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Namakwa Diamonds Picks Fusion Alternatives to Tender Kao Production

Apr 26, 2012 10:49 AM   By Jeff Miller
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RAPAPORT... Namakwa Diamonds' Lesotho subsidiary, Storm Mountain Diamonds, selected Fusion Alternatives and I. Henning & Co. to market run-of-mine diamond production out of the Kao mine. Under this agreement, the first offering of rough diamond production from Kao, which Fusion Alternatives estimated to be more than 15,000 carats, will be tendered by sealed bids at I. Henning & Co.'s offices in Antwerp from May 7 to 10.

Storm Mountain Diamonds is targeting production of approximately 290,000 carats for 2012, according to its website. Namakwa Diamonds holds a 75 percent stake in the subsidiary while the government of Lesotho holds the balance. Namakwa Diamonds' chief executive, Richard Collocott, said, ''We are excited that we are finally able to enter into this arrangement with Fusion Alternatives. With Kao poised to become the largest producer of diamonds in Lesotho in the next 12 months, it is appropriate that we move the marketing of these diamonds to Antwerp and we look-forward to building the Kao brand with the I. Hennig & Co. stable.”

Fusion Alternatives' chief executive, Adam Schulman, added, ''We are delighted to have been chosen by Storm Mountain Diamonds as their preferred tender house, and we see this as a further endorsement of our professionalism and high levels of service to the diamond industry.''

 

Tags: alternatives, Antwerp, diamonds, fusion, Jeff Miller, Kao mine, namakwa, Tenders
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