ago.
The company said revenue came in at $7.8 million, compared to $12.4 million in the previous year, Polished Prices reported.
Namakwa’s CEO Nico Kruger said in a statement: “The impact of the global economic crisis on the diamond industry in the first half of this financial year has been substantial and has been the dominant factor over this period.
"There has been a considerable drop in both rough and polished prices, with most producers scaling back operations or shutting down their mines completely, coupled with an almost complete freeze in rough trading, as trading houses’ credit lines were reduced by the financial institutions which traditionally financed them.
“In light of these conditions, Namakwa undertook a review of operations in November 2008 which resulted in it scaling back operations substantially by placing 4 mines on care and maintenance and implemented various cost cutting measures to focus on preservation of cash and the maximisation of value in the long run.
“In February 2009, due to continuing worsening market conditions Namakwa had to re-assess its diamond inventory, which the Company believes have undergone a long term-price reduction. Valuation of diamond inventory was revised immediately prior to the release of this report, to discount value in line with global price uncertainty.
The total impairment cost recognised during this reporting period amounted to US$32.1 million. With current inventory prudently valued at US$21.9 million and a cash position of $21.4 million, Namakwa’s balance sheet remains robust despite ongoing market uncertainty. I am confident Namakwa is well positioned to take advantage of the current buying opportunities as well as ramp up production quickly and effectively in the medium term as and when market conditions improve.”